In article , (D. Gerasimatos) wrote:
In article ,
Doug Miller wrote:

I wonder how carefully you read the book. This is how it begins:

"Twenty years ago we began studying how people become wealthy. Initially, we
did it just as you might imagine, by surveying people in so-called upscale
neighborhoods across the country. In time, we discovered something odd. Many
people who live in expensive homes and drive luxury cars do not actually have
much wealth. Then, we discovered something even odder: Many people who have a
great deal of wealth do not even live in upscale neighborhoods."

The authors go on to note that millionaires "live in homes currently
[1996] valued at $320,000."

And: "...about half of the millionaires in America today do not live in
so-called high status neighborhoods."

I couldn't find anyplace where the book says what *you* say it says about
living in expensive communities.


I don't have a copy of the book, but you've already alluded to my point
right here when you say about half of millionaires do not live in
so-called high status neighborhoods. That means that half do! Further,
in the book it does describe the type of communities that millionaires
live in who do not live in high-status communities. They are described
as what most of of might call "upper middle class". Finally, there is
quite a difference between a "millionaire" (one worth $1 million) and a
millionaire worth millions of dollars. Those people are not living in
$320,000 homes. Trust me.


Dimitri

This is what you posted:

"I have read this book. It does not say what you think it says. What it
says is that wealthy people tend to have some of the least expensive
homes IN EXPENSIVE COMMUNITIES and that their ratio of wealth to price
of house is high. So they live in affluent communities, but own the
more sensible houses even though they have some of the most money in
those communities. This certainly makes sense. They live below their
means, which is still a very good standard of living compared to most
people. "

That's not what the book says.

--
Regards,
Doug Miller (alphageek-at-milmac-dot-com)

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