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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 Feb 9, 2012/ 16 Shevat, 5772

Rethinking paths to wealth

By Michael Smerconish



http://www.JewishWorldReview.com | If one ambition for your children is to see them join the 1 percent, you might want to re-evaluate their career paths.

Here are a few pointers: End the search for the summer "internship." Stop obsessing with getting them into an Ivy League institution. Recognize that all roads don't lead down Wall Street. And feel no need to launch their ambitions from a home on the Main Line in Philadelphia, or in Beverly Hills or Grosse Pointe.

Instead, insist that they get a part-time job while in high school, receive a good education from a state university, and recognize the value of owning a porta-potty company while living in the Midwest. So says an expert who has spent three decades studying the affluent.

Fifteen years ago, Thomas Stanley and William Danko published "The Millionaire Next Door: The Surprising Secrets of America's Wealthy." It was an instant best-seller, and today, there are more than 2 million copies in print. According to one of the authors, with whom I recently spoke, the lessons of the book hold firm, including that the identity of the person in your neighborhood with the highest net worth could come as a surprise. It might not be the private equity trader down the street. Or the doctor or lawyer up the block.

"The consistent finding that I have had for the last 30 years is that most who are wealthy are business owners, often of blue-collar businesses, that most others have ignored," Stanley told me.

Think janitorial. Or scrap metal (now "recycling"). And dry cleaning, especially the industrial variety. It's the successful owners and operators of such unglamorous businesses who have often been able to make money in one generation.

Stanley told me that these entrepreneurs tend to be more frugal than others of the same age and income. For example, his research shows that they typically live in areas where they have "five, 10, or 25 times more wealth than their neighbors." The median value of their homes? In the "low to mid-$400,000 range." And those homes are highly concentrated in the Midwest and the South, not in California or the Northeast, where, he said, you actually have the lowest probability of becoming a millionaire.

Another fascinating detail is what you are likely to find parked in the driveway of the millionaire next door: a Ford or Toyota. According to Stanley, the median price for a millionaire to spend on a car is $31,000, and most of them buy (not lease).

Many of us envision Mitt Romney when we think of getting rich in America - wealthy parents, Harvard degrees, partner in a Boston-based financial business, residences in Wolfeboro, N.H., and La Jolla, Calif. But the more common path is a guy who sold Christmas cards door-to-door and flipped burgers as a kid, received a public school education, and now runs a scrap yard in Missouri.

But here's the kicker.

That millionaire next door now has children who have enjoyed the fruits of his labor. Unlike the parent, this son or daughter isn't as likely to work at McDonald's. Whereas Mom and Dad received a public education, the children are privately educated. They are the ones who get to go to Ivy League schools, and when they graduate, they have little inclination to step into the family business that paved their way. So where do they end up?

According to Stanley, "living in fashionable neighborhoods like Manhattan's East Side, while running nonprofits and all the while being heavily subsidized with heavy outpatient care from their millionaire-next-door-type parents."

The hardest part for millionaires, it seems, is passing on the lessons of financial success.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

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Previously:


01/17/12 Romney must face his work history head-on
01/11/12 Don't let those gift cards be a gift to retailers or the state
01/03/12 Headlines hoped for in 2012
11/09/11 Romney, beware: Cain may bob through the straits
11/02/11 Where there's ad smoke, there's … what?
10/20/11 After husband is murdered, 30 long years of phone calls
10/13/11 Black women should only marry out of their race?
08/31/11 Some political gaffes really say something
07/27/11 An overture of candidates' theme songs
06/28/11 Where's the app for common sense?
06/02/11 Over-scrutinizing lives costs us potential leaders
04/19/11 Taking a chance to say, ‘Hi’
04/06/11 Race policies should be altered to reflect new demographic reality
11/10/10 Delaware's independent, but short-lived, voice
11/03/10 Papers should leave endorsing to others
10/21/10 Media help to hype perception of bullying
09/23/10 Officer down, killer hyped up
08/04/10 Documents highlight Pakistan's shortcomings as a U.S. ally
07/06/10 On taking back Sept. 11
06/29/10 Name elite corps to develop energy independence?
04/21/10 New account reinforces a serviceman's valor
03/11/10 Medical profession must police itself better
02/18/10 One-trick athletes
02/09/10 Active, retired law officers should be able to carry guns on planes to help stop terrorists
02/04/10 How to bring tech up to speed
01/28/10 Campaign donations must be fully and immediately disclosed online
01/07/10 The flying emperor still has no clothes, and no one is willing to say so
12/24/09 A law to mandate college football playoffs?
12/17/09 Cheney's abuse of freedom of speech
11/26/09 The true cost of freedom from anxiety
10/27/09 If GOP wants to win in 2012, it must reshape its primary process
10/08/09 It's time to get smarter on extended school day
09/03/09 What a summer of eulogizing flawed public figures reveals about society
08/12/09 It's time for cyclists and motorists to reconcile
08/05/09 Faces have changed, but vitriol remains
06/25/09 Fair comment or foul? Warm up the Muzzle Meter
06/08/09 Believability is key in crime-hoax villains
05/14/09 Did Hollywood inspire the meltdown men?
04/20/09 Let's give killers their due: Anonymity
03/12/09 Uninsured who can't afford medical care lose a lot more
02/06/09 My debate with Musharraf on hunt for bin Laden
01/29/09 Torture must remain an option
01/15/09 Making a case for suing Madoff
12/22/08 A difficult but rational chat about ‘plans’
12/17/08 Facebook epidemic: More than 120 million have joined, many too old for this nonsense
12/01/08 The high price of downsizing the news biz
11/14/08 Prescience on greed, arrogance of a system
09/29/08 Closer look at party lines
08/26/08 Obama's pick creates GOP opportunity
08/21/08 Fishing with the Angry Everyman
07/31/08 The perils of e-mail: Ponder, then click
05/22/08 Two very different sides of the Internet
02/12/08 Sublimely ridiculous suits
11/28/08 Cell phones cut out secondary circle of kinship
09/26/07 What do we owe those who have died in Iraq?
08/30/07 A Navy SEAL's gut-wrenching tale of survival
07/30/07 First it was a faux pas, now it's a new word


© 2008, The Philadelphia Inquirer Distributed by McClatchy-Tribune Information Services

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