In this issue

Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Nov 1, 2011 / 4 Mar-Cheshvan, 5772

Millionaire myths

By Tom Purcell

http://www.JewishWorldReview.com | Boy, you can't count on anything anymore — not even the rich.

When we think of "the rich," we think of guys like Thurston Howell III, the "Gilligan's Island" millionaire with the condescending upper-class accent.

We think they have the finest clothes, homes and cars — an abundance of material possessions that they never need to worry about losing.

If only that were so.

According to the 1996 book "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko, 80 percent of America's millionaires were not born millionaires. They are first-generation affluent.

They earned their money by providing some product or service that other people need or value enough to pay for.

We might classify some of their businesses as "dull," say the authors: "welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors."

Most millionaires get by on an annual income that is only 7 percent of their total wealth. They save at least 15 percent of that income and invest another 20 percent.

They aren't speculators, either; they invest for the long term.

They "wear inexpensive suits and drive American-made cars. Only a minority drive the current-model-year automobile. Only a minority ever lease motor vehicles."

You probably don't see them around much. Nearly two-thirds work between 45 and 55 hours per week.

Here's an interesting finding: Only 3.5 percent of America's 100 million households are wealthy, with a net worth of at least $1 million.

Ninety-five percent of America's 3.5 million millionaires have net worths between $1 million and $10 million.

Only 5 percent -- some 175,000 households -- have net worths of more than $10 million.

Of course, those statistics date to 1996, when "The Millionaire Next Door" was published. The rich have changed somewhat since then. The well-to-do are not doing so well of late.

Robert Frank writes in a recent Wall Street Journal article that the mega-rich have succumbed to the lure of low interest rates and easy money and have become the "leveraged elite."

"The household debt of the top 1 percent surged more than three-fold between 1989 and 2007, to $600 billion, and grew faster than their net worth," he writes.

Their debt hasn't worked out so well.

With the economy tanking, the over-leveraged rich are feeling significant pain. Some who borrowed to pursue high gains have suffered severe losses. Both their income and net worth have taken hits.

"The number of Americans making $1 million or more fell 40 percent between 2007 and 2009, to 236,883, while their combined incomes fell by nearly 50 percent," says Frank. "(A)s of 2009, the richest 20 percent of Americans showed the largest decline in mean wealth of any other group."

He also points out: "Only 27 percent of America's 400 top earners have made the list more than one year since 1994."

That's because in America, people are moving from "low income" to "middle income" to "high income" -- or in the reverse direction -- all the time.

Sheesh, our nutty, heavily indebted country's rich are taking it on the chin -- and as they suffer, and rein in hiring and spending, we suffer.

Now that I think of it, maybe America's rich are more like Thurston Howell III than I realized.

Mr. Howell, according to the "Gilligan's Island" back story, had been a billionaire, but lost much of his wealth during the Great Depression.

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© 2011, Tom Purcell