The Millionaire Next Door authors Stanley and Danko say that their research (1995-6) "is the most comprehensive ever conducted on who the wealthy are in America - and how they got that way."
- More than half never received as much as $1 in inheritance
- Ninety-one percent never received . . as much as $1 of the ownership of a family business
- Nearly half never received any college tuition from their parents or other relatives
Chapter 2's title describes these people as: "FRUGAL FRUGAL FRUGAL." They have detailed annual budgets and the authors' advice is, "Whatever your income, always live below your means."
Stanley & Danko describe this concept with this story:
"Big Hat No Cattle" - we first heard this expression from a thirty-five-year-old Texan. He owned a very successful business that rebuilt large diesel engines. But he drove a ten-year-old car and wore jeans and a buckskin shirt. He lived in a modest house in a lower-middle-class area. His neighbors were postal clerks, firemen, and mechanics. After he substantiated his financial success with actual numbers, this Texan told us:
"'My business does not look pretty. I don't play the part . . don't act it . . . When my British partners
first met me, they thought I was one of our truck drivers . . . They looked all over my office, looked at everyone but me. Then the senior guy of the group said, "Oh, we forgot we were in Texas."
"'I don't own big hats, but I have a lot of cattle."
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