Thursday, September 2, 2010
Millionaires are boring
Remember when being a millionaire used to be a blast? As a hundred-aire, I always was in awe.
Now, I am in aw-nuts.
In the nineties, studies showed millionaires are not the Dynasty types—they have the same spouses they tagged up with at first and live within their millions.
They operate small businesses, often blue collar ones. They also can be docs or lawyers, of course.
They are twice as likely to have a Sears card as a Brooks card.
They pay about $400 for a suit, $235 for a watch.
They drive domestic cars, or used to. Ford, Caddie, Lincoln. Jeep, Lexus, Mercedes come after.
Their businesses, not their investments, generate their money.
Secrets you cold use: Start a business in a wanted field without a lot of competition. Be Russian, Scottish, or Hungarian—these national origins tend to build fortunes.
Keep your spouse. Warren Buffet was married to Susie for 52 years, even though she moved out for 25 of those. One day she asked a woman she knew to check on Warren. She did and they hooked up. But Warren did not marry her until Susie died.
Divorces cost, remember that.
Still, the Trumpster still has gold-plated everything, I notice.