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No. of Recommendations: 1
"We maybe missing a point, and it just dawned on me. Possibly why these people aren't paying down the home mortgage, is that they're paying down "other mortgages". Remember that their major investments were their own businesses. It could be quit possible that any extra monies were used to pay down business debts or used to reinvest/expand the business"

Good point.....

Not only that, I don't recall an age distribution. In TMND, I believe the typical millionaire was 57.....and 20% were retired, so 80% were still working. That means they had businesses or farm to run and operate and generate their income from. Some of the millionaires could have been in their 30s.....and some in their 80s......(and it is quite likely to be a fair number of seniors, as the stock market has propelled many with only some stock holdings into that category...ie, anyone invested in 1990 saw one heck of a ride for 10 years...in many cases, seeing their stocks go up 500%.)

You might also take note, that 'doctors' who are high income people, are, as a group, very poor at accumulating wealth. They make a lot, spend a lot, and never grow their net worth, certainly not in proportion to their income level.

The surest way I see to get to be in Stanley's next book is to LBYM....that means buy Less house, not more....buy less car, not more....and invest the rest in assets.



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