The Middle Class Millionaire

I read The Middle Class Millionaire by Lewis Schiff and Russ Alan Prince in three hours on the flight back from Chicago last week.  Prince has to be the most quoted author by financial services people there is when they want to make the point that people should listen to them.

Prince's gig is to survey wealthy people and write books about his findings.  Here, he and Schiff identify a demographic that unitl now has been un-labeled.  The Boomers and X and Y Genners that have a net worth between $1MM and $10MM, yet live like middle class people. 

Well, not exactly like the middle class, because MCMs do spend a lot to support their lifestyles.  According to the book, they set the trends for the rest of America.  Their buying habits drives the economy.

A smart reader will note that in order to become a MCM, all you have to do is adopt the habits that this research turned up and maybe, one day, you will be part of the 8% of the population, too.

1. Work hard-  70-80 hours per week.  (I, for one, will take a different approach!)
2. Maintain a dependable network. (Couldn't agree more)
3. Build equity.  (Someone will become a MCM as a result of your work, why not you?)
4. Commit to improving your business skills: Negotiating and Measuring results, in particular.

There may be one or two more, I have to go back, first book I read with my new Speed Reading technique.  More on that, later.  :)

Comments

[Lewis Schiff]

Great comments--thanks for the coverage, Chris. As the co-author of The Middle-Class Millionaire, it's always great to hear the response of the thought leaders in the advisory community. Thanks again.

[millionaire]

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