The Millionaire Next Door - Deepstash
The Millionaire Next Door

The Millionaire Next Door

Thomas J. Stanley

22

Persuasive storytelling

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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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  • 20% are not college graduates
  • 18% have master's degree
  • 6% Ph.D
  • 8% law degree
  • 6% medical degree

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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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373 reads

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

  1. Does your household operate on an annual budget?
  2. Do you know how much your family spend each year on food, clothing, and shelter?
  3. Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals?
  4. Do you spend a lot of time planning your financial future?

all four questions should be "yes"

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406 reads

CURATED BY

ianpuang

Welcome, I post what i read Everything I post is in the book, I'll quote it if it's my own opinion

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