Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
"The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 08:42 AM   #1
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
"The Millionaire Next Door" - 10 years later...

http://www.mcall.com/business/yourmo...sslocal-ym-hed
__________________

__________________
rs0460a is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 08:57 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Re: "The Millionaire Next Door" - 10 years later...

Amen, brother...
__________________

__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is online now   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 09:00 AM   #3
Thinks s/he gets paid by the post
grumpy's Avatar
 
Join Date: Jul 2004
Posts: 1,321
Re: "The Millionaire Next Door" - 10 years later...

A good article reiterating the truths many of us here figured out for ourselves long ago. That's how we reached FIRE.

Grumpy
__________________
...you can check out any time you like, but you can never leave...
grumpy is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 09:12 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,465
Re: "The Millionaire Next Door" - 10 years later...

Great stuff! This guy does a real service!

Quote:
They are thrifty. ''There is still a wonderfully frugal group of people in America that we don't talk about, but they're out there,'' Stanley said. ''The majority of them don't have a wine collection. They do serve wine to guests, but the median value of a bottle was about $13, not expensive stuff.

''It's not an impressive lifestyle; it's just that they're not confused. The reason they don't have a second home isn't because they can't afford it. It's just a hassle.''

Stanley's most recent research for his coming book is about brands that wealthy people use. ''There are a lot of millionaires buying stuff at Wal-Mart. They don't have a problem with buying, maybe, socks or underwear there or at a Costco or Sam's Club. Men's Warehouse is selling them a lot of suits, I can tell you that,'' he said.

''People think, 'If I wear a $900 suit, I'm going to look wealthy.' The problem is, if you wear a $900 suit and put the glitz on, you're not going to look wealthy, because wealthy people don't do that.

''What I'm trying to tell people, especially young, impressionable people, is this ain't the way the world works. If you're looking at being happier by having more things, get a life.''

They are not deprived and miserable. ''On a scale of happiness, they're quite happy,'' Stanley said. ''In fact, the more wealth you have, the higher your satisfaction.'' But their happiness comes not from material things but from achievement and being financially independent. It comes from satisfaction with their family and job.

''There is absolutely no correlation between happiness and the brand of car you drive. It has nothing to do with it. What happens is before you buy the Porsche, you'll think it will make you happy, but it doesn't work that way. The guys wearing a Seiko watch or a Rolex or a Timex have no difference'' in happiness.
I remember reading the book when I was already one of those "secret" millionaires who live next door. I had never read anything like it. It was the first time I realized that DH and I were not alone in being lifelong LBYMers and wealthy but quite inconspicuous. Although we didn't become FI through frugalness, the mentality has helped us make the most of our luck.

BTW - a year or so ago we discovered McManis Vineyards wines (Whole Foods carries them among others). By now we've tried several varietals. Most of them are $11 a bottle, and the "best stuff" (the Petit Syrah) is all of $13. You really don't have to spend more that $13 a bottle to enjoy great wine.

Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 09:13 AM   #5
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: "The Millionaire Next Door" - 10 years later...

Interesting how he doesn't just shake his head at the high-spending would-be's in sadness, but actually seems to have a bit of a bone to pick with them.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 10:02 AM   #6
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by Rich_in_Tampa
Interesting how he doesn't just shake his head at the high-spending would-be's in sadness, but actually seems to have a bit of a bone to pick with them.
Well, it might be a bit of frustration on his part. Since I'm 4 months away from ER, I get more and more people "not understanding how I can do it". Of course, these are the people that spend all (or more) of what they make.

It's a tough road to try to convince them that there is a "better way". However, when I start to talk about LBYM, managing your own investments (rather than paying someone else to "steer your future") their eyes glaze and they just don't understand (or "buy" into what I'm saying).

I've come to the conclusion that if you want to spend what you make (or more, of course ), enjoy your job/lifestyle, than that's your decision, and I'm happy for you.

However, like the author, I feel "frustrated" since I (and many on this board know) that there is a "better way"...

- Ron
__________________
rs0460a is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 10:13 AM   #7
Recycles dryer sheets
 
Join Date: Jul 2004
Posts: 430
Re: "The Millionaire Next Door" - 10 years later...

Looking forward to reading Stanley's new book.
__________________
gindie is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 06:32 PM   #8
Recycles dryer sheets
 
Join Date: Feb 2006
Posts: 403
Re: "The Millionaire Next Door" - 10 years later...

I'm glad to see he practices what he preaches... or maybe that was all for the article and he had his new BMW and hummer parked around the back. 8)
__________________
macdaddy is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 08:17 PM   #9
Recycles dryer sheets
 
Join Date: Apr 2005
Posts: 184
Re: "The Millionaire Next Door" - 10 years later...

Awesome article - thanks for posting.

"You can look wealthy or you can be wealthy. For most people, the choices are mutually exclusive"

Unfortunately the country seems obsessed with "looking wealthy".
__________________
Delawaredave is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 08:26 PM   #10
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by Delawaredave
Unfortunately the country seems obsessed with "looking wealthy".
I've had street people offer me change for a cup of coffee!!! So much for looking wealthy, huh?!
__________________
Goonie is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-17-2006, 08:27 PM   #11
 
Posts: n/a
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by Delawaredave
Awesome article - thanks for posting.

"You can look wealthy or you can be wealthy. For most people, the choices are mutually exclusive"

Unfortunately the country seems obsessed with "looking wealthy".
Naw this is really a good deal for everyone. Keeps the economy humming along! - Also, I like to see these folks spending all their money and profess to like their jobs. Hopefully they stay employed and keep funding the S.S. Fund!

We used to have Salesmen in the software industry that were cheered on when they bought their huge California McMansions! - We knew that they had to keep selling the software to make their house payments!

It's guys like this that write these books that piss me off!
__________________
  Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 10:59 AM   #12
Dryer sheet aficionado
 
Join Date: Jun 2006
Posts: 25
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by audreyh1

BTW - a year or so ago we discovered McManis Vineyards wines (Whole Foods carries them among others). By now we've tried several varietals. Most of them are $11 a bottle, and the "best stuff" (the Petit Syrah) is all of $13. You really don't have to spend more that $13 a bottle to enjoy great wine.

Audrey
Audrey, thanks for the wine recomendation......
We watch the supermarket ads, when Rodney Strong (Cab or Merlot) goes on sale we load up, it's a very good value at regular prices but when it goes below $10 it is an exceptional value and don't forget to get rainchecks if they run out
__________________
MonarchDon is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 11:04 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by Goonie
I've had street people offer me change for a cup of coffee!!! So much for looking wealthy, huh?!
THAT IS AWESOME!!! That's the look I always go for.........

I was in Home Depot wearing some old grey sweats and a faded Wisconsin shirt, along with my Sam's Club jacket and an old baseball cap. I was looking at some DeWalt tools, and was ignored the whole time. I bought a light switch cover and left.

Also, once when I went to help serve meals at the dowtown mission, one of the volunteers told me to go IN LINE...............

hey, the jeans didn't look that bad...........

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 11:14 AM   #14
Dryer sheet aficionado
 
Join Date: Jun 2006
Posts: 32
Re: "The Millionaire Next Door" - 10 years later...

Quote:
but the median value of a bottle was about $13


:P

__________________
ashtondav is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 11:15 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by FinanceDude
I was in Home Depot wearing some old grey sweats and a faded Wisconsin shirt, along with my Sam's Club jacket and an old baseball cap. I was looking at some DeWalt tools, and was ignored the whole time. I bought a light switch cover and left.
Doesn't matter what you wear; you'll still be ignored by the "help" at Home Despot.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 11:17 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by brewer12345
Doesn't matter what you wear; you'll still be ignored by the "help" at Home Despot.
That's why I started going to a little family run place where all the contractors go. Third generation of the family all work there, and sometimes even the contractors butt in and recommend stuff..............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 11:38 AM   #17
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Re: "The Millionaire Next Door" - 10 years later...

Isn't it amazing that people will determine their own self worth based on how they are treated by some one making $9/hour at Home Depot.

Oh we are sensitive little things aren't we !
__________________
MasterBlaster is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 12:47 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,717
Send a message via Skype™ to kcowan
Re: "The Millionaire Next Door" - 10 years later...

Quote:
Originally Posted by brewer12345
Doesn't matter what you wear; you'll still be ignored by the "help" at Home Despot.
I believe in dressing the part. If I need help, I dress up a little. Sometimes I purposely dress down to be left alone.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 03:01 PM   #19
Recycles dryer sheets
 
Join Date: May 2005
Posts: 57
Re: "The Millionaire Next Door" - 10 years later...

Son of a gun, mine is a 96 Toyota Avalon with 133K miles...best car I have ever owned...and..rent in Florida for 3 months, would never buy, don't need the hassels like he said...

I sent that article to my son-in-law who is working really hard to "get it."

Happy Holidays to you all...Ted
__________________
Ted
tednvon is offline   Reply With Quote
Re: "The Millionaire Next Door" - 10 years later...
Old 12-18-2006, 03:02 PM   #20
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: "The Millionaire Next Door" - 10 years later...

My ponytail makes me invisible on military bases now.

Quote:
Originally Posted by MasterBlaster
Isn't it amazing that people will determine their own self worth based on how they are treated by some one making $9/hour at Home Depot.
Considering the quality of the "help", I usually dress down at Home Depot to be left alone. But it is fun to talk with some of the older clerks who can actually pronounce the technical vocabulary.

The way I'm treated by a store's help tells me a lot about their customer service. Anyone can fall over people dressed like Donald Trump or Oprah Winfrey. But if they won't help guys who dress like me then we're definitely on our own.

Fidelity is having their "Client Appreciation Dinner" tomorrow night, and since they no longer have a Honolulu office they're flying out the staff from Seattle. ("Who wants to go to Hawaii the week before Christmas? Anybody?!?") It'll be interesting to meet these people face-to-face, especially considering that they've had a chance to study up on our brokerage accounts and correlate names to balances. Maybe I can persuade a couple of them to go out surfing the next day...
__________________

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Update - Buying back years of service credit (was - Hello, I'm new here) Sue J Hi, I am... 26 07-10-2014 10:54 PM
Social Security Beneift Penalized by Early Retirement? more_or_less FIRE and Money 19 01-27-2007 10:19 AM
Will you stay 5 more years for $1,000,000? honobob Other topics 18 12-17-2006 10:31 AM
Building a short-term bond portfolio for 20+ years Nords FIRE and Money 3 02-12-2004 08:54 PM
$50 a day? No way! patnbj FIRE and Money 112 01-30-2004 09:21 PM

 

 
All times are GMT -6. The time now is 09:34 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.