The Next Millionaire Next Door: Enduring Strategies for Building Wealth

282 Pages·2018·7.24 MB·English

by  Thomas J. Stanley

The Next
Millionaire
Next Door
ALSO BY THOMAS J. STANLEY
Marketing to the Affluent
Selling to the Affluent
Networking with the Affluent and Their Advisors
The Millionaire Next Door (with William D. Danko)
The Millionaire Mind
Millionaire Women Next Door
Stop Acting Rich
The Next
Millionaire
Next Door
Enduring Strategies
for Building Wealth
THOMAS J. STANLEY, PhD, and
SARAH STANLEY FALLAW, PhD
Guilford, Connecticut
In loving memory of my father, Thomas J. Stanley; to my courageous mother,
Janet G. Stanley; and to Tim, Anna, Kate, and Julie
An imprint of The Rowman & Littlefield Publishing Group, Inc.
4501 Forbes Blvd., Ste. 200
Lanham, MD 20706
www.rowman.com
Distributed by NATIONAL BOOK NETWORK
Copyright © 2019 by Affluent Market Institute, Ltd. and Sarah Stanley Fallaw,
PhD
All rights reserved. No part of this book may be reproduced in any form or by
any electronic or mechanical means, including information storage and retrieval
systems, without written permission from the publisher, except by a reviewer
who may quote passages in a review.
British Library Cataloguing in Publication Information Available Library of
Congress Cataloging-in-Publication Data Names: Stanley, Thomas J., author. |
Fallaw, Sarah Stanley, author.
Title: The next millionaire next door : enduring strategies for building wealth /
Thomas J. Stanley, PhD, and Sarah Stanley Fallaw, PhD.
Description: Guilford, Connecticut : Lyons Press, [2018] | Includes
bibliographical references.
Identifiers: LCCN 2018030576 (print) | LCCN 2018033317 (ebook) | ISBN
9781493035366 (ebook) | ISBN 9781493035359 (hardcover) Subjects: LCSH:
Rich people—United States. | Millionaires—United States. | Wealth—United
States. | Finance, Personal—United States.
Classification: LCC HC110.W4 (ebook) | LCC HC110.W4 S733 2018 (print) |
DDC 332.024/010973—dc23
LC record available at https://lccn.loc.gov/2018030576
The paper used in this publication meets the minimum requirements of
American National Standard for Information Sciences—Permanence of Paper
for Printed Library Materials, ANSI/NISO Z39.48-1992.
Printed in the United States of America
Contents
List of Tables and Figures
Preface
Chapter 1: The Millionaire Next Door Is Alive and Well
Chapter 2: Ignoring the Myths
Chapter 3: Influences on Wealth
Chapter 4: Freedom to Consume
Chapter 5: Strengths for Building Wealth
Chapter 6: Getting to Work
Chapter 7: Investing Resources
Conclusion
Appendix A: Studies
Appendix B: Rankings of Sole Proprietorships by Percentage Profitable (1998 &
2015)
Appendix C: Selected Job Titles of Moonlighting Mass Affluent Prodigious
Accumulators of Wealth
Notes
References
List of Tables and Figures
Figure: Ratio of Mean to Median Net Worth for Years Available
1-1. Percentage of Income Received through Trusts, Estates, and Inheritance in
Previous Year by Percentage of Millionaires (1996 & 2016) 1-2. Career-
Lifestyle Groups of Affluent Sample
3-1. Early Experiences of Millionaires
4-1. Most Important Reasons for Latest Home Purchase by Millionaires.
4-2. Least Important Reasons for Latest Home Purchase by Millionaires.
4-3. Purchase Price and Current Home Values for Millionaire Homeowners 4-4.
Percentage of Millionaire Homeowners with and without Estate/Trust
Income by Original Purchase Price of Home 4-5. Percentage of Millionaire
Homeowners with and without Estate/Trust Income by Current Market
Value of Home 4-6. Total Median Cost of Homeownership by Month and
Satisfaction Indicators for Selected US Cities (2012) 4-7. Budgeting &
Frugality of Prodigious Accumulators of Wealth vs. Under Accumulators of
Wealth 4-8. Most Paid by Millionaires for Clothing and Accessories: 1996 to
2016 (in 2016 Dollars) 4-9. Most Spent by Millionaires for Jeans,
Sunglasses, and Furniture 4-10. Top Makes of Motor Vehicles of
Millionaires (1996 & 2016) 4-11. Model Year Cars by Percentage Owned by
Millionaires (1996 & 2016) 4-12. Percentage of Income Spent on Categories
by Millionaires
4-13. Charitable Deductions as a Percentage of Size of Estate
5-1. Categories of Wealth-Related Behavioral Patterns
5-2. Discipline Related to Wealth Status: Under Accumulators of Wealth vs.