Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
". In fact 45% of those remaining millionaires (<23 years) have mortgages of more than $300,000."

Could be that in STanley's skewed distribution of looking for millionaires (and he did say he had pockets), that he missed the average can slice and dice this forever.

Stanley did not survey all millionaires. He admits his selection criteria only covered pockets.....and these are not representative of ALL millionaires. He concentrated on urban/suburban areas primarily, and only those with multiple households per SIC.

The IRS says the average household value for the millionaires they know about, and that is a lot more than the 773 sample, is


STanley says 40% have no mortgage. 10% under 100K. The top side is top heavy, which he admits....People over 5 or 10 million net worth have lots of money to spend, especially since 80% of them are still working and making big incomes.

I find it absolutely amazing then, to believe that 45% of millionaires have a $300,000 mortage, when over half of them live in a house worth less than $277,000.

Bill GAtes lives in 109 million dollar do the hollywood movie stars... add them in, and it skews things to pieces...yet the IRS does do that, and it is still $277K house.

That just doesn't compute. I don't buy the big house big debt.


Those silicon valley two income couples buying a 'small house' in inflated California market skew things way out of proportion...we 'average' people just don't need a mega mansion.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.