Whatever your income, always live below your means.
- Thomas J Stanley
Quotees Archive
Only 17 percent of us or our spouses ever attended a private elementary or private highschool. But 55 percent of our children are currently attending or have attended private schools.
- Thomas J Stanley
We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.
- Thomas J Stanley
We hold nearly 20 percent of our household’s wealth in transaction securities such as publicly traded stocks and mutual funds. But we rarely sell our equity investments. We hold even more in our pension plans. On average, 21 percent of our household’s wealth is in our private businesses.
- Thomas J Stanley
We have more than six and one-half times the level of wealth of our non-millionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?
- Thomas J Stanley
We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million.
- Thomas J Stanley
We have a go-to-hell fund. In other words, we have accumulated enough wealth to live without working for ten or more years. Thus, those of us with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, we could live longer than that, since we save at least 15 percent of our earned income.
- Thomas J Stanley
We are fastidious investors. On average, we investnearly 20 percent of our household realized income each year. Most of us invest at least 15 percent. Seventy-nine percent of us have at least one account with a brokerage company. But we make our own investment decisions.
- Thomas J Stanley
Three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
- Thomas J Stanley
Over 80% of America’s millionaires are self-made.
- Thomas J Stanley
Our household’s total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
- Thomas J Stanley
On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth.
- Thomas J Stanley
Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.
- Thomas J Stanley
Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.
- Thomas J Stanley
Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement Charity begins at home. Most of us will tell you that our wives are a lot more conservative with money than we are.
- Thomas J Stanley
I am a tightwad. That’s one of the main reasons I completed a long questionnaire for a crispy $1 bill. Why else would I spend two or three hours being personally interviewed by these authors? They paid me $100, $200, or $250. Oh, they made me another offer–to donate in my name the money I earned for my interview to my favorite charity. But I told them, I am my favorite charity.
- Thomas J Stanley
I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household’s income.
- Thomas J Stanley
As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.
- Thomas J Stanley
As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring.
- Thomas J Stanley
About two-thirds of us work between forty-five and fifty-five hours per week.
- Thomas J Stanley
About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed peoplemake up less than 20 percent of the workers in America but account for two-thirds of the millionaires.
- Thomas J Stanley
About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
- Thomas J Stanley
