mike.magin.org

I’ve been reading a ton of books lately, many of them which I’m likely to read just once and then get rid of (with paperbackswap.com or other means). I am not necessarily going to write a full review for them, but I think I’m going to start posting my notes from each of them.

The Middle-class Millionaire by Russ Alan Prince and Lewis Schiff is an interesting bit of market research, somewhat similar in form to The Millionaire Next Door, though it is a little bit more focused on depicting a particular demographic.

According to it, there are a lot of people with 1-10 million in net worth (including primary home):
Most of them have kids.
Most of them are still working.
They work crazy hours.
They’re into all sorts of life coaching and stuff.
They like all sorts of things that make their lives easier, including things that reduce a lot of the hassles around medical care.
They like fractional ownership (of vacation homes, RVs, etc.)

Ways for people to get there:
Put your values into action with consistency.
Consider money important.
Work hard to better yourself and your situation (not just working hard).
Find a way to get your self in the flow of money.
Focus where opportunities are strongest, don’t diversify too much.
Play to win.
Adjust attitudes toward risk.
Fail and keep trying.
Network with financial goals in mind.
Invest in coaching.