Title: Stop Acting Rich: ...And Start Living Like A Real Millionaire.
Author: Thomas J. Stanley
Pages: 274 Hardcover
Price: US $26.95
Published: September 2009
Published by John Wiley & Sons, Inc.
The book details how the less affluent have fallen into the elite luxury brand trap that keeps them from truly acquiring wealth.
How to live rich without spending more? That’s not something which may really please many aspirants. But the author puts wealth in perspective with the book and explains how to stop the destructive cycle of spending lavishly.
The book says being rich means more than just big houses and luxury cars. A case in point is the fact that the most popular make of car among millionaires is a Toyota and not BMW or Mercedes.
Only 5.7% of all millionaires surveyed nationally paid $1,000 or more for their most recently acquired suit
Sample the other highlights:
- Real millionaires pay about $16 (tip included) for a haircut at a traditional barbershop
- Nearly 4 in 10 millionaires surveyed buy wine that costs around $10
- Sixty-four percent of all real millionaires have never owned a second house – not even a rustic log cabin in the woods
- The proportion of Americans who owned boats in 2006 exceeded the proportion who left an estate of $1 million or more in 2007 by a ratio of nearly 5 to 1
- In the U.S., there are nearly three times more millionaires living in homes that have a market value of under $300,000 than there are living in homes valued at $1 million or more
- The number one preferred brand of shoes worn by millionaire women is Nine West and their favorite clothing store is Ann Taylor--with the Gap and Costco not far behind
- Most real millionaires eschew Rolex, Omega and Tag Heuer timepieces in favor of Seiko watches
- Those who give away larger portions of their income to charitable causes end up accumulating more wealth.
If you spend in anticipation of becoming rich, you are unlikely ever to become truly wealthy. One of the chapter’s title says it all – All that Glitters is not a Millionaire’s Goal!
Thomas Stanley reveals the results of a major survey which uncovers the sharp differences between the spending habits of real millionaires versus those who are just "acting rich." It turns out that the big spenders aren't who we thought they were. The "aspiring rich" far outspend real millionaires, who rarely spend above their means regardless of the extent of their wealth. As a result, they’ve mortgaged their future on an illusion.
Funeral directors, for example, are better at accumulating wealth than doctors even though their income ranks well below doctors.
Live in an upscale neighborhood and you will spend more on everything from your car to your haircuts.
The book may make sense but it should catch the eye of those who need it.
About the Wiley:
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for over 200 years, helping people around the world meet their needs and fulfill their aspirations. Since 1901, Wiley and its acquired companies have published the works of more than 400 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Chemistry, Physics and Peace.
Our core businesses include scientific, technical, medical and scholarly journals, encyclopedias, books, and online products and services; professional/trade publishes books, subscription products, training materials, and online applications and websites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada and Australia. The Company's website can be accessed at https://www.wiley.com. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.
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