Ian Nathaniel Puang's Key Ideas from The Millionaire Next Door
by Thomas J. Stanley
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Portrait Of A Millionaire
- 75 years old male, married with 3 children. 70% of us earn 80% or more of our household's income
- About 20% is retired. 66% who are working are self employed.
- Self employed people make up less than 20% of workers in America but account for 66% of millionaire
- 75% self employed consider themselves entrepreneurs
- Business we are in could be classified dullnormal. (Welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors)
- About 50% wives don't work outside home. Most wives who do work are teacher
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- Taxable income is $131,000, while average income is $247,000.
- Note that those who have incomes in $500,000 to $999,999 (8%) and more than $1 mil (5%) skew average upward
- Average household net worth $3.7 mil
- 6% have over $10 mil which skew average upward
- Typical millionaire household has a net worth of $1.6 mil.
- We live in less than 7% of our wealth
- 97% are homeowners. Live in home value average $320,000. 50% occupied same home more than 20years
- 80% are first generation affluent
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- 17% of us or our spouses attended private school but 55% of our children currently attending one
- 66% works between 45-55 hours per week
- Invested nearly 20% household realized income yearly
- 79% have at least one account with brokerage company but make our own investment decisions
- 20% household's wealth in transaction securities such as publicly traded stocks and mutual funds
- 21% household's wealth is in private business
- Recommended accounting and law to our children
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Millionaire On Credit Card
- Most wealthy household have a MasterCard and Visa
- Millionaire household is 4 times more likely to hold a Sears card (43%) than a Brooks Brothers card (10%)
- Both Sears and Penney's cards are significantly more popular among the wealthy than the cards if status retailers
- 21% holds Neiman Marcus
- 25% Saks fifth avenue
- 25% Lord & Taylor
- 8.1% Wddie Bauer
- 6.2% American Express Platinum card
- 3.4% Diners Club
- 0.9% Carte Blanche
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Ask Yourself
- Does your household operate on an annual budget?
- Do you know how much your family spend each year on food, clothing, and shelter?
- Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals?
- Do you spend a lot of time planning your financial future?
all four questions should be "yes"
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IDEAS CURATED BY
Welcome, I post what i read Everything I post is in the book, I'll quote it if it's my own opinion
Ian Nathaniel Puang's ideas are part of this journey:
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