Stanley distinguishes between the Balance Sheet Affluent and the Income Affluent. One of his main arguments is the people who give the appearance of wealth often have large income but few assets. He claims the self made millionaires tend to be frugal, but that this does not mean cheap. One of his examples is purchasing very expensive shoes but getting them resoled multiple times.
There are all kinds of methodological problems with his research, but the anecdotes are fun to ponder. Joe Joseph J. Horton Ph. D. Box 3077 Grove City College Grove City, PA 16127 724-458-2004 jjhor...@gcc.edu In God we trust. All others must bring data. -----Original Message----- From: Mike Palij [mailto:m...@nyu.edu] Sent: Mon 8/31/2009 5:51 PM To: Teaching in the Psychological Sciences (TIPS) Cc: Mike Palij Subject: RE: [tips] So You Want To Be A Billionaire? On Mon, 31 Aug 2009 13:41:11 -0700, Joseph J. Horton wrote: >If you set your sights lower and are just interested in becoming a >millionaire, you might enjoy The Millionaire Next Door or The >Millionaire Mind both by Thomas Stanley. There are some methodological >issues such as the lack of comparison groups, still they are interesting >reading. I actually have a copy of Stanley's "The Millionaire Mind" which I read shortly after it came out in 2000. I remember some general themes from the book but remember that I was dissatisfied with certain aspects of it. Nonetheless, it may be productive to read through it again because, if I remember correctly, it provides some hypotheses about who and how people aspire to become a certain type of millionaire (i.e., one that doesn't rely heavily on credit, lives an almosrt frugal livestyle, etc.). These folks would "quiet millionaires" in contrast to those folks that have reality shows based on their daily lives. -Mike Palij New York University m...@nyu.edu --- To make changes to your subscription contact: Bill Southerly (bsouthe...@frostburg.edu) --- To make changes to your subscription contact: Bill Southerly (bsouthe...@frostburg.edu)
<<winmail.dat>>
