Quote:
Originally Posted by Laker14
Years ago I read the book "The Millionaire Next Door". in it he describes people like the ones you describe. He refers to them with a saying he said comes from Texas: "Big hat, no cattle".
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I recall The Millionaire Next Door reported the most common vehicle driven by thair millionaires was Ford F-150 pick up trucks. I don’t doubt it because the book was based on research of certain kinds of clients at one financial institution as I remember and they we entrepreneurs in the 1980s before big tech entrepreneurs came along.
For surveys, the devil is in the survey-design details. I want to read about the survey design before relying on the reported results. Popular media likes to exaggerate what survey researchers say to get more advertising revenue.
And then this kind of silliness reported in USA Today recently from a survey:
“Americans, on average, believe they will need to save an average of $1.8 million for retirement, compared with an average estimate of $1.7 million last year, according to an online Schwab survey of 1,000 U.S. 401(k) plan participants between April 19 and May 2.“
How much do I need to retire? Americans think they need $1.8 million.