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sabrinamariI was so pissed off by the Visa Black invitation that I had to generate my own counter (culture) invitation.
I'm not a media maven with the power to get my message in front of the world, but if I was, I would invite everyone to join this group:
http://www.businessdevalliance.org/wp-content/uploads/millionaire-next-door.pdf
“ The first time we interviewed a group of people worth at least $10 million…, the session turned out differently than we had planned….To make sure our deca-millionaires felt comfortable…we rented a posh penthouse…hired two gourmet food designers. They put together a menu of four pates and three kinds of caviar…[T]he designers suggested a case of high-quality Bourdeaux …”
“The first to arrive…was a first generation millionaire…owned several valuable pieces of commercial real estate in the New York metropolitan area. He also owned two businesses. You would have never figured from his outward appearance that he was worth well over $10million. His dress was what you might call dull-normal – a well-worn suit and overcoat.”
“…[O}ne of us asked, “Mr. Bud, may I pour you a glass of 1970 Bourdeaux?”
“Mr. Bud looked at us with a puzzled expression on his face and then said: "I drink scotch and two kinds of beer – free and BUDWEISER!‟”
“During the subsequent two-hour interview, the nine deca-millionaire respondents shifted constantly in their chairs. Occasionally they glanced at the buffet. But not one touched the pate or drank our vintage wines. We knew they were hungry, but all they ate were gourmet crackers.”
“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.”
The trust officer –
Spends significantly more for his suits,
Wears a $5,000 watch, and
Drives a current-model imported luxury car which he leases.
None of these behaviors are consistent with those of our first-generation millionaires. If you saw the trust officer and one of these millionaires with an off-the-rack suit, a $50 watch, and a used American car, which would you think was the millionaire? Most would think it was the trust officer.
“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‟.”
Based upon the authors‟ surveys, the following represents the average millionaire in America –
While only 1 of 5 Americans are self-employed, 2 of every 3 millionaires are self- employed.
Many of their businesses would be classified as dull-normal – contractors, farmers, mobile home park owners…
Average household net worth of $3.7 million.
97% are home owners with a home valued at an average of $320,000. Half have lived in the same house for more than 20 years.
80% are first generation wealthy and don‟t feel slighted by not receiving an inheritance.
We live well below our means. Only a minority own a new vehicle or lease a vehicle.
Most have one spouse who is a meticulous planner and budgeter who is more conservative with money.
Most have enough wealth to not work for ten or more years and they save at least 15% of our earned income.
They are worth 6.5 times more than their neighbors who outnumber us 3 to 1.
Only 20% are not college graduates and many have advanced degrees.
Only 17% attended any private school, but 55% percent send their children to one. They spend heavily on the education of their descendants.
2 of 3 work 45-55 hours per week.
They invest at least 15% of their income each year – most 20%. 79% have at least one brokerage account, but they make their own investment decisions.
20% of their wealth is in publicly traded stocks or mutual funds and they hold – rarely selling.
21% of their wealth is in their privately held business.
They are tightwads. They completed a long questionnaire for $1 and then spent hoursgetting interviewed in exchange for $100 to $250.
The typical wealthy individual is a businessperson who has lived in the same small town for most their life owning a factory, store or service company. They are married once and stay married living in neighborhoods which are not equally affluent. They have made their money on their own – are compulsive savers and investors. There are 7 common denominators of these persons:
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.”
[Excerpts from "The Millionaire Next Door," Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.]
These are some of my role models: they value freedom and autonomy above image, and common sense more than immediate gratification. They think before they act. They are independent, and they foster independence in their children and the people they love. They choose the right paths for themselves and they pay attention to the world around them.
I think another word for this is "wisdom".
I'm not a media maven with the power to get my message in front of the world, but if I was, I would invite everyone to join this group:
http://www.businessdevalliance.org/wp-content/uploads/millionaire-next-door.pdf
“ The first time we interviewed a group of people worth at least $10 million…, the session turned out differently than we had planned….To make sure our deca-millionaires felt comfortable…we rented a posh penthouse…hired two gourmet food designers. They put together a menu of four pates and three kinds of caviar…[T]he designers suggested a case of high-quality Bourdeaux …”
“The first to arrive…was a first generation millionaire…owned several valuable pieces of commercial real estate in the New York metropolitan area. He also owned two businesses. You would have never figured from his outward appearance that he was worth well over $10million. His dress was what you might call dull-normal – a well-worn suit and overcoat.”
“…[O}ne of us asked, “Mr. Bud, may I pour you a glass of 1970 Bourdeaux?”
“Mr. Bud looked at us with a puzzled expression on his face and then said: "I drink scotch and two kinds of beer – free and BUDWEISER!‟”
“During the subsequent two-hour interview, the nine deca-millionaire respondents shifted constantly in their chairs. Occasionally they glanced at the buffet. But not one touched the pate or drank our vintage wines. We knew they were hungry, but all they ate were gourmet crackers.”
“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.”
The trust officer –
Spends significantly more for his suits,
Wears a $5,000 watch, and
Drives a current-model imported luxury car which he leases.
None of these behaviors are consistent with those of our first-generation millionaires. If you saw the trust officer and one of these millionaires with an off-the-rack suit, a $50 watch, and a used American car, which would you think was the millionaire? Most would think it was the trust officer.
“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‟.”
Based upon the authors‟ surveys, the following represents the average millionaire in America –
While only 1 of 5 Americans are self-employed, 2 of every 3 millionaires are self- employed.
Many of their businesses would be classified as dull-normal – contractors, farmers, mobile home park owners…
Average household net worth of $3.7 million.
97% are home owners with a home valued at an average of $320,000. Half have lived in the same house for more than 20 years.
80% are first generation wealthy and don‟t feel slighted by not receiving an inheritance.
We live well below our means. Only a minority own a new vehicle or lease a vehicle.
Most have one spouse who is a meticulous planner and budgeter who is more conservative with money.
Most have enough wealth to not work for ten or more years and they save at least 15% of our earned income.
They are worth 6.5 times more than their neighbors who outnumber us 3 to 1.
Only 20% are not college graduates and many have advanced degrees.
Only 17% attended any private school, but 55% percent send their children to one. They spend heavily on the education of their descendants.
2 of 3 work 45-55 hours per week.
They invest at least 15% of their income each year – most 20%. 79% have at least one brokerage account, but they make their own investment decisions.
20% of their wealth is in publicly traded stocks or mutual funds and they hold – rarely selling.
21% of their wealth is in their privately held business.
They are tightwads. They completed a long questionnaire for $1 and then spent hoursgetting interviewed in exchange for $100 to $250.
The typical wealthy individual is a businessperson who has lived in the same small town for most their life owning a factory, store or service company. They are married once and stay married living in neighborhoods which are not equally affluent. They have made their money on their own – are compulsive savers and investors. There are 7 common denominators of these persons:
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.”
[Excerpts from "The Millionaire Next Door," Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.]
These are some of my role models: they value freedom and autonomy above image, and common sense more than immediate gratification. They think before they act. They are independent, and they foster independence in their children and the people they love. They choose the right paths for themselves and they pay attention to the world around them.
I think another word for this is "wisdom".
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no subject
Date: 2009-06-27 12:58 am (UTC)no subject
Date: 2009-06-27 03:03 pm (UTC)no subject
Date: 2009-06-27 02:55 am (UTC)My dad drove a Chevy all his life and had no sense of style. You would have never known that he was wealthy.
no subject
Date: 2009-06-27 01:00 pm (UTC)and many, many stories of the Western Kansas millionaires who lived in my dad's rural.
They were regular guys who treated their community very, very well, maintained a humble image, didn't get caught up in keeping up a glamorous "lifestyle" and drove really, really old trucks.
One of them always wore worn overalls and rode around town in his old truck, because that's what made him happy.
Another saddled up his whole family during a terrible, life threatening snowstorm (there were many in rural western Kansas and people froze to death regularly) and went out with them to the local highway, pulling stranded people out of their cars and bringing them all back to his home so they did not freeze to death.
They were all trapped with him until the storm lifted and the snow melted, so he organized a giant canasta tournament.
Another guy sent his family and a group of trusted employees out on horseback during another snowstorm to meet stranded bread and food trucks and bring back groceries for the community.
So I guess I absorbed the message that wealthy people have alot of common sense, they use their money to take care of their family and community responsibilities and they don't give a crap about looking rich or appearing slick.
no subject
Date: 2009-06-27 01:31 pm (UTC)no subject
Date: 2009-06-27 10:49 am (UTC)no subject
Date: 2009-06-27 01:29 pm (UTC)no subject
Date: 2009-06-27 03:03 pm (UTC)no subject
Date: 2009-06-27 03:35 pm (UTC)It's worth noting that time & energy is not necessarily always paid. Volunteerism builds skills and personal networks -- key elements for success. Wealth is measured in personal and intellectual capital as well as financial resources.
no subject
Date: 2009-06-29 12:58 pm (UTC)