America's rich are not who we think they
are: Auto dealers, gas station owners
and building contractors make up the majority
of 140,000 millionaires across the nation
Daily Mail (UK),
by
Andrea Cavallier
Original Article
Posted By: Imright,
5/17/2022 5:12:50 PM
A typical rich American is not who we think they are, but actually the owner of a 'regional business,' such as an 'auto dealer' or a 'alcohol or soft drinks distributor.' While doing research for his book, author Seth Stephens-Davidowitz said he was shocked to learn that more than 140,000 Americans who earn more than $1.58 million per year are owners of so-called 'unsexy' businesses.
These include auto repair shops, gas stations and business equipment contractors.
Reply 1 - Posted by:
DVC 5/17/2022 5:29:30 PM (No. 1158214)
Ore retired engineers. I know two or three that are easily worth a couple million, from their lifetime of good, safe, sane investments rather than any huge salary or anything from parents.
7 people like this.
Reply 2 - Posted by:
Bur Oak 5/17/2022 5:34:26 PM (No. 1158224)
Twenty years ago if you were worth a million dollar you were well off, not today. If you want to be well off today without working very hard get a government job at considerable pay and benefits and retire after 20 years.
7 people like this.
Reply 3 - Posted by:
mossley 5/17/2022 5:55:32 PM (No. 1158261)
Not sure why the author is surprised by his research. The book "The Millionaire Next Door" was written in 1996 and reached the exact same conclusion. People who live within their means and invest wisely make up the bulk of all millionaires. People who blow all their cash on big homes, showy cars and fancy trips usually have no money saved.
13 people like this.
Reply 4 - Posted by:
skacmar 5/17/2022 6:30:18 PM (No. 1158287)
These millionaires all work hard, contribute to their communities, and employ others in their community. It is in their best interests to make their community a better place to live. They pay property taxes, payroll taxes, sales taxes, and a bunch of other state and local taxes. Whenever people accuse "the rich" millionaires of not paying their fair share, look at how they help the people who work for them, help their community, local economy, and how many local and state taxes and fees they pay to stay in business. If the millionaires are hurt, it hurts more than them. It hurts their business, employees, and community. Next time someone is slamming the business owner for "MAKING TOO MUCH" or not paying their fair share, think about how many other people are hurt if they had to close their business.
6 people like this.
Reply 5 - Posted by:
watashiyo 5/17/2022 6:39:43 PM (No. 1158294)
Millionaires are dime a dozen today, yet many are still living paycheck to paycheck. The way of life is not like how it used to be. It's never enough, ...like an addiction.
2 people like this.
I had a client that wanted me to design a home for him off the fairway of a north Scottsdale golf course. He wanted an ostentatious Mediterranian castle looming over the play below with views to the city lights to the southwest. I accepted the challenge with a warning that I might be spending all his money on the project. He said in a dead-panned retort, "You have no idea how much money I have."...Boom, properly put in my place. He owned car dealerships, thousands of acres of hunting grounds, and traded currency at night. I finished his drawings and (this is how smart he was) decided to put his property up for sale before the market took a dive in 2008. The last time I was on the lot, I had to show its possibilities to some guy that owned Bass Pro. I joked to his wife that I only know of Cabellas. She wasn't too happy. Never heard from them again.
I never claimed to be smart but II think Mr. Morris now owns Cabellas.
2 people like this.
A lot of those millionaires didn't go to college either so they aren't saddled with debt. Guess who is going to weather the coming storm better, these ''unsexy'' business owners or the trust fund babies who don't have a clue how the real world works?
4 people like this.
Reply 8 - Posted by:
DVC 5/17/2022 8:16:01 PM (No. 1158359)
My college roommate went into Building Construction, went to work for a Florida builder of commercial buildings. After 20 years, he bought out his retiring boss and ran the company for 15 more years. Very well off, his wife has many horses, and they have multiple big homes in multiple expensive places. Richly earned, he worked his butt off and is a smart guy.
His family had no real money, it was a stretch to put him through college.
5 people like this.
Reply 9 - Posted by:
mifla 5/18/2022 5:23:52 AM (No. 1158595)
Work hard, save your money, don't waste it on stuff you don't need, and invest conservatively, and you too can be a millionaire. That being said, if you retire with one million in the bank, it likely will not be enough.
2 people like this.
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