Here's another post in our series on the learnings from the book The Millionaire Next Door. (For the next few posts in this series, we'll be focusing on qualities of the typical American millionaire.):
Who is the prototypical American millionaire? What would he tell you about himself?
I am a fifty-seven year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants. (pages 8-9)
Interesting facts about both the age and employment of millionaires. Shooting to be a millionaire by 30 probably won't work using the methods talked about in this book, but they do seem to work over time.
I think the typical American millionaire is very common in the west simply because all the opportunities are there - the economy is the number one in the world, the dollar is stronger than ever before, the politics are stable and entrepreneurship given time, enthusiasm, persistence and sound managerial skills will prosper. More importantly, America is rich with natural resources where all the ingredients of becoming rich and affluent is simply the fertile ground to flourish. It is also rational to believe that becoming an employer is one reason in making it big in the business world less be a top notch professional or CEO in big business empire is not that distant dream to become a typical American Millionaire.
Posted by: Dr. Art | November 12, 2007 at 12:52 AM
I think the typical American millionaire is very common in the west simply because all the opportunities are there - the economy is the number one in the world, the dollar is stronger than ever before, the politics are stable and entrepreneurship given time, enthusiasm, persistence and sound managerial skills will prosper. More importantly, America is rich with natural resources where all the ingredients of becoming rich and affluent is simply the fertile ground to flourish. It is also rational to believe that becoming an employer is one reason in making it big in the business world less be a top notch professional or CEO in big business empire is not that distant dream to become a typical American Millionaire.
Posted by: Dr. Art | November 12, 2007 at 12:54 AM