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The Millionaire Next Door : The Surprising Secrets Of Americas Wealthy
by Thomas J. Stanley and William D. Danko and Cotter Smith

Overview - The incredible national bestseller that is changing people's lives — and increasing their net worth!
Can you spot the millionaire next door?

Who are the rich in this country?

What do they do?

Where do they shop?
  Read more...


 

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More About The Millionaire Next Door by Thomas J. Stanley; William D. Danko; Cotter Smith
 
 
 
Overview

The incredible national bestseller that is changing people's lives — and increasing their net worth!
Can you spot the millionaire next door?

Who are the rich in this country?

What do they do?

Where do they shop?

What do they drive?

How do they invest?

How did they get rich?

Can I even become one of them?

Get the answers in The Millionaire Next Door, the never-before-told story about weath in America. You'll be surprised at what you find out....

 
Details
  • Publisher: Simon & Schuster Audio
  • Date: Sept 2000
 
Excerpts

From the book


Chapter One: MEET THE MILLIONAIRE NEXT DOOR

These people cannot be millionaires! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionaires -- they don't even have millionaire names. Where are the millionaires who look like millionaires?

The person who said this was a vice president of a trust department. He made these comments following a focus group interview and dinner that we hosted for ten first-generation millionaires. His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case.

As a matter of fact, our trust officer friend spends significantly more for his suits than the typical American millionaire. He also wears a $5,000 watch. We know from our surveys that the majority of millionaires never spent even one-tenth of $5,000 for a watch. Our friend also drives a current-model imported luxury car. Most millionaires are not driving this year's model. Only a minority drive a foreign motor vehicle. An even smaller minority drive foreign luxury cars. Our trust officer leases, while only a minority of millionaires ever lease their motor vehicles.

But ask the typical American adult this question: Who looks more like a millionaire? Would it be our friend, the trust officer, or one of the people who participated in our interview? We would wager that most people by a wide margin would pick the trust officer. But looks can be deceiving.

This concept is perhaps best expressed by those wise and wealthy Texans who refer to our trust officer's type as

Big Hat No Cattle

We first heard this expression from a thirty-five-year-old Texan. He owned a very successful business that rebuilt large diesel engines. But he drove a ten-year-old car and wore jeans and a buckskin shirt. He lived in a modest house in a lower-middle-class area. His neighbors were postal clerks, firemen, and mechanics.

After he substantiated his financial success with actual numbers, this Texan told us:

[My] business does not look pretty. I don't play the part...don't act it....When my British partners first met me, they thought I was one of our truck drivers....They looked all over my office, looked at everyone but me. Then the senior guy of the group said, "Oh, we forgot we were in Texas!" I don't own big hats, but I have a lot of cattle.

PORTRAIT OF A MILLIONAIRE

Who is the prototypical American millionaire? What would he tell you about himself?

  • I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.

 
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