“DULL-NORMAL” BUSINESSES AND THE AFFLUENT
A recent article in Forbes had an interesting lead:
Dull companies with steady earnings growth may not make for stimulating cocktail party chatter, but over the long term they make the best investments (Fleming Meeks and David S. Fomdiller, “Dare to Be Dull,” Forbes, Nov. 6, 1995, p. 228).
Later in the same article, the authors mention that in the long run high-tech companies can and often do fall down on the performance scale. Typically, it’s the companies in what we call the “dull-normal” industries that consistently perform well for their owners. Forbes lists several top-performing small businesses that have had great endurancefor the past ten years. Some of the industries represented include wallboard manufacturing, building material manufacturing, electronics stores, prefab housing, and automobile parts.
No, these industries don’t sound very exciting. But typically it’s these mundane categories of businesses that produce wealth for their owners. Often dull-normal industries don’t attract a great deal of competition, and demand for their offerings is not usually subject to rapid downturns. We recently developed our own list of businesses that are owned by millionaires (see Appendix 3). We would like to list just a sample at this juncture (see Table 8-3). What businesses do the affluent own? A wide variety of dull-normals.
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RISK—OR FREEDOM?
Why do people operate their own businesses? First, most successful business owners will tell you that they have tremendous freedom. They are their own bosses. Also, they tell us that self-employment is less risky than working for others.
A professor once asked a group of sixty MBA students who were executives of public corporations this question.
What is risk?
One student replied:
Being an entrepreneur!
His fellow students agreed. Then the professor answered his own question with a quote from an entrepreneur:
What is risk? Having one source of income. Employees are at risk.... They have a single source of income. What about the entrepreneur who sells janitorial services to your employers? He has hundreds and hundreds of customers ... hundreds and hundreds of sources of income.
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TABLE 8-3, SELECTED BUSINESSES/OCCUPATIONS OF SELF-EMPLOYED MILLIONAIRES
Advertising Specialty Distributors
Human Resources Consulting Services
Ambulance Service
Apparel Manufacturer-Ready-to-Wear
Auctioneer/Appraiser
Cafeteria Owner
Citrus Fruits Farmer
Coin and Stamp Dealership
Consulting Geologist
Cotton Ginning
Diesel Engine Rebuilder/Distributor
Donut Maker Machine Manufacturer
Engineering/Design
Fund Raiser
Heat Transfer Equipment Manufacturer
Industrial Chemicals-Cleaning/Sanitation Manufacturer
Janitorial Services-Contractor
Job Training/Vocational Tech School Owner
Long-Term Care Facilities
Meat Processor
Mobile-Home Park Owner
Newsletter Publisher
Office Temp Recruiting Service
Pest Control Services
Physicist-Inventor
Public Relations/Lobbyist
Rice Farmer
Sand Blasting Contractor
Actually, there is considerable financial risk in being a business owner. But business owners have a set of beliefs that helps them reduce their risk or at least their perceived risk:
◆ I’m in control of my own destiny.
◆ Risk is working for a ruthless employer.
◆ I can solve any problem.
◆ The only way to become a CEO is to own the company.
◆ There are no limits on the amount of income I can make.
◆ I get stronger and wiser every day by facing risk and adversity.
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To be a business owner also requires that you have the desire to be self-employed. If you hate the thought of being outside the corporate environment, entrepreneurship may not be your calling. The most successful business owners we have interviewed have one characteristic in common: They all enjoy what they do. They all take pride in “going it alone.”
Consider what a multi-millionaire once told us about being self-employed:
There are more people [employees] today working at jobs that they don‘ like. I'll tell you honestly that the successful man is a guy who works at a job, who likes his work, who can’t wait to get up in the morning to get down to the office, and that’s my criteria. And I’ve always been that way. I can’t wait to get up and get down to the office and get my job under way.
For this fellow (a widower without children), it’s not the money. In fact, his estate plan calls for all his wealth to go to the undergraduate scholarship fund at his alma mater.
How did this fellow and others like him select the businesses they wanted to start? He was well trained in college by engineering and science professors, many of whom were also entrepreneurs. These professors were his role models. Most successful business owners had some knowledge or experience with their chosen industry before they ever opened their own businesses. Larry, for example, worked for more than a dozen years selling printing services. He was the top performer for his employer. But after growing tired of the constant fear that his employer would go bankrupt, he considered opening his own printing company. He sought our advice in this regard.
We asked Larry a simple question: “What’s the number-one thing that printing companies need?” He immediately responded, “More business, more revenue, more customers.” Thus, Larry answered his own question. He did start his own business, but not his own printing company. He became a self-employed broker of printing services. He now represents several outstanding printing firms and receives a commission on every sale he makes. His business has little overhead.
Before starting his own business, Larry told us he did not have the courage to be an entrepreneur. He told us that every time he even thought about “going it alone” he encountered fear. Larry believed that the self-employed were fearless, that fear never entered their minds.
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We had to help Larry adjust his thinking. We began by explaining that his definition of courage was wrong. How do we define courage? Courage is behaving in a way that conjures up fear. Yes, Larry, courageous people, entrepreneurs, recognize the fear in what they are doing. But they deal with it. They overcome their fears. That’s why they are successful.
We have spent a considerable amount of time studying courageous people. Certainly Ray Kroc had enormous courage to think he could market food to the world. Remember that he was an ambulance driver on the front lines in World War I. So was Walt Disney. Lee Iacocca had to have enormous courage to tell Congress and the world that Chrysler would come back “big time.” He does not fit the strict definition of an entrepreneur, but in our minds he has entrepreneurial blood in his veins.
Fear abounds in America. But, according to our research, who has less fear and worry? Would you guess it’s the person with the $5-million trust account, or the self-made entrepreneur worth several million dollars? Typically, it’s the entrepreneur, the person who deals with risk every day, who tests his or her courage every day. In this way, he learns to conquer fear.
*
We saved the following case study for last, because in our minds it encapsulates the differences between PAWs and UAWs. Throughout this book, we have stressed that the members of these two groups have distinctly different needs. PAWS need to achieve, to create wealth, to become financially independent, to build something from scratch. UAWs more often need to display a high-status lifestyle. What happens when members of these two groups attempt to occupy the same space at the same time? As the following case study demonstrates, the likely result is conflict.
Mr. W. is a self-made millionaire with a net worth conservatively estimated to be over $30 million. A typical PAW, Mr. W. is the owner of several companies that produce industrial equipment, testing instruments, and specialty gauges. He is also involved in many other entrepreneurial activities, including real estate ventures.
Mr. W. lives in a middle-class neighborhood surrounded by people who have only a small fraction of the wealth he has accumulated. He and hiswife drive full-sized General Motors sedans. His living and consuming habits are quite middle class. He never wears a tie or suit to work.
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Mr. W. enjoys venturing into, as he calls it, luxury real estate:
I make money outside of the [equipment] business ... in real estate.... God continues to make more people, but he doesn’t make any more land.... You will make money if you’re smart and you’re choosy where you pick the spot.
Mr. W. is very picky indeed. He buys property outright or in partnership only when the price is right. He typically purchases property or a part ownership from an owner and/or a developer who is in great need of financial assistance.
Recently he uncovered yet another “superior investment opportunity in sun country”:
Some poor guy was putting together a _ luxury high-rise condominium.... For a builder to build, he had to have 50 percent of the units sold.... So I went in and made a deal with him.... [I] bought all of the units of the same style ... floor plan ... with a lot of leverage, and he got his money. And he built. Because I bought all the one style,
... anybody [who] wanted to buy that style had to see me.... Like monopoly, nobody else competes with me.... I sell ‘em all right out, all but one.
But Mr. W. does not even keep the one remaining unit for very long. He and his family use it for a short vacation or two. Occasionally, he invites his close friends to use it. Otherwise, he rents the remaining unit until it is sold. Why doesn’t Mr. W. maintain a more permanent presence in these condominium complexes? It’s not his style.
Most of the people who buy Mr. W.’s vacation condominiums are uppermiddle-class UAWs. Mr. W. and many of the buyers of his condominium units have had a number of disagreements. In several of the complexes where Mr. W. previously bought units, his buyers passed so many restrictive covenants that Mr. W. was uncomfortable even spending vacation time in his condominiums. Thus, he felt compelled to sell that “one remaining unit” in each of these complexes.
I have a dog.... Call him the six-figure doggie.... I have sold several condominiums because ... the people passed dog laws. [They told me,] “You know, you’ve got to get rid of the dog....” I’ll sell an entire building before I get rid of my dog.
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Mr. W. anticipated that the status-conscious buyers of his latest venture would also be insensitive to his desire to have a dog. So before construction on the complex was even started, he listed his dog in the building’s declaration. It stated that Mr. W. and his family would have the right to have a dog with them when they were in residence.
All the buyers, according to Mr. W., were given copies of the declaration. Thus, they were all aware of Mr. W.’s right to have a dog in the complex. Not one owner objected at the time they purchased property. But shortly after the complex was completely sold out, excluding Mr. W.’s “last available unit,” the owners banded together and formed an action committee. Its purpose was to develop and enforce an expanded list of restrictive covenants. Certainly these new covenants would not restrict the rights of Mr. W. and his dog? After all, these rights were specified in the original declaration.
The action committee passed a dog law. It sidestepped the original declaration concerning dogs and stated that dogs would be allowed on the complex, with certain restrictions, if they weighed less than fifteen pounds. So much for doggie rights and original declarations. Mr. W. felt that this was a subterfuge to encourage him to sell out. His six-figure doggie weighed thirty pounds. He felt that even if the dog dieted, it could not come into compliance. Mr. W. was particularly disturbed that he was never allowed to cast a vote for or against the dog-related covenant. Nonetheless, he was determined to keep his dog in spite of the covenant. After all, he had been a major investor in the building before construction even began.
They [the action committee] wrote me a letter [and] stated that I had to get rid of the dog because it was over fifteen pounds.... So I went to one of their meetings.... I complained about their voting system.... I had no representation.
Just prior to leaving the meeting, Mr. W. addressed the committee:
How do you know he’s over fifteen pounds? ... How do you know? He could be hollow.... I won't get rid of the dog.
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A few days after the meeting, the head of the action committee cornered Mrs. W. while she was walking her dog. He told her in a legalese tone: “Get rid of the dog. You’re in violation of our covenant.” Later that afternoon, Mrs. W. told her husband what had transpired. She was noticeably upset about the encounter. He advised her to stay calm.
Several weeks later, Mr. W. received a letter that demanded that he remove his dog. It also stated that legal action would be initiated if he did not comply with the dog-related covenant. Two more letters followed. Each contained statements that were even more threatening than the first.
Mr. W. was not impressed with these requests. The author of the letters was the chairman of the action committee. He was also an attorney. But as Mr. W. discovered, the chairman was not licensed to practice law in the state where the complex was located. Thus, Mr. W. “promptly ignored” each of the action committee’s demands.
However, Mr. W. and his family began to feel that they were out of place even just vacationing at this condominium complex. Was the action committee using the dog as leverage to evict his entire family? Mr. W. was convinced this was the real issue. He and his family were not what some would consider to be “beautiful people.” In contrast, the complex was filled with (in Mr. W.’s parlance) the best-scrubbed condominium owners one could ever imagine.
Mr. W. was growing increasingly angry with the members of the action committee. He felt that its members were going out of their way to be rude to him. He was especially annoyed that the chairman of the committee had embarrassed his wife in front of several other condominium owners, Mr. W. devised a plan.
At a meeting of the condominium owners, at which all the members of the action committee were present, Mr. W. stood up and introduced himself.
I’m the guy that you have been sending letters to ... about our dog.... I have given your proposal some careful consideration.... I’ve decided I’m not going to get rid of my dog, nor am I going to sell my condominium.
This statement drew anticipated boos and hisses from the audience. After gaining the undivided attention of his targeted audience, he outlined his counterproposal: to turn his condominium unit over to his company’s profit sharing and pension plan and allow assembly-line employees to use the unit as a vacation resort fifty-two weeks a year. He asked his audience: “Would that be okay with all of you folks?”
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Numerous members of the audience moaned. They were undoubtedly envisioning Mr. W.’s blue-collar employees invading their space fifty-two weeks a year! Some attendees shouted out, “Keep the dog, keep the dog!” The chairman of the action committee proposed that a committee meeting be held immediately in the adjoining conference room. Five minutes after this behindclosed-doors meeting, the committee members filed back into the room. The chairman told the audience of condominium owners that the action committee had made a decision.
“After reviewing all the elements of this situation, the action committee recommends that the W.s be allowed to keep their dog. I ask that the covenant be so amended. All in favor
Not long after this brilliant victory, the W.s sold their condominium unit. They did so because, as Mr. W. observed:
I don’t want to live in a building with people who don‘ like dogs.
According to Mr. W., his dog was very important to him and his family. So much so that they sold the unit at a bargain price. They have sold other units in other complexes in which people were hostile to their dog. So how much is that doggie in the condominium worth? To the W.s, it’s worth several hundreds of thousands of dollars. That’s how much he estimates he lost in selling his units at below-true-market value. A hostile environment, even in an atmosphere of beautiful people, is not a good place for dogs—or for prodigious accumulators of wealth.
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ACKNOWLEDGMENTS
The comerstone for The Millionaire Next Door was put in place in 1973, when
I undertook my first study of the affluent population. This book reflects the knowledge and insights that were gained from that initial study and from many studies of the affluent that followed. Most recently, my coauthor, Bill Danko, and I conducted a survey from May 1995 through January 1996 that we consider to be most revealing. We underwrote the study ourselves. This allowed us to have complete control in focusing on the factors that explain how people become affluent in America.
Along the road of gathering intelligence abut the wealthy, I have been assisted by truly extraordinary people. Bill has been my most important and valuable “wing man” since the beginning of this research. No one could ask for a better coauthor than Dr. Bill Danko.
I am indebted to my wife, Janet, for her guidance, patience, and assistance in the development of the early forms of the manuscript. A very special thank-you is accorded Ruth Tiller for her outstanding job in questionnaire formatting, interview transcription, editing, and word processing. I owe a deep debt of gratitude to Suzanne De Galan for her extraordinary work in editing the manuscript. I also wish to acknowledge the contribution of my children, Sarah and Brad, for their assistance as student interns on this project.
Finally, I would like to acknowledge the thousands of people who have contributed to our work through their candor, willingness, and interest in telling “their story.” They are truly the millionaires next door!
Thomas J. Stanley, Ph.D. Atlanta, Georgia
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Many people fostered my career. I am particularly grateful to my core set of
supporters from the University at Albany, State University of New York. Professors Bill Holstein, Hugh Farley, Don Bourque, Sal Belardo, and others have consistently contributed to an atmosphere of collegiality at the University that allowed this work to come to fruition. And, for certain, if it weren’t for Bill and Don bringing Tom Stanley to teach at the University in the early 1970s, this book and other fruitful efforts by the Stanley/Danko team would never have come about.
The laborious tasks associated with much of the empirical research necessary to complete the book were cheerfully completed under my direction by my three children, Christy, Todd, and David. Their diligence and attention to detail could not have been and was not motivated by a “fee for service.” They executed their tasks as if they had a true equity stake in the project. I trust that this exposure to marketing research will make them informed consumers when shaping their careers.
Finally, I must recognize and applaud my mother, who instilled in me discipline and faith. Through her living example of hard work in spite of adversity, she taught me how to live an honorable life of perseverance and courage guided by God.
William D. Danko, Ph.D. Albany, New York
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The Millionaire Next Door
APPENDIX 1
HOW WE FIND MILLIONAIRES
How do we go about finding millionaires to survey? A “C” student of ours once tried to answer this question in a marketing research course. He suggested that we merely obtain a list of people who drive luxury cars. As readers know by now, however, most millionaires do not drive luxury cars. Most luxury car drivers are not millionaires. No, this method will not work!
TARGETING BY NEIGHBORHOOD
The method used in our most recent study, as well as many others we have conducted, was developed by our friend Jon Robbin, the inventor of geocoding. Mr. Robbin was the first to classify—or code—each of the more than 300,000 neighborhoods in America. Using this system, one can code more than 90 percent of America’s 100 million households.
Mr. Robbin coded these neighborhoods first according to the average income for each. Next, he estimated the average net worth of each neighborhood by first determining the average interest income, net rental income, et. al. generated by households in each neighborhood. Then, using his mathematical “capitalization model,” he estimated the average net worth that would be required to generate such incomes. Once he had determined the estimated average net worth for each neighborhood, he assigned each a code. A code of one was assigned to the neighborhood with the highest estimated average net worth; a two was assigned to the neighborhood with the next highest average net worth, and so on. (Also see Thomas J. Stanley and Murphy A. Sewall, “The Response of Affluent Consumers to Mail Surveys,” Journal of Advertising Research [June/July 1986], pp. 55-58.) We use this estimated net-worth scale to help us find millionaires to survey. First, we select sample neighborhoods that rank significantly higher than average along the estimated net-worth scale. A commercial mailing list company calculates the number of households in each of our chosen high-net worth neighborhoods. Next, the list company randomly selects heads of households within the selected neighborhoods. These are the people we survey.
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In our most recent national study, conducted from June 1995 through January 1996, we selected 3,000 heads of households. Each received an eight-page questionnaire, a form letter asking for his participation and guaranteeing the anonymity and confidentiality of the data we collected, and a dollar bill as a token of our appreciation, along with a business reply envelope in which to return the completed questionnaire. A total of 1,115 surveys were completed in time to be included in our analysis. An additional 322 surveys could also be accounted for: 156 address unknown, 122 incomplete, and 44 otherwise usable surveys returned after data analysis had commenced. Overall, the response rate was 45 percent. Out of the 1,115 respondents, 385, or 34.5 percent of the total, had a household net worth of $1 million or more.
TARGETING BY OCCUPATION
We supplemented this survey with alternative surveys. Often we employ what is called the ad hoc method, in which we survey a narrowly defined population segment, as opposed to people who live within affluent neighborhoods in general. These population segments include affluent farmers, senior corporate executives, middle managers, engineers/architects, health-care professionals, accountants, attorneys, teachers, professors, auctioneers, entrepreneurs, and others. Ad hoc surveys are useful because even the best geocoding methods typically ignore affluent people who live in rural areas.
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APPENDIX 2
1996 MOTOR VEHICLES: ESTIMATED PRICE PER POUND
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MAKE AND MODEL; APPROXIMATE LIST/ RETAIL PRICE; WEIGHT IN POUNDS; COST PER POUND; RELATIVE COST INDEX (AVERAGE = 100) .
Dodge Ram $17,196 4785 $3.59 52
Hyundai Accent $ 8,790 2,290 $3.84 56
Isuzu Hombre $11,531 2,850 $4.05 59
Chevrolet S-Series $14,643 3,560 $4.11 60
Dodge Dakota $15,394 3,740 $4.12 60
Ford Ranger $15,223 3,680 $4.14 60
Mazda B-Series $15,320 3,680 $4.16 61
Ford Aspire $ 9,098 2,140 $4.25 62
Dodge Neon $11,098 2,600 $4.27 62
Plymouth Neon $11,098 2,600 $4.27 62
GMC Sonoma $15,213 3,560 $4.27 62
Geo Metro $ 9,055 2,065 $4.38 64
Ford Escort $11,635 2,565 $4.54 66
GIMC Sierra C/K $17,394 3,829 $4.54 46
Hyundai Elantra $12,349 2,700 $4.57 67
Ford F-Series $20,143 4,400 $4.58 67
Plymouth $18,703 3,985 $4.69 68
Plymouth Grand Voyager $18,958
4,035 $4.70 68
Mercury Cougar $17,430 3,705 $4.70 69
Ford Thunderbird $17,485 3,705 $4.72 69
Pontiac Grand Am $14,499 3,035 $4.78 70
Mitsubishi Mirage $11,420 2,390 $4.78 70
Plymouth Breeze $14,060 2,930 $4.80 70
Mercury Mystique $15,018 3,110 $4.83 70
Sotum $11,695 2,405 $4.86
Al Nissan Truck $15,274 3,125 $4.89 70
Ford Aerostar $20,633 4,220 $4.89 70
Eagle Summit $11,712 2,390 $4.90 71
Chevrolet Astro $22,169 4,520 $4.90 71
Jeep Wrangler $15,869 3,210 $4.94 72
Dodge Stratus $15,285 3,085 $4.95 72
Engle Summit Wagon $15,437 3,100 $4.98 73
Oldsmobile Gera $15,455 3,100 $4.99 73
Pontiac Trans Sport $19,394 3,890 $4.99 73
GMC Satori $22,562 4,520 $4.99 73 Chewolet C/K $19,150 3,829 $5.00 73 Suzuki Swit $ 9,250 1,845 $5.01 73
Mazda Protegé $13,195 2,630 $5.02 73 Chevrolet Cavalier $14,000 2,765 $5.06 74
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MAKE AND MODEL; APPROXIMATE LIST/ RETAIL PRICE; WEIGHT IN POUNDS; COST PER POUND; RELATIVE COST INDEX (AVERAGE = 100) .
Dodge Avenger $16,081 3,175 $5.06 74
Chevrolet Lumina $17,205 3,395 $5.07 74
Mercury Tracer $12,878 2,535 $5.08 74
GMC Yukon $27,225 5,343 $5.10 74
Geo Prizm $12,820 2,510 $5.11 74
Chevrolet Lumina Van $19,890 3,890 $5.11 75
GMC Suburban $28,855 5,640 $5.12 75
Ford Bronco $25,628 5,005 $5.12 75
Hyundai Sonata $15,849 3,095 $5.12 75
Toyota Tercel $11,128 2,145 $5.14 75
Dodge Caravan $20,505 3,985 $5.15 75
Ford Contour $14,978 2,910 $5.15 75
Oldsmobile Achiewa $14,995 2,905 $5.16 75
Chevrolet Corsica $14,385 2,785 $5.17 75
Ford Probe $15,190 2,900 $5.24 76
Saturn SC $12,745 2,420 $5.27 77
Chevrolet Caprice $22,155 4,205 $5.27 77
Pontiac Sunfire $14,419 2,765 $5.29 77
Dodge Grand Caravan $21,375 4,035 $5.30 77
Eagle Talon 517,165 3,235 $5.31 77
Chevrolet Monte Carlo $18,355 3,450 $5.32 78
Nissan Sentra $13,364 2,500 $5.35 78
Pontiac Grand Prix $18,970 3,535 $5.37 78
Chevrolet Suburban $30,340 5,640 $5.38 78
Jeep Cherokee $18,411 3,420 $5.38 78
Chevrolet Beretta $15,090 2,785 $5.42 79
Buick Skylork $16,598 3,055 $5.43 79
Ford Crown Victoria $21,815 4,010 $5.44 79
Isuzu Rodeo $22,225 4,080 $5.45 79
GMC Jimmy $23,876 4,380 $5.45 79
Chevrolet Tahoe $29,337 5,343 $5.49 80
Honda Civic $13,415 2,443 $5.49 80
Toyota 1100 $19,013 3,460 $5.50 80
Ford Windstar $21,675 3,940 $5.50 80
Toyota RAV 4 $15,998 2,905 $5.51 80
Oldsmobile Cutlass Supreme $18,808 3,410 $5.52 80
Suzuki Esteem $12,649 2,290 $5.52 81
Nissan 200SX $14,259 2,580 $5.53 81
Toyota Corolla $14,143 2.540 $5.57 81
Ford Mustang $19,338 3,450 $5.61 82
Toyota Tacoma $17,078 3,040 $5.62 82
Honda Passport $22,935 4,080 $5.62 82
Mercury Grand Marquis $22,680 4,010 $5.66 82
Oldsmobile Silhouette $22,005 3,890 $5.66 82
Suzuki Sidekick $15,949 2,805 $5.69 83
MAKE AND MODEL; APPROXIMATE LIST/ RETAIL PRICE; WEIGHT IN POUNDS; COST PER POUND; RELATIVE COST INDEX (AVERAGE = 100) .
Ford Taurus $19,998 3,516 $5.69 83
Suzuki X90 $14,249 2,495 $5.71 83
Geo Tracker $14,340 2,500 $5.74 84
Chevrolet Blazer $23,995 4,180 $5.74 84
Chrysler Sebring $18,296 3,175 $5.76 84
Buick Century $18,063 3,100 $5.83 85
Mitsubishi Galant $17,644 3,025 $5.83 85
Chrysler Cirrus $18,525 3,145 $5.89 86
Chevrolet Camaro $19,740 3,350 $5.89 86
Volkswogen Jetta $17,430 2,955 $5.90 86
Mazda MPV $24,510 4,150 $5.91 86
Dodge Intrepid $20,353 3,435 $5.93 86
Toyota Paseo $13,038 2,200 $5.93 86
Mercury Villager $23,165 3,900 $5.94 87
Buick Regal $20,623 3,455 $5.97 87
Nissan Quest $23,299 3,900 $5.97 87
Ford Explorer $26,558 4,440 $5.98 87
Nissan Altima $18,324 3,050 $6.01 88
Chrysler Concorde $21,410 3,550 $6.03 88
Mercury Sable $20,675 3,415 $6.05 88
Pontiac Firebird $21,489 3,545 $6.06 88
Eagle Vision $21,540 3,550 $6.07 88
Mitsubishi Eclipse $19,713 3,235 $6.09 89
Honda Accord $20,100 3,255 $6.18 90
Volkswogen Golf $16,563 2,635 $6.29 92
Subaru Impreza $15,345 2,425 $6.33 92
Buick Roadmaster $26,568 4,195 $6.33 92
Volkswagen Passat $20,375 3,180 $6.41 93
Toyota Camry $20,753 3,230 $6.43 94
Pontiac Bonneville $23,697 3,665 $6.47 94
Chrysler Sebring Convertible $22,068 3,350 $6.59 96
Nissan Pathfindes $27,264 4,090 $6.67 97
Toyota 4Runner $26,238 3,930 $6.68 97
Oldsmobile 88 $23,208 3,470 $6.69 97
Mazda 626 $19,145 2,860 $6.69 98
Cheysler Town & Country $27,385 4,035 $6.79 98
AVERAGE $23,992 3,450 $6.86 100
Buick Le Sobre $23,730 3,450 $6.88 100
Toyota Previa $28,258 4,105 $6.88 100
Subaru Legacy $20,995 3,040 $6.91 101
Acura Integra $18,720 2,665 $7.02 102
Oldsmobile Bravada $29,505 4,200 $7.03 102
Nissan 240SX $20,304 2,880 $7.05 103
Honda Odyssey $24,555 3,480 $7.06 103
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Mitsubishi Montero $31,437 4,445 $7.07 103
Jeep Grand Cherokee $28,980 4,090 $7.09 103
Isuzu Oasis $24,743 3,480 $7.11 104
Mazda MX-6 $20,372 2,865 $7.11 104
Honda Civic del Sol $17,165 2,410 $7.12 104
Isuzu Trooper $31,657 4,365 $7.26 106
Land Rover Discovery $33,363 4,535 $7.36 107
BMW 318ti $20,560 2,790 $7.37 107
Toyota Celica $20,568 2,720 $7.56 110
Toyota Avalon $25,453 3,320 $7.67 112
Nissan Maxima $23,639 3,070 $7.70 112
Acura SLX $33,900 4,365 $7.77 113
Toyoto Land Cruiser $40,258 5,150 $7.82 114
Buick Riviera $29,475 3,770 $7.82 114
Oldsmobile 98 $28,710 3,640 $7.89 115
Honda Prelude $22,920 2,865 $8.00 117
Audi A4 $26,500 3,222 $8.22 120
Cadillac Fleetwood $36,995 4,480 $8.26 120
Acura CL $25,500 3,065 $8.32 121
Buick Park Avenue $30,513 3,640 $8.38 122
Chrysler LHS $30,255 3,605 $8.39 122
Oldsmobile Aurora $34,840 3,995 $8.73 127
Infiniti G20 $25,150 2,865 $8.78 128
Mazda MX-5 Miata $20,990 2,335 $8.99 131
Subaru SVX $32,745 3,610 $9.07 132
Volvo 850 $30,038 3,285 $9.14 133
Lexus L450 $47,500 5,150 $9.22 134
Mazda Millenia $31,560 3,415 $9.24 135
Mitsubishi Diamante $35,250 3,730 $9.45 138
Lexus ES300 $32,400 3,400 $9.53 139
Cadillac De Ville $38,245 3,985 $9.60 140
Mercedes-Benz C-Class $32,575 3,370 $9.67 141
Acura TL $31,700 3,278 $9.67 141
Lincoln Town Car $39,435 4,055 $9.73 142
Audi A6 $33,150 3,405 $9.74 142
Infiniti 130 $31,300 3,195 $9.80 143
Volvo 960 $34,610 3,485 $9.93 145
BMW 3-Series $33,670 3,250 $10.36 151
Lincoln Mark VIII $39,650 3,810 $10.41 182
Lincoln Continental $41,800 3,975 $10.52 183
Saab 900 $33,245 3,145 $10.57 154
BMW Z3 $28,750 2,690 $10.69 156
Cadillac Eldorado $41,295 3,840 $10.75 157
Saab 9000 $36,195 3,275 $11.05 161
Toyota Supra $39,850 3,555 $11.21 163
(272 of 277)
Infiniti J30 $40,460 3,535 $11.45 167
Cadillac Seville $45,245 3,935 $11.50 168
Nissan 3002X $41,059 3,565 $11.52 168
BMW 5-Series $43,900 3,675 $11.95 174
Range Rover $58,500 4,875 $12.00 175
Lexus GS300 $45,700 3,765 $12.14 177
Acura RL $45,000 3,700 $12.16 177 Chevrolet Corvette $41,143 3,380 $12.17 177
Mitsubishi 3000 GT $47,345 3,805 $12.44 181
Mercedes-Benz E-Class $44,900 3,585 $12.52 183
Lexus SC400/SC300 $47,900 3,710 $12.91 188
Mazda RX-7 $37,800 2,895 $13.06 190
Infiniti 045 $56,260 4,250 $13.24 193
Lexus LS400 $52,900 3,800 $13.92 203
BMW 740iL $62,490 4145 $15.08 220
Jaguar XI6 $61,295 4.040 $15.17 221
(273 of 277)
APPENDIX 3
BUSINESSES/OCCUPATIONS OF SELF-EMPLOYED MILLIONAIRES
Accountant
Accounting/Auditing Services
Advertising Agency
Advertising Specialty Distributor
Advertising/Marketing Advisor
Aerospace Consultant
Agriculture
Ambulance Service
Antique Sales
Apartment Complex Owner/Manager
Apparel Manufacturer-Sportswear
Apparel Manufacturer-Infant Wear
Apparel Manufacturer-Ready-to-Wear
Apparel Retailer/Wholesaler-Ladies’ Fashions
Artist-Commercial
Attorney
Attorney-Entertainment Industry
Attorney-Real Estate
Auctioneer
Auctioneer/Appraiser
Audio/Video Reproduction
Author-Fiction
Author-Text Books/Training Manuals
Automotive Leasing
Baked Goods Producer
Beauty Salon(s) Owner-Manager
Beer Wholesaler
Beverage Machinery Manufacturer
Bovine Semen Distributor
Brokerage/Sales Builder
Builder/Real Estate Developer
Business/Real Estate Broker/Investor
Cafeteria Owner
Candy/Tobacco Wholesaler
Caps/Hats Manufacturer
Carpet Manufacturer
Citrus Fruits Farmer
Civil Engineer and Surveyor
Clergyman-Lecturer
Clinical Psychologist
Coin and Stamp Dealer
Commercial Laundry
Commercial Real Estate Management Company
Commercial Laboratory
Commercial Property Management Company
Commodity Brokerage CompanyOwner
Computer Consultant
Computer Applications Consultant
Construction
Construction Equipment Dealer
Construction Equipment Manufacturing
Construction-Mechanical/Electrical
Construction Performance Insurance
Consultant (274 of 277)
Consulting Geologist
Contract Feeding
Contractor
Convenience Food Stores Owner
Cotton Gin Operator
Cotton Farmer
Cotton Ginning Owner/Manager
CPA (certified public accountant)/Broker
CPA/Financial Planner
Curtain Manufacturer
Dairy Farmer
Dairy Products Manufacturer
Data Services
Dentist
Dentist-Orthodontist
Department Store Owner
Design/Engineering/Builder
Developer/Construction
Diesel Engine Rebuilder/Distributor
Direct Mail Services
Direct Marketing
Direct Marketing Service Organization
Display and Fixture Manufacturer
Donut Maker Machine Manufacturer
Electrical Supply Wholesaler
Employment Agency Owner/Manager
Energy Production Engineer/Consultant
Energy Consultant
Engineer/Architect
Excavation Contractor
Excavation/Foundation Contracting
Executive Transportation/Bodyguard Service
Farmer
Fast Food Restaurants
Financial Consultant
Florist Retailer/Wholesaler
Freight Agent
Fruit and Vegetable Distributor
Fuel Oil Dealer
Fuel Oil Distributor
Fund Raiser/Consultant
Funeral Home Operator
Furniture Manufacturing
General Agent Insurance Agency
General Contractor
Grading Contractor
Grocery Wholesaler
Grocery Store Retailer
Heat Transfer Equipment Manufacturer
Home Health Care Service
Home Builder/Developer
Home Repair/Painting
Home Furnishings
Horse Breeder
Human Resources Consulting Services
Import-Export
Independent Investment Manager
Independent Insurance Agency
Industrial Laundry/Dry Cleaning Plant
Industrial Chemicals-Cleaning/Sanitation Manufacturer
Information Services
Installations Contractor
Insurance Agent
Insurance Agency Owner
Insurance Adjusters
Investment Management
Irrigated Farmland Realtor-Lessee
Janitorial Services Contractor
Janitorial SupplyWholesaler Distributor
Janitorial Contractor
Jewelry Retailer/Wholesaler
Job Training/Vocational Tech School Owner
Kaolin Mining, Processing, Sales
Kitchen and Bath Distributor
Labor Arbitrator
Labor Negotiator
Laminated and Coated Paper Manufacturer
Land Planning, Designing, Engineering
Lawyer-Personal Injury
Lecturer (275 of 277)
Liquor Wholesaler
Loan Broker
Long-Term Care Facilities
Machine Design
Machine Tool
Manufacturing
Managed Care Facilities Owner
Management Consulting
Manufactured Housing
Manufacturer-Women’s Foundation Wear
Marina Owner/Repair Service
Marketing/Sales professional
Marketing Services
Marketing Consultant
Mattress/Foundation Manufacturer
Meat Processor
Mechanical Contractor
Medical Research
Merchant
Micro-Electronics
Mobile-Home Park Owner
Mobile-Home Dealer
Motion Picture Production
Motor Sports Promoter
Moving and Storage Newsletter Publisher
Non-Profit Trade Association Management
Nursing Home Office Furnishings
Office Temp Recruiting Service
Office Park Developer
Office Supply Wholesaler
Office Machines Wholesaler
Oil/Gas Investment Company Owner
Orthopedic Surgeon
Oversize Vehicle Escort Service
Owner/College
President
Paint Removal/Metal Cleaning
Patent Owner/Inventor
Paving Contractor
Pest Control Services
Petroleum Engineering Consulting Services
Pharmaceuticals
Pharmacist
Physical and Speech Therapy Company
Physician
Physician-Anesthesiologist
Physician-Dermatologist
Physicist-Inventor
Pizza Restaurant Chain Owner
Plastic Surgeon
Poultry Farmer
President/Owner Mutual Fund
Printing, Self Storage,
Farming Printing
Private Schooling
Property Owner/Developer
Public Relations/Lobbyist
Publisher of Newsletters Publishing
Race Track/Speedway Operator Radiologist
Rancher
Real Estate Agency Owner
Real Estate Broker
Real Estate Developer
Real Estate Investment Trust-Manager
Real Estate Broker/Developer/Financier
Real Estate Auctioneer
Real Estate
Restaurant Owner
Retail Jeweler
Retail Chain-Women’s Ready-to-Wear Retail Store/Personnel Service
Rice Farmer (276 of 277)
Sales Agent
Sales Representative Agency
Salvage Merchandiser
Sand Blasting Contractor
Sand and Gravel
Scrap Metal Dealer
Seafood Distributor
Seafood Wholesaler
Service Station Chain Owner
Ship Repair-Dry Dock
Sign Manufacturer
Soft Drink Bottler
Software Development
Specialty Steel Manufacturer
Specialty Oil Food Importer/Distributor
Specialty Tools Manufacturer
Specialty Fabric Manufacturer
Speculator in Distressed Real Estate
Stock Broker
Store Owner
Tax Consultant/Attorney
Technical Consultant/Scientific Worker
Technical/Scientific Worker
Textile Engineering Services
Timber Farmer
Tool Engineer
Tradesman
Trading Company
Transportation/Freight Management
Travel Agency Owner/Manager
Travel Agency Owner
Truck Stop(s) Owner
Trustee Advisor
Tug (Boat) Services Owner
Vegetables Farmer
Vehicle Engines & Parts Wholesaler
Water Supply Contracting
Welding Contracting
Welding Supply Distributor
Wholesale Distribution
Wholesale/Distributor
Wholesale Grocery
Wholesale Produce
Wholesale Photo Franchiser
Xerox Sales/Service
(277 of 277)
End of The Millionaire Next Door
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