Only the prodigious accumulators of wealth (PAWs) were contributing to their retirement funds and employing wealth managers. They didn’t have stocks or retirement funds to be managed because they weren’t contributing to those funds. doctor, lawyer), but they were maxed out on credit and spent every dollar they brought in. Yes, they worked in professions known to be well-compensated (i.e. Through interviews and surveys, these two professors came to learn that these seemingly wealthy individuals were actually under accumulators of wealth (UAWs).
The individuals living in the most expensive homes and driving luxury cars weren’t buying financial services and products being marketed to them. Curiosity got the best of me, and I spent much of my reading time over the holidays on this book.įirst published in 1996, Stanley and Danko discovered the existence of the “millionaire next door” during their effort to conduct an academic study as to why some marketing campaigns worked and others didn’t. Yet, I’d never read the seminal work that brought this term into their lives until I discovered a copy of Stanley and Danko’s book on a shelf in my dad’s office. Now that I’m an adult, I see how their understanding of this term has shaped how I approach money. (Why buy new books when you can get them from the library from free?!?)
My mom (and, to a lesser extent, my dad) pontificated on the value of becoming an under-the-radar millionaire throughout my childhood. I grew up with the term “millionaire next door” in my vernacular.
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