We have plenty of misconceptions about the rich. Watching “Real Housewives” you conclude they spend money buying designer clothing, having meals out every day and taking their friends on expensive vacations. Step up to the billionaire category and we are thinking of huge yachts, sports teams, exotic cars, outrageously expensive jewelry and grand houses. Maybe this is true in Monte Carlo, but not where you live. How does your relatively rich local resident spend their largess?
If you haven’t read Tom Stanley’s “The Millionaire Next Door,” you should. His message in 25 words is: The plumber who stays married to the same person, drives a midsize car and still lives in the first house they bought is probably pretty wealthy.
With exceptions like great inherited wealth and lottery winners, this probably describes the moderately wealthy people you would like as clients. (OK, maybe they aren’t all plumbers.) Let’s assume they are in their 50s or older, have children and possibly grandchildren.
10 Ways Your Local Rich Folks Spend Their Money