Insurance Agent Forum

[salpro22]

Originally Posted by Kyle Henson

The Millionaire Next Door by Dr Thomas J Stanley and Dr William D Danko. Some other interesting findings in their book about millionaires:

• Most wealth is inherited? Bleep! Wrongo! 80% of American millionaires are first generation affluent.
• [COLOR=black]Most millionaires live in mansions? Wrong again! The average value of the homes of the rich is $320,000. (Book was published in 1998) Half have occupied their homes for over twenty years! [/COLOR]
• [COLOR=black]Well, millionaires drive current year, expensive, imported cars, right? Bleep! Sorry No cigar. Most millionaires drive domestic made vehicles, the most popular being - are you ready for this? - the Ford F-150 Pickup Truck. Three in ten millionaires drive the F-150. Another 25% drive the Ford Explorer sports utility vehicle. Caddies and Lincolns are only the third and fourth favorites, while Rolls Royces and Ferraris don't even make the top ten favorite list. And most millionaires keep their vehicles longer. Over fifty percent drive vehicles two or more years old. In fact, 36.6% of millionaires buy used cars rather than new! [/COLOR]
• Well surely millionaires wear Gucci shoes and Rolex watches? Sorry! No cigar! Fewer than 25% have ever spent more than $600 for a suit. 50% have never spent more than $140 on a pair of shoes (I guess they don't wear Nikes!). And 50% have never spent more than $235 for a watch.

7 Factors that make up a millionaire:

• They live well below their means.
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying social status.
• Their parents did not provide economic outpatient care. (i.e. they did not get handouts from their parents.)
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right profession.

__________________

It is interesting that you would bring that book up. The second I read your comment I thought about the stats in that book. I believe the authors have a revised version of the book.

Why I may never be a millionaire: I have spent over $140 on a pair of shoes...and, yes, Nike.
I play a lot of basketball and gotta have the best sneaks I can get. Other than that and backpacking gear (I am a gear junkie), I do not buy a lot of expensive stuff. My two cars together are worth about $15k. My goal is to be debt free in 2 years.

[healthagent]

My wife and I played it smart and just paid everything off. We are bill-less minus the basic stuff we'll always pay for. But we have no car payments, no credit card debt, no anything. It's a very nice life to get money and keep it. Our rule is we sleep on any purchase over $100.

I will indeed by buying a new TV soon - ours is 10 years old. When we were newly married that puppy would have been slapped on our credit card. Now we have "TV savings" and we'll buy it with cash. We need another car next month and that's cash.

[CT Insure Guy]

Originally Posted by healthagent

My wife and I played it smart and just paid everything off. We are bill-less minus the basic stuff we'll always pay for. But we have no car payments, no credit card debt, no anything. It's a very nice life to get money and keep it. Our rule is we sleep on any purchase over $100.

This has become my plan as well...always made a good deal of $$ in this biz but it sickens me to think of some of the things I have overspent on(though I will probably always rationalize cars because I am obsessed, thank you very much) over the years.

I haven't used a credit card in over 3 months and that is sorta amazing for me but the goal is "no debt except the house" and eventually that paid off as well.

[healthagent]

We did dumb stuff - like Aruba for a vacation. Then it hit us - we have an ocean and sand 2 hours away and it doesn't cost $5,000. We used to go to Cancun every year. More water - more sand and all the Mexican crap you could buy. We haven't been in 5 years. Not saying we don't take more international trips - but now we actually save for vacations.

[michellea]

I got the SUV I have been eyeing for a while, a 2007 Nissan Armada! I love it. Then of course right after I get my 07, I found out the 08 had major changes and I like it even better!

With 2 sets of twins, I needed something large and I could not picture myself in a minivan.

My favorite car I have ever owned was the 1968 Mustang that my father rebuilt for me for when I turned 16.

[Agent5913]

"I like hot cars too. I just don't want to pay for them"

Amen, I second that. I have a 97 Tahoe. The Wife has a new van but I hate making payments ob ANYTHING.

[arnguy]

Hey, michellea. how about some more pictures. Oops....sorry! I thought this was eharmony.

[Insuranceman]

I just bought me a 98 Lincoln Contintal mint condition 38,000 miles. Paid $ 7,000 cash for it. Its a great car for the money. Looks and rides like new
With all the luxury with no monthly payments.

[senior-advisor-indiana]

I'm in favor for more pictures too michellea.

[The New Guy]

I for one, appreciate her for her mind.

[arnguy]

If anyone believes that post by The New Guy, I have a bridge in Brooklyn I would like to sell you!

[senior-advisor-indiana]

The new picture sucks michellea. I am leaving the forum now unless you put a good back up.

[michellea]

Originally Posted by senior-advisor-indiana

The new picture sucks michellea. I am leaving the forum now unless you put a good back up.

Ha, sorry I can't do that, I forgot how untame even grown men can be.

That is ok though, I was reminded.

[senior-advisor-indiana]

Yes, Arnguy is awful. I see why you don't want to put it up. I Think we need to put him at the kiddie forum. Freakin perverts!

[michellea]

Ha, you would be sent to that forum with him as well!!!

[senior-advisor-indiana]

I was only saying that stuff so arnguy wouldn't look stupid by himself.

[senior-advisor-indiana]

Now, stop flirting with me michellea!

[arnguy]

Michellea, you can tame me any time you want. I will be your slave. BTW it's just that SAI and I appreciate pulchritude when we see it.

P.S. I hope that senior knows the meaning of that word. Otherwise he cannot join me.

[senior-advisor-indiana]

I do apreciate pulchritude arnguy. I believe it means physical beauty. Am I right or am I right? I love the internet!lol