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Doing so destroys the adult children’s ability to learn how to became financially self-sufficient. The authors make an extremely damning case against helping adult children financially at all. The findings are especially interesting regarding adult children, and they reinforce what I said on the subject of helping adult children financially in my 3/97 and 4/97 articles, “Joint parent-child real estate deals.”
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They often do not have high annual incomes, and they rarely spend a lot of money. But they are more likely to have no degree or a degree from the local state college than a degree from a prestigious university. They have a net worth of a million or more, by definition.
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The public image of millionaires is that they graduated from a prestigious college and grad school, make a lot of money, have a lot of money, and spend a lot of money.
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The main thing Stanley and Danko contribute is destruction of a great many myths about wealth and the wealthy.
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I think the main character of the efferson’s TV sitcom (Movin’ on up to the East Side to a deeeluxe apartment in the sky) was a dry cleaner because of initial studies done by Stanley and Danko.] Not who you think They now denounce the press their mention of dry cleaning got and they note that dry cleaning ranked 116th out of 171 industries in profitability in 1992. These researchers were in the news a few years back when they revealed that many millionaires became so through such mundane businesses as dry cleaning.
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The Millionaire Next Door by Ph.D.s Thomas Stanley and William Danko. They must want to become multi-millionaires. Actually, my average subscriber already is a millionaire. People invest in real estate, and subscribe to this newsletter, to become millionaires.