 BABM
Magazine Suggested Reading
The Middle-Class Millionaire
The rise of the
rich and how they are changing America
Russ Allen Smith and Lewis Schiff
Currency-Doubleday 2008
228 pages
What separates the middle class from the middle class
millionaire is much more than money. This is a
well-researched book on what makes the rapidly growing
millionaire class tick. Just a hint: it has little to do
with the watch they wear.
By the use of questionnaires and interviews, the authors
have revealed the motivations of the wealthy and how
what they do affects, and breaks ground for, innovation
and life-style choices for society as a whole. For
example: this moneyed demographic shares many of the
middle class values that are common in the United
States: a sound and fundamental education, a sense of
community, charitable concerns, home ownership, a high
level of predictable health care, and quality
recreational time. However, they expect more from these
institutions.
The difference is how much one is willing to compromise
in determining the quality of his life.
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Middle class millionaires
choose their communities not on exclusivity, but on the
soundness of the community and their children’s
educational experience and educational future.
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Having their homes in those
types of communities is very important. They tend to
enlarge and customize their homes once they have
settled.
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Because of their
expectations of personal service, they are changing the
health care system by supporting a
medical model of
doctors spending more time with patients; this
encourages doctors and hospitals to compete for the
elevated expectations of all patients.
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Middle class millionaires
enjoy their recreation with their loved ones. Rather
than as a “getaway,” they use their vacation as
reconnect time with their family. On these breaks, they
do not spend a lot of time in the hammock; they are
learning something new and sharing those experiences
with their loved ones.
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They are a very giving
group, but tend to favor smaller charities that are more
focused on one need that is important and personally
meaningful.
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Even their concept of
ownership is changing our market place. These
millionaires are attracted to non-ownership, exclusive
of their prime residence. Rather than buy a vacation
home, they may partly own multiple homes in multiple
desirable locations: Paris, New York, the Rockies, and
the South Seas. They have created similar partnerships
regarding automobiles.
Middle class millionaires
are not simply viewing the world differently; they are
creating a different world for all of us.
I highly recommend this book
for a million reasons.
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Dr. Brian Beirl has a
general dental practice in Seminole. In addition, he is
an educator, author, presenter, consultant and business
coach. Dr. Beirl is passionate in helping his clients
live the life of their dreams. He may be reached through
his web site at
www.brianbeirl.com. |
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