The Millionaire Next Door
The book The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996, ISBN 0-671-01520-6) is by Thomas J. Stanley and William D. Danko.
Million dollar choices
Some of the financial choices that UAWs make are considered to be “million dollar choices” because if the choice hadn’t been made, the UAW would have in excess of a million dollars. One example of a million dollar choice is to smoke. Smokers and alcoholics tend to be UAWs because instead of building net worth, they spend their income to purchase alcohol or cigarettes. Another hypothetical example given in The Millionaire Next Door explains how a small purchase of cigarettes over a long period of time can accumulate a large sum of money. Mr. Friend’s poor parents were smokers and drinkers. They smoked at least three packs of cigarettes a day during the week. Three packs a day over 46 years translated into a sum of money that exceeded the value of their home by $33,000. Even more extraordinary, if the Friends had invested and reinvested that money over a 46-year period, the portfolio would have exceeded $2 million. The value of a small amount of money over a long period of time is amazing. A UAW makes choices that, although financially insignificant at the present value, have a very significant future value. Choices such as drinking two cases of beer a week, smoking several packs of cigarettes a day, and buying large amounts of unnecessary food and objects are some examples of typical UAW choices. These choices are not necessarily large financial purchases right now, but over a long period of time, the opportunity cost of that money is very expensive.
Originally posted by sligtlyskeptical
I think he is saying that wealth is much more than money and material things.
Originally posted by HangTheTraitors
WHA'CHA TALKIN' 'BOUT WILLIS??!!!!!!
Somehow I get the impression that this is just a long-winded unclear rambling that could have most likely been explained (even as ODD as it is) in just a couple of sentences.
There are folks out there who want to DAZZLE their audience with all kinds of "intellectual", "sophisticated", "intelligent-sounding" gibberish, but instead all that they achieve is BOOS and LAUGHTER from their audience when the audience sees through it...
www.google.co.uk...=en&gs_nf=1&pq=value%20theory%20re alised%20wealth&cp=16&gs_id=35&xhr=t&q=perceived+wealth&pf=p&sclient=psy-ab&oq=perceived+wealth&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.&fp=c84ce46124a 7e2b8&biw=1440&bih=846google results
edit on 19-8-2012 by HangTheTraitors because: (no reason given)
Originally posted by rickymouse
So realized wealth is when you realize that you have everything you need or think you will need to survive in the future and you lose desire to attain more? It's great if something unexpected comes up like you live longer than you expect or someone cons you out of your money. This realized wealth perception would be a personal reflection on your desired way of life.