Tweet

Psychographic Profile of an Average American Millionaire

Written by: Dan Lacy

Article Overview: Bullett points from the book "The Millionaire Next Door" by Thomas J. Stanley.

Psychographic Profile of an Average American Millionaire

•A. General Attitude

• Have a tremendous need for power, control, and approval.
• Don't feel rich and do not flaunt their wealth.
• They are frugal bargain hunters.
• Defer gratification today to create a better tomorrow.
• Have a nose for opportunity and are good at getting and processing information.
• Independent thinkers who believe in their own decision making abilities.
• Politically conservative.

•B. Attitude Towards Money

• Highly money motivated and prefer money over material things (they believe money can buy happiness, love, acceptance, security, etc).
• Hate paying taxes.
• Favor direct ownership of assets they can control such as their own businesses or real estate.
• Aggressive growth-oriented investors and very interested in increasing their wealth (they are willing to take controlled risks).
• A small minority favor defensive investments.
• Seek to minimize their personal financial exposure in business and investment deals (example: use other people's money to enhance their own wealth).

•C. Top Priorities

• Business or career success.
• Financial security for their families.
• Maximizing returns from their careers and their investments.
• Providing an excellent education for their children.

•D. Biggest Fears

• The IRS and taxes.
• Their children ending up as failures and coming back home to live with their parents.
• Losing all of their money and power (particularly strong among people who grew up in poverty).

Related Articles
  Psychographic Profiles
  Financial Independence: How to Think Like a Millionaire
  Do I Need to Have a Millionaire Mindset to Be Successful? Secret Revealed
  How Top MLM Leaders explode their business
  The Millionaire Mindset Part 2 of 4

Article Tags: aggressive growth, bargain hunters, better tomorrow, career success, controlled risks, excellent education, financial exposure, financial security, gratification, independent thinkers, investment deals, irs, li business, li li, material things, money can buy happiness, nbsp, paying taxes, small minority, top priorities



Related Forum Posts
Re: Dropped Out Of School To Startup! - Micheal Dell also dropped out of university. I have ordered for a book titled Millionaire Dropouts by Woodward. Read the Synopsis Millionaire Dropouts started as a list who's who of dropouts. Over the years and seven books later it as developed into an extensive list of great men and women who have overcame their obstacles and beat the odds of success. Some of the greatest companies and most profound inventions were founded and invented by people with very little education. How can someone without a degree and sometimes with very little money go onto build empires? It is the age old question, what drives one person to success while another stops at failure? This book list bullet bios of some of the greatest dropouts in history. Millionaire Dropouts will inspire and entertain. Not only are there over 50 biographies there is a master list of over 900 people who have dropped out and gone on to great success. Enjoy this inspiring work and share it with others.
Re: The Storm Brace a new invention - Hi Breck, To add your signature, click on "User Control Panel" above, then click on "Profile" and then "Edit Signature". You can also add a photo via the "Edit Avatar" link in the Profile section. DH
2007 Goals - My yearly goals for December 2007: 1. Add 10-15 new "ideal" clients to our client roster 2. Increase revenues by $500,000 3. Average at least 1 paid speaking engagement per month.
Re: Are Business Owners too Old School to be Sold by a blog - [quote:140e27hj]Customers Pick Static Documents over Blog Entries 8 to 1 on Average[/quote:140e27hj] Interesting study. Just as a commenter said on your post... don't call it a blog. I agree.
Re: 40 cents per dollar is spent in a franchised business - Hey Ringo, In general terms the location itself isn't even looked at until the franchise agreement is signed and the fees are paid to the franchisor. Then and only then do they start looking for a location. This is common practice and with the plethora of commercial locations that are available right now we are seeing landlords bend over backwards on negotiations to get a good tenant. That being said, the area is what the franchisor will look at on the demographics, they won't generally put a franchise in an area just because a buyer wants it there, most times the buyers have a preconceived notion of what they consider "the right spot". The franchisor has the data to support specific demographics, so that is where the help comes into play. The due diligence items I recommend looking into prior to buying are: 1. Average Expenses. 2. Average Revenues. 3. Litigation. 4. Business model. 5. Training. 6. Existing franchisees. Most of the time once you get through those things the rest is easy to get through. You need to know how much it cost, how much you can make, what is your exposure legally, is the model right, who/how are you trained and talk to as many existing franchisees as you can. You are looking for consistency. There is absolutely no way that every single franchise owner is happy with the home office, it is just impossible. You are looking for consistency, hearing the same things in general. Numbers, support, training, advertising, marketing, ongoing training, growth, industry etc... If you don't hear consistent things, most likely the model isn't working in all markets or there is something else affecting it like industry or distribution or training.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Paint A Word Picture - Excite Your Customer

How do I finance a franchise?

Coaching Tip: Identify Your Core Values

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.