Dr. Thomas J. Stanley, the author of “The Millionaire Next Door” and “The Millionaire Mind” who tragically died in a car accident a few years back, dedicated the research portion of his life to accurately assessing the behaviors of the self-made wealthy and helping to debunk many of the media’s sensationalist representations and depictions of how the wealthy actually behave.
The most commonly cited aspects of his research are the facts that the rich who enter the top 1% of America based on net worth only actually spend about eight years of their life at that classification level (i.e. “the 1%” is a constantly shuffling deck) as well as the fact that self-made millionaires love their Toyotas. I don’t remember the specific figure and don’t have the book available—but my impression is that the figure was absolutely silly—something like 15-20% of millionaires stuff their garages with Toyota-manufactured vehicle.
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