It takes time to shop, and it takes time to care for large quantities of expensive high-status artifacts. Time, energy, and money are finite resources, even among high-income generators. Our research...
Eighty percent of America’s millionaires are first-generation rich.
Big Hat No Cattle
According to our most recent survey, the typical American millionaire reported that he (she) never spent more than $399 for a suit of clothing for himself or for anyone else.
Why do I continue to write about rich people? It is not for the benefit of rich people! What I write is designed to enlighten those who are confused and misinformed about what it means to be rich. Mos...
What are the implications of our findings? It’s easier to accumulate wealth if you don’t live in a high-status neighborhood.
They became millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way.
The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning.
THEIR ADULT CHILDREN ARE ECONOMICALLY SELF-SUFFICIENT.
Operating a household without a budget is akin to operating a business without a plan, without goals, and without direction.
One of the reasons that millionaires are economically successful is that they think differently.
Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be. For
Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires.
I have always been goal-oriented. I have a clearly defined set of daily goals, weekly goals, monthly goals, annual goals, and lifetime goals. I even have goals to go to the bathroom. I always tell our...
I don’t own big hats, but I have a lot of cattle.
I am my favorite charity. WEALTHY
Have you ever noticed those people whom you see jogging day after day? They are the ones who seem not to need to jog. But that’s why they are fit. Those who are wealthy work at staying financially fit...
After twenty years of studying millionaires across a wide spectrum of industries, we have concluded that the character of the business owner is more important in predicting his level of wealth than th...
It matters less how much more you make than what you do with what you already have.
His insensitivity to the benefits of investing go beyond his need to consume. His parents had no understanding or appreciation of invested dollars. Nor does he. And his parents passed this lack of wis...