Millionaire Women Next Door
The other evening I was stuck in an airport, as usual. A passenger on my delayed flight has just finished reading the new book, Millionaire Women Next Door, by Thomas Stanley. We had a few hours to wait, so I put my speed-reading skills to use on the borrowed book.
The women millionaires had a wide variety of occupations. Some were business owners and others were stay-at-home moms, while some had jobs with modest pay.
- These women worked about 50 hours per week on average and were 49 years old.
- They attempted to invest approximately 10-15% of net income and had a very frugal lifestyle.
- Most spent under $400 on a suit, $135 on shoes and 60% had been to the “Golden Arches” or Burger King in the past 30 days.
- One key was that nearly 100% were homeowners and most had been married; like the national average, half had been divorced.
- Many had overcome some obstacle, and most had to pay for their own college degree. By the way, 60% had completed their degree and 70% were involved in community activities.
I would recommend this book. The bottom line is that conservative spending and disciplined savings habits go a long way toward success.
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Editors' note: Dave Kohl, The Corn and Soybean Digest Trends Editor, is an ag economist specializing in business management and ag finance. He recently retired from Virginia Tech, but continues to conduct applied research and travel extensively in the U.S. and Canada, teaching ag and banking seminars and speaking to producer and agribusiness groups.
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