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83b105a Victor's well-educated adult children have learned that a high level of consumption is expected of people who spend many years in college and professional schools. Today his children are under accumulators of wealth. They are the opposite of their father, the blue-collar, successful business owner. His children have become Americanized. They are part of the high-consuming, employment-postponing generation. How Thomas J. Stanley
c559414 Nevertheless, we wanted to make Mr. Bud feel that we fully understood the food and drink expectations of America's decamillionaires. So after we introduced ourselves, one of us asked, "Mr. Bud, may I pour you a glass of 1970 Bordeaux?" Mr. Bud looked at us with a puzzled expression on his face and then said: I drink scotch and" Thomas J. Stanley
4344db4 Allocating time and money in the pursuit of looking superior often has a predictable outcome: inferior economic achievement. What are three words that profile the affluent? FRUGAL FRUGAL FRUGAL Webster's Thomas J. Stanley
d09679d The North method took only a few hours. Contrast this with Dr. South's automobile-purchasing crusade--a process that took him at least sixty hours. And, of course, Dr. North likes to keep his cars for a long time. So his allocation of purchasing time is spread over several years. On average, he devotes less than an hour a year to purchasing motor vehicles. But Dr. South likes to buy a new car every year. Thus, his sixty-hour project is typi.. Thomas J. Stanley
f928d07 How do you judge the professionals you patronize? Too many people judge them by display factors. Extra points are given to those who wear expensive clothes, drive luxury automobiles, and live in exclusive neighborhoods. They assume a professional is likely to be mediocre, even incompetent, if he lives in a modest home and drives a three-year-old Ford Crown Victoria. Very, very few people judge the quality of the professionals they use by ne.. wealth Thomas J. Stanley
cddeef2 I don't own big hats, but I have a lot of cattle. Thomas J. Stanley
3196bb0 The affluent tend to answer "yes" to three questions we include in our surveys: Were your parents very frugal? Are you frugal? Is your spouse more frugal than you are?" Thomas J. Stanley
a466c31 WEALTHY" DEFINED Ask the average American to define the term wealthy. Most would give the same definition found in Webster's. Wealthy to them refers to people who have an abundance of material possessions. We define wealthy differently. We do not define wealthy, affluent, or rich in terms of material possessions. Many people who display a high-consumption lifestyle have little or no investments, appreciable assets, income-producing assets, .. Thomas J. Stanley
456119f TABLE 3-3 INCOME AND WEALTH CONTRASTS 2: Thomas J. Stanley
b480740 What if your goal is to become financially independent? Your plan should be to sacrifice high consumption today for financial independence tomorrow. Every dollar you earn to spend is first discounted by the tax man. Thomas J. Stanley
e89ed24 You know, Bob, the real patriots out there are people who earn big incomes--$100,000, $200,000, and $1 million or more a year--and spend it all. Congress should mint a new medal for this type of patriotism, Bob. It would be called the Congressional Medal of Taxation and Consumption. And as long as these patriots keep training their kids to be medal winners, we are in good shape. Thomas J. Stanley
d822b29 being a well-educated, high-income earner does not automatically translate into financial independence. It takes planning and sacrificing. What Thomas J. Stanley
261938f How can someone be considered wealthy if, for example, he is worth only $460,000? After all, he's not a millionaire. Charles Bobbins is a forty-one-year-old fireman. His wife is a secretary. They have a combined annual income of $55,000. According to our research findings, Mr. Bobbins should have a net worth of approximately $225,500. But he is worth much more than others in his income/age category. Mr. and Mrs. Bobbins have been able to ac.. Thomas J. Stanley
e595495 HOW TO DETERMINE IF YOU'RE WEALTHY Whatever your age, whatever your income, how much should you be worth right now? From years of surveying various high-income/ high-net worth people, we have developed several multivariate-based wealth equations. A simple rule of thumb, however, is more than adequate in computing one's expected net worth. Multiply your age times your realized pretax annual household income from all sources except inheritanc.. Thomas J. Stanley
fb07c0b Nevertheless, we wanted to make Mr. Bud feel that we fully understood the food and drink expectations of America's decamillionaires. So after we introduced ourselves, one of us asked, "Mr. Bud, may I pour you a glass of 1970 Bordeaux?" 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 BUD WEISER! We" -- Thomas J. Stanley
17f17a4 It is unfortunate that some people judge others by their choice in foods, beverages, suits, watches, motor vehicles, and such. To them, superior people have excellent tastes in consumer goods. But it is easier to purchase products that denote superiority than to be actually superior in economic achievement. Thomas J. Stanley
edffe87 Webster's defines frugal as "behavior characterized by or reflecting economy in the use of resources." The opposite of frugal is wasteful. We define wasteful as a lifestyle marked by lavish spending and hyperconsumption. Being frugal is the cornerstone of wealth-building." Thomas J. Stanley
b9dcb27 This millionaire's brand of watch is a Timex; her husband's is a Seiko (number one among millionaires). The couple buys their clothes at Dillard's, J.C. Penney, and TJ Maxx. They have purchased only two motor vehicles in the past 10 years: both Fords. Thomas J. Stanley
1f15537 How many highly paid ball players have a level of wealth in this range? We believe only a tiny fraction. Why? Because most have a lavish lifestyle--and they can support such a lifestyle as long as they are earning a very high income. Thomas J. Stanley
bb9f117 Most millionaires never earn one-tenth of $5 million in a year. Most never become millionaires until they are fifty years of age or older. Most are frugal. And few could have ever supported a high-consumption lifestyle Thomas J. Stanley
a414a1e Most millionaires never earn one-tenth of $5 million in a year. Most never become millionaires until they are fifty years of age or older. Most are frugal. And few could have ever supported a high-consumption lifestyle and become millionaires in the same lifetime. But Thomas J. Stanley
8e2811d Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline. How Thomas J. Stanley
72729a9 But the lavish lifestyle sells TV time and newspapers. All too often young people are indoctrinated with the belief that "those who have money spend lavishly" and "if you don't show it, you don't have it." Thomas J. Stanley
e690346 most people want immediate gratification. They don't want to trade a prize of, say, a camper van for eight years in night school, even though a college degree can translate into a value equivalent to more than a dozen vans. THE Thomas J. Stanley
375bafa What happens when you tell the average American adult that he needs to reduce his spending in order to build wealth for the future? Thomas J. Stanley
a31ddad Why are so few people in America affluent? Even most households with six-figure annual incomes are not affluent. These people have a different orientation than does Johnny Lucas. They believe in spending tomorrow's cash today. They are debt-prone and are on earn-and-consume treadmills. To many of them, those who do not display abundant material possessions are not successful. To them, nondisplay-oriented people like Johnny Lucas are their i.. Thomas J. Stanley
a514a93 More often than not, UAWs allow "significant others" to determine their financial lifestyle. Interestingly, these "significant others," or reference groups, turn out to be more imagined than real." Thomas J. Stanley
a76f7ec There is a fundamental reason beyond Mr. Friend's perceived social and educational deficiencies that explains why he became a UAW: His parents taught him the ways of the UAW. Thomas J. Stanley
d4b576b Their consumer behavior had an impact on their son. They constantly sent him a message: One earns to spend. When you need to spend more, you need to earn more. L Thomas J. Stanley
187c703 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 wisdom on to him. Mr. Thomas J. Stanley
1b14ade In all three cases, the person makes a higher income than does Mrs. Rule. Yet none is a millionaire. In fact, Mr. Petersen, the marketing manager, has zero invested in stocks. He never invests any of his income. But he lives in a $400,000 home that is surrounded by others in the high-tech field who have big hats and bigger mortgages, but no cattle. Too many high-income/low-net worth types live from paycheck to paycheck, fearing a sudden dow.. Thomas J. Stanley
5c98d6e QUESTION 1: DOES YOUR HOUSEHOLD OPERATE ON AN ANNUAL BUDGET? Do you plan your consumption spending according to a variety of food, clothing, and shelter categories each year? Thomas J. Stanley
958edf9 FEARS AND WORRIES What do you spend time worrying about? Are your concerns congruent with wealth accumulation? Or do you spend time thinking about issues that are impediments to becoming affluent? Thomas J. Stanley
56e9a31 Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods. That Thomas J. Stanley
799e3e0 Wealth is what you accumulate, not what you spend. How Thomas J. Stanley
aad9cc1 having a set of stated goals does not necessarily mean that one is committed to achieving them. Most of us want to be wealthy, but most of us do not spend the time, energy, and money required to enhance our chances of realizing this goal. Thomas J. Stanley
6ff1c1d Operating a household without a budget is akin to operating a business without a plan, without goals, and without direction. Thomas J. Stanley
3b1151f 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. Most Americans have no idea about the true inner workings of a wealthy household. The advertising industry and Hollywood have done a wonderful job conditioning us to believe that wealth and hyperconsumption go hand in hand. Yet, as I have said man.. Thomas J. Stanley
715e942 What is "the relationship between realized income and wealth"? (SOI Bulletin, Department of the Treasury, Internal Revenue Service, vol. 2, no. 4, Spring 1985) What does he find? That people accumulate significant wealth by minimizing their realized/taxable income and maximizing their unrealized/nontaxable income." Thomas J. Stanley
d8280a4 Is the "pride of new car ownership"--and that's all it is, pride--worth $20,000?" Thomas J. Stanley
3a4b339 The affluent tend to answer "yes" to three questions we include in our surveys: Were your parents very frugal? Are you frugal? Is your spouse more frugal than you are? This" Thomas J. Stanley
56a6cfb This last question is highly significant. Not only are the most prodigious accumulators of wealth frugal, their spouses tend to be even more frugal. Thomas J. Stanley
1117fa6 you would be wise to use your expertise to help you make your investments. If you're well versed in antiques, why not leverage your knowledge? You Thomas J. Stanley
3fbb374 A self-made millionaire stated it best when he told us: I can't get my wife to spend any money! Most people will never become wealthy in one generation if they are married to people who are wasteful. Thomas J. Stanley
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