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Posts with tag millionaires

Results of recent WalletPop reader polls

Filed under: Extracurriculars

We occasionally add polls to our posts to get your take on hot topics. I thought this would be a good time to report back on the results of some of our recent polls.

After reporting that the U.S. passports are, in part, produced overseas, we asked the question "Do you think U.S. passports should be made in the U.S.?" The results-

  • 98% (32,490 people) voted yes
  • 1%, (31), felt it doesn't matter
  • 1% (39), voted no

After reporting that the Wheel of Fortune had raised its top prize to $1,000,000, we asked, "What would you do if you won a million bucks?"

  • 32.8% (6,516) would spend it
  • 55.4% (11,002) would save it
  • 3.2% (639) would donate it
  • 8.6% (1,714) would invest it in the stock market.

Not a lot of confidence in the market, is there?

After my post conjecturing where the U.S. will be in four years we asked, "What do you see in your crystal ball?" for the nation's immediate future.

  • 38.1% (8,545) voters saw better times ahead
  • 51.1% (11,453) voters saw worse times ahead
  • 10.8% (2,411) voters thought things would remain the same

We asked you if you'd consider living without a motor vehicle, and you responded-

  • 12.6% (185) already do
  • 32.8% (481) would consider it
  • 28.1% (413) doubt they'd ever do so
  • 26.5% (289) would give up their motor vehicle when they pried your dead, cold fingers from the steering wheel

Frankly, I question that over 40% of Americans would willingly live without a car. The country just isn't built for mass transportation.

Millionaires stay put

Filed under: Real Estate, Wealth

Neal Templin's Cheapskate column in today's Wall Street Journal (subscription required), is a reminder that restlessness -- and the cost of relocation -- doesn't come cheap.

Templin and his wife are making their fifth move in 17 years. In their situation, it's work related. Still, even with the fringes of a corporate relocation, the costs add up. "You spend thousands fixing up the home you sell and thousands more fixing up the home you buy," and that doesn't include the costs -- both in time and money -- that most of us don't consider. Things like transferring automobile registration and insurance, finding new resources, or enrolling in new schools may demand more time and stress than money, but it all counts.

In "The Millionaire Next Door," 1998, Stanley and Danko described research they had done into the characteristics of millionaires. It turned out that millionaires often don't look like millionaires. They don't necessarily drive a Mercedes or even a relatively new car. More interesting, millionaires tend to stay put. They stay married and they don't move all that often. They tend to keep what they acquire. They also don't spend much time on home projects. They don't fritter their energy away, the use it to make more money.

We may be beginning to emerge from decades of bigger is better and more still isn't enough. Maybe we'll become less restless.

Young and wealthy but normal - they're called Yawns!

Filed under: Wealth

Evelyn Nieves' Associated Press article has some really good news about a new breed of Gen Xers and Y's. The Sunday Telegraph of London coined the acronym, YAWN (Young And Wealthy Normal). These are young, successful men and women who have decided to do something different than shopping until they drop. Paris Hilton: you're going out of style.

Though the group has its share of high-tech success stories and dot.com millionaires, Nieves says that, "Yawns are actually a subset of a growing global movement of the eco-socially aware. The state of the economy and the state of the planet have inspired people to consider what they buy and how they spend in ways not seen since the 'Small is Beautiful' and ecology movements of the 1970's. "

YAWNS are young people who are choosing frugal lives and humanitarian projects. They choose normal sizes homes over McMansions, donate significant money to worthy causes, and drive energy efficient vehicles. Not only that but, "Second-hand stores are to Yawns what the Gap was to yuppies."

It sounds like the 60's - except that unlike hippies, yawns are financially savy.

Imagine.