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The Millionaire Next Door sequel has a couple of surprises
Posted on 7/24/18 at 1:27 pm
Posted on 7/24/18 at 1:27 pm
You O-T baws might like this. Dr. Thomas Stanley and his daughter were working on a sequel to The Millionaire Next Door when he died in a car crash in 2015. She has finished the extensive research and book, and the book is due to be released in October.
A preview of sorts has been released and discussed.
8% of millionaires are educators.
This includes K-12 and college professors, but it is surprising nevertheless. This is higher than doctors and attorneys (which isn't surprising because they are typically bad with money). Only business owners, accountants and engineers have a higher percentage of millionaires than teachers.
A preview of sorts has been released and discussed.
8% of millionaires are educators.
This includes K-12 and college professors, but it is surprising nevertheless. This is higher than doctors and attorneys (which isn't surprising because they are typically bad with money). Only business owners, accountants and engineers have a higher percentage of millionaires than teachers.
This post was edited on 7/24/18 at 1:40 pm
23
Posted on 7/24/18 at 1:29 pm to anc
Teachers still need raises!
Posted on 7/24/18 at 1:29 pm to anc
Lol they married up. Or they saved for a long time.
Posted on 7/24/18 at 1:30 pm to anc
99% of rich people living paycheck to paycheck are lawyers
Posted on 7/24/18 at 1:30 pm to anc
quote:
engineers
quote:
millionaires
frick, I'm doing it wrong.
Posted on 7/24/18 at 1:31 pm to anc
Being a millionaire is commonplace in today's society. Not like it's the 1970's.
Posted on 7/24/18 at 1:32 pm to anc
Maybe chick teachers marrying rich dudes? Time off in summer and top notch benefits make good wives
Posted on 7/24/18 at 1:33 pm to DeafJam73
quote:
Lol they married up. Or they saved for a long time.
The breakdown is in the book supposedly, but in Mississippi, 25% of teachers incomes are invested for retirement. 10% by the teacher , 15% by the state (rounding)
An average income of $50,000 over 30 years at a measly 6% puts you over a million.
Posted on 7/24/18 at 1:33 pm to anc
Millionaires are people who bought houses 30-40 years ago that are now worth half a million + due to that neighborhood becoming a hot spot in the real estate market and have a few hundred thousand squirreled away for retirement after an adulthood of contributing to a pension/IRA/401k.
Posted on 7/24/18 at 1:36 pm to kingbob
quote:
Millionaires are people who bought houses 30-40 years ago that are now worth half a million + due to that neighborhood becoming a hot spot in the real estate market and have a few hundred thousand squirreled away for retirement after an adulthood of contributing to a pension/IRA/401k.
True, but the book excludes primary residence (but counts retirement savings) in its calculation of a millionaire.
Posted on 7/24/18 at 1:36 pm to anc
quote:
8% of millionaires are educators.
They took low paying jobs because they married rich or come from money.
I know several super rich girls from money that became private school elementary teachers because it was an easy major and they had to have some job while searching for a husband.
Posted on 7/24/18 at 1:41 pm to Popths
quote:
Being a millionaire is commonplace in today's society. Not like it's the 1970's.
more commonplace, but not commonplace. 2/3 of Americans don't have $1000 in savings. Its top heavy. This is why the angst against the 1% worries me. IN 25-30 years, it will be angst against the 20%, which includes most people on this board.
Posted on 7/24/18 at 1:43 pm to anc
quote:
The breakdown is in the book supposedly, but in Mississippi, 25% of teachers incomes are invested for retirement. 10% by the teacher , 15% by the state (rounding)
An average income of $50,000 over 30 years at a measly 6% puts you over a million.
Nice. I assume they don't get that as a lump sum though. They use it as a pension?
Posted on 7/24/18 at 1:45 pm to el Gaucho
My wife and I are both educators. Everyone around us whines about pay. I pulled this chart out to a colleague not too long ago. There aren't many fields that make more money over a lifetime. Definitely not many less stressful ones.
Posted on 7/24/18 at 1:46 pm to anc
quote:
8% of millionaires are educators.
Could be billionaires if they worked year round
Posted on 7/24/18 at 1:49 pm to anc
quote:
8% of millionaires are educators.
quote:
This includes K-12
Do they specify or differentiate whether those K-12 professionals are teachers or administration?
Huge difference. Some K-12 principals and superintendents can make a shite load of money.
Posted on 7/24/18 at 1:52 pm to anc
quote:
8% of millionaires are educators.
I've seen numbers that say 14% of millionaires are educators.
However, those same numbers say 46% of those educators attribute their wealth to inheritance. Furthermore, a large chunk of those educators made their money elsewhere, then decided to teach.
quote:
This is higher than doctors and attorneys (which isn't surprising because they are typically bad with money). Only business owners, accountants and engineers have a higher percentage of millionaires than teachers.
That's also a flawed statistic. You're measuring how many millionaires are teachers or doctors instead of how many doctors or teachers are millionaires.
Posted on 7/24/18 at 1:54 pm to TheCaterpillar
quote:
They took low paying jobs because they married rich or come from money. I know several super rich girls from money that became private school elementary teachers because it was an easy major and they had to have some job while searching for a husband.
It's mostly this.
It would be like a study saying 75% of millionaires are stay at home moms.
Posted on 7/24/18 at 1:59 pm to slackster
quote:
That's also a flawed statistic. You're measuring how many millionaires are teachers or doctors instead of how many doctors or teachers are millionaires.
Yeah. Admittedly, I am ignorant on the exact methodology of this book, but it seems like a truly interesting approach would be a longitudinal study of a large number of people.
You can't just take a snapshot of wealth data and start drawing conclusions. Too many other factors in play. Inherited wealth being only one of them.
This post was edited on 7/24/18 at 2:01 pm
Posted on 7/24/18 at 2:02 pm to anc
quote:
higher than doctors and attorneys (which isn't surprising because they are typically bad with money)
Gonna need your source on that one.
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