Distinctions between Millionaires and the Middle Class
 

I just picked a book called "The Top 10 Distinctions between Millionaires and the Middle Class" by Keth Cameron Smith. I found it to be a short, brezzy yet insightful and motivational read for anyone interested

Some of the key points:

Millionaires think long term Middle Class thinks short term
Millionaires talk about ideas Middle Class about people and things.
Millionaires take calculated risks, the middle class is afraid to take risk.
Millionaires continue to learn, middle class thinks learning ended with school.
Millionaires work for profits, middle class work for wages.
Millionaires focus on increasing net worth, middle class on increasing paychecks.

Re: Distinctions between Millionaires and the Middle Class
 

Millionaires are too busy working for nonsense like this.

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I guess I have the qualities of a millionaire, I just have yet to do something to make me one. [img]/images/graemlins/frown.gif[/img]

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Read "The Black Swan" - it has some interesting comments on these types of books.

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Millionaires understand the distinction between correlation and causation?

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Meh. You can work your way to a millionaire fairly easily with moderate discipline.

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8.9% of Americans are millionaires. All the points you make are true though IMO 'cept maybe millionaires continue to learn and middle class don't.

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I would phrase it:
Millionaires are always trying to improve, while the middle class is happy with what they have/know

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8.9% of Americans are millionaires. All the points you make are true though IMO 'cept maybe millionaires continue to learn and middle class don't.



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Millionaires are too busy working for nonsense like this.

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Are they also too busy to comment on what nonsense it is?

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A million is not enough for millionaires. In fact, no amount of money is. It's the one who strive for a billion who become millionaires.

Post deleted by Mat Sklansky
 

Re: Distinctions between Millionaires and the Middle Class
 

Millionaires know how to trick middle class people into paying $29.95 for books, videos, and seminars that contain nothing but common sense and optimism.

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In my experience (reasonable sample size), the extremely wealthy are incredibly unhappy souls.

The middle class seems downright gleeful by comparison.

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My experience has been pretty much the opposite. Again fairly reasonable sample size of about 800-1000.

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My experience has been pretty much the opposite. Again fairly reasonable sample size of about 800-1000.

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By extremely wealthy, I am talking net worths of 100 million+.

Re: Distinctions between Millionaires and the Middle Class
 

My sample was of 10M+ with an average in the 20s. only know 2 individuals worth 100M+ so I guess I'm not qualified to comment. Both of them are quite happy though.

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8.9% of Americans are millionaires.


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There is no way this number is right. But I do agree, a million ain't much anymore. In fact there was a show on the other day that said 5M is the new 1M. So what we used to call in, say, the '80's "millionaires", we should now only refer to people with at least 5 million as "millionaires". That doesn't make sense but whatever.

I agree with all the points in the OP. I'd also say Middle Class puts value on things like cheap plastic possesions, while millionaires value things like ownership of increasing assets and peace of mind.

Millionaires are long-term idea people, middle class is..."HEY LOOK AT THAT COOL GADGET IN RADIO SHACK! I have $50 left from my paycheck, I'm gonna get it!"

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Define long-term?

I have never understood trying to get rich by 50. By then you are too old to really enjoy it.

Re: Distinctions between Millionaires and the Middle Class
 

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My sample was of 10M+ with an average in the 20s. only know 2 individuals worth 100M+ so I guess I'm not qualified to comment. Both of them are quite happy though.

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Sweet, a pissing contest. I call BS in general though. There is no way you know that many people well enough to determine if they are actually happy or not. On average everyone probably knows around 20 people that they actually interact with enough on a regular basis to even guess if they are truly happy or not. Just because you've been in the same room or been introduced to someone at an event does not qualify you to determine if they are happy or not. Everyone tries to look happy when they are in public.

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By happy I mean appear happy. Obviously I have no idea if they are just putting on an act and they go home and are miserable.

For example most of my neighbours are in the $10M+ category and they all seem very happy. They have people over, they are always cheerful in the elevator, I run into them in social settings and they seem to be having a good time. If they were unhappy they'd be more removed.

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Define long-term?

I have never understood trying to get rich by 50. By then you are too old to really enjoy it.

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It's better than the alternative: Not being rich by 50. And FYI, 50 isn't even close to being "too old to enjoy wealth." wtf?

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Define long-term?

I have never understood trying to get rich by 50. By then you are too old to really enjoy it.

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This is absurd. 50 isn't really that old anymore as people are living longer, healthier then ever before. Many people begin to truly enjoy a great deal of freedom in life for the first time at this age as its around the time their kids are off in college and they have the ability to travel and explore on their own or with their spouse. And if you aren't the marrying type then visit a place like Newport Beach where you have tons of rich 50+ year olds partying with good looking 20 and 30 year old girls every night.

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And FYI, 50 isn't even close to being "too old to enjoy wealth." wtf?

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Well I'm 34 now. I workout daily and am in much better shape than the average yet I can feel a major difference from when I was a 20-something. I'm looking at a anti-ageing medical centre in Vegas as an option but I don't expect to have 3/4 the physical energy that I have now when I'm in my 50s. I hope I'm wrong.

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And FYI, 50 isn't even close to being "too old to enjoy wealth." wtf?

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Well I'm 34 now. I workout daily and am in much better shape than the average yet I can feel a major difference from when I was a 20-something. I'm looking at a anti-ageing medical centre in Vegas as an option but I don't expect to have 3/4 the physical energy that I have now when I'm in my 50s. I hope I'm wrong.

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Genetics counts for a lot but diet, excercise and rest are all important components. I am 52 and I believe I could kick the [censored] out of my 25 year old self!!! To tell you the truth my life is much less stressful and is more enjoyable then when I was in my 20's. Nothing beats youth though, you just have to make the best of what you have.

The 9.8% millionaire figure is way off and if you take net worth exclusive of personal residence you would find millionaires are not as prevelant as you think, although rich these days is probably at least $10 million net worth. The estimates of net worth of others is always way over stated. People never know for sure what percent of an asset one owns, how much debt and what the market value is. Often people pile up a lot of debt to own zero cash flow deals and greatly over estimate values. When times get tough they find they really are worth very little.

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Define long-term?

I have never understood trying to get rich by 50. By then you are too old to really enjoy it.

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This is absurd. 50 isn't really that old anymore as people are living longer, healthier then ever before. Many people begin to truly enjoy a great deal of freedom in life for the first time at this age as its around the time their kids are off in college and they have the ability to travel and explore on their own or with their spouse. And if you aren't the marrying type then visit a place like Newport Beach where you have tons of rich 50+ year olds partying with good looking 20 and 30 year old girls every night.

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Werd.

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The discussion of millionares like they're some exclusive club or something is laughable.

Who gives a [censored].

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The discussion of millionares like they're some exclusive club or something is laughable.

Who gives a [censored].

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non-millionaires

Re: Distinctions between Millionaires and the Middle Class
 

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The discussion of millionares like they're some exclusive club or something is laughable.

Who gives a [censored].

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I think millionaire is now a phrase that means financially independent and in the upper 2% or so American households. I think many people who are not financially independent are striving for an asset base that can support them and allow them freedom to do what they want. I feel this book give good concepts in to not only the thought process but the concept that one also has to have strong relationships and protect their health while also striving to help those less fortunate. I think the better you can program your mind to think right the more ready you will be when opportunity presents itself.

Re: Distinctions between Millionaires and the Middle Class
 

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while also striving to help those less fortunate

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Curious of how the book argues that helping those less fortunate helps someone achieve wealth?

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while also striving to help those less fortunate

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Curious of how the book argues that helping those less fortunate helps someone achieve wealth?

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When you feel there is abundance in the world and in your life it frees you up to be more succesful. Having purpose also makes you more productive. It seems like a good concept to me.

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while also striving to help those less fortunate

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Curious of how the book argues that helping those less fortunate helps someone achieve wealth?

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Because after you spend the $19.99 for the book....the author is that much closure to achieving that goal [img]/images/graemlins/smirk.gif[/img]

But all kidding aside,monetary success alone is not the end all be all IMO.Once you reach a certain level of financial security....other things in life DO become more meaningful.

I know MANY wealthy individuals who feel just as much "success" in giving some back....just as gratifying as that previous climb towards success

You have to get their first to understand I guess

SF [img]/images/graemlins/cool.gif[/img]

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An abundance of what? goodwill?

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An abundance of what? goodwill?

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An abundance of wealth. Succesful people believe they can always create more wealth and giving some away does not mean they will have less.

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Unless the act of giving in some way facilitates making more (a connection I don't see) then yes it does mean they will have less.

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Unless the act of giving in some way facilitates making more (a connection I don't see) then yes it does mean they will have less.

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The attitude of giving creates a mind set of abundance. Those that fear that they can't create or produce more in the future have a tough time giving up anything they have. One's attitude has a great bearing on success.

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The attitude of giving creates a mind set of abundance. Those that fear that they can't create or produce more in the future have a tough time giving up anything they have. One's attitude has a great bearing on success.

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I partially agree with this. I just don't see why I'd give stuff to others. I can create the same feeling of abundance by just having a very high burn rate.

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Here's two perhaps less obvious ones:

Millionaires got lucky financially (most likely a good start)
Families of millionaires are less happy

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Millionaires are too busy working for nonsense like this.

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ZING! WRONG!

www.fourhourworkweek.com

Book sounds great

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Millionaires write books called "The Four Hour Work Week" and the middle class buys them.

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In my experience (reasonable sample size), the extremely wealthy are incredibly unhappy souls.

The middle class seems downright gleeful by comparison.

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say what?