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The Next Millionaire Next Door Provides a Roadmap

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The author was speaking to roughly 500 high school students in Singapore last week. The students represented about 50 different nationalities. Many were American. At one point, he asked them to call out brand names that they thought most millionaires are attracted to. They hollered out names like Rolex, Gucci, Porsche, Ferrari, Prada, and Louis Vuitton.

Yes, some wealthy people prefer high-status brands. But according to the late wealth researcher, Thomas J. Stanley, most wealthy Americans don’t. Instead, they have modest consumption tastes. Most millionaires, for example, don’t drive fancy cars. Most don’t live in fancy homes. Most don’t collect wines, antiques or belong to swanky clubs. Thomas Stanley said some wealthy people like high-end cars. But millionaires aren’t driving most of the high-end cars we see on the streets. Instead, it’s people with high salaries and low wealth that are most attracted to these cars. 

https://assetbuilder.com/knowledge-center/articles/the-next-millionaire-next-door-provides-a-road-map-for-us-all

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Interesting how so many articles are Fire related now or maybe its just me that sees the connection. It seems to me they(FIRE) are having an influence slowly but surely on our thought processes related to money. It needs to become a larger movement so that it influences more and more people to see the light. A part of me wonders though what would happen to our portfolios  if suddenly no one purchased those luxuries and the status products that keep companies profitable and our portfolios growing. It may end up upsetting the apple cart.

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I frequently day dream about a society that only steps away from personal free time to pursue activities that are truly necessary (healthcare, education, housing, utilities, food, art, safety, technology, etc).

I suspect it would require an entirely different economic system. I suspect there will be more people than jobs and I suspect many won’t have the necessary skills or aptitude. I suspect we aren’t sufficiently civilized to deal with that possibility...I suspect we’d see movements to “cut the dead weight among us.”

I imagine we’d have more success if virtually all of the work was done by robots...but maybe we’d just see even more wealth in the hands of whoever owns the robots.

...my view of people is dark. This thought experiment almost always turns to a dystopian future.

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On 11/26/2018 at 12:23 PM, tony said:

Interesting how so many articles are Fire related now or maybe its just me that sees the connection. It seems to me they(FIRE) are having an influence slowly but surely on our thought processes related to money. It needs to become a larger movement so that it influences more and more people to see the light. A part of me wonders though what would happen to our portfolios  if suddenly no one purchased those luxuries and the status products that keep companies profitable and our portfolios growing. It may end up upsetting the apple cart.

Tony,

From what I’ve read here, most of you here sound like you are FiRE people too, following the same tenets naturally before it became a “thing”. The difference is here, you’re mostly teachers. 

The portfolios I’ve questioned too but along the lines of investors opting for index funds vs. individual stocks. But we all can’t buy indexes without stocks being sold, right?

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