Monday, May 14, 2012

Trying to get rich? Check out the Millionaires Shopping Guide

The Millionaires Shopping Guide

The following may shock you but it's based on many focus groups and years of research conducted by Thomas Stanley. He has dedicated much of his career to studying the traits and habits of people who have $1 million or more net assets. This is vastly different from people who earn $1 million or more. Net is the amount of money left over after debts. So let's get to the lists. All data is from the book Stop Acting Rich...and Start Living Like a Real Millionaire by Thomas J. Stanley (2009).

Cars: Most Recent Acquisition
1. Toyota (Camry, Avalon, Highlander, Sequoia, Sienna)
2. Lexus (RX 300, RX 330, ES 300, ES 330)
3. Mercedes (E-class, S-class)
4. Ford (Explorer, F series pickups, Expedition, Escape)
5. BMW (3 series, 5 series)
6. Chevrolet (Suburban, Tahoe)
7. Honda (Odyssey, Accord)
8. Chrysler (Town & Country)
9. Cadillac (Escalade, Deville)
10. Volvo (S60, XC90)

The average price paid was $31, 367 which means many of the higher end brands were bought as used cars.

1. Seiko
2. Timex
Spend range was $100-$300

1. Nine West
2. Stuart Weitzman
3. Easy Spirit
4. Cole Haan
5. Ferragamo / Enzo Angiolini

1. Allen Edmonds
2. Cole Haan
3. Johnson & Murphy
4. Florsheim
5. Rockport

Women's median price: $140
1. Ann Taylor
2. Nordstrom
3. Macy's
4. Target
5. T.J. Maxx
6. Talbots
7. Gap
8. Costco
9. Lord & Taylor
10. Saks Fifth Avenue

1. Nordstrom
2. Kohl's
3. Target
4. Costco
5. Dillard's
6. Brooks Brothers
7. Gap
8. Wal-Mart
9. T.J. Maxx

1. Jones New York
2. Talbots
3. Ann Taylor
4. Dana Buchanan / Kasper
5. St. Johns

1. Hart Schaffner & Marx
2. Brooks Brothers
3. Jos. A. Banks
4. Hickey Freeman
5. Men's Wearhouse
 Average spend for a suit: $299

I admit this was not shocking for me but for many it will be, you see, I have shopped exclusively at Kohl's for the past 6 years and Macy's before that. I knew it would be on the list before the list was determined. I admit that I'm not the most fashionable at work. Although I've been complimented on my pants at work by co-workers who are into fashion; I've never spent more than $29 for them. I also get heckled for wearing "hoodies". I drive a 1996 Pontiac Sunfire which refuses to quit. When I go somewhere, I never get the special treatment because I don't look wealthy. This just proves you aren't what you wear. Now that you know the truth, which was derived from real millionaires, you can change your habits. I'll see you at Kohls!

About The Author
Jamie has an MBA from Rutgers University and a Professional Certificate in Real Estate Finance, Investment and Development from NYU. He's traded stocks since he was 13 and bought his first property within a year of graduating college. He also flipped properties and got out before the 2008 mortgage meltdown because he was able to see the market turning before it happened. He's started two companies and also has experience in investing in antiques, collectibles, gold, silver and trading futures. He currently operates a website dedicated to helping people achieve financial freedom. For help with money visit

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