Re: The Millionaire Next Door

"HW \"Skip\" Weldon" <[EMAIL PROTECTED]> wrote in message news:<[EMAIL PROTECTED]>...
> On Tue, 2 Dec 2003 08:14:07 CST, "mark" <[EMAIL PROTECTED]> wrote:
> 
> >My wife picked me up a copy of this book from the library yesterday. I
> >started to read it and it seemed interesting, however after the first few
> >pages I get the feeling that there isn't any more substance to the book -
> >basically they tell you that millionaire's live well below their means and
> >are aggressive savers. That's good info to know, but is there any more to
> >this book or should I not waste my time?
> 
> I believe you have it.  Financial security comes from spending less
> than your income and then saving the difference regularly over your
> career.  The rest is window dressing.
> 
> -HW "Skip" Weldon
>  Columbia, SC

Some of the stuff is interesting, but of course there is huge sample
bias (he only studies the successful, not the unsuccessful).  But
there are some interesting common features (this book and the sequel):

- millionaires tend to live in relatively modest houses in good
neighbourhoods, drive their cars for a long time and pay cash for
things

- they tend to be small businessmen or professionals (doctors,
lawyers) and to invest spare cash in expanding their businesses or in
property rentals (albeit right now that latter strikes me as
potentially quite dangerous: EVERYONE seems to be writing about the
benefits of investing in real estate)

- they make maximum use of the tax benefits of being self employed