¶ … Millionaire Next Door:
The Surprising Secrets of America's Wealthy"
When most Americans think of millionaires, they most likely conjure images of flamboyant characters leading exciting lifestyles. Most people probably believe that the majority of millionaires inherited their money and that few have put in an honest day's work in their lives. Millionaires are imagined shopping at designer stores and would easily be picked out in a crowd. Moreover, most believe that millionaires drive expensive cars and live in posh homes in upscale neighborhoods. Common belief is that millionaires would never shop at WalMart or bargain hunt at the local flea market. This is the stereotype image of the American millionaire. Far from it according to Thomas Stanley and William Danko, authors of "The Millionaire Next Door: The Surprising Secrets of America's Wealthy." Their research found that these stereotype images are far from reality.
Stanley and Danko focused on individuals with wealth of at least $1 million and discovered that their lives are quite different from the stereotype American millionaire and moreover, possessed qualities that seem at odds with the average earn and consume culture of most Americans. Their...
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Meanwhile, it is the high-earning but consumption-oriented under accumulators of wealth (UAWs) who patronize luxury car dealerships, high-end country clubs, and so- called "high fashion" clothing manufacturers. In this regard, one of the most powerful influences motivating such irresponsible consumption is the concentration of media attention on relatively few wealthy celebrities whose model of ostentatious consumption is simply not representative of the habits of most Americans with equally high
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