How do "rich" El Pasoans make their fortunes? (Ross: how much, houses)

[LEVOW]

Ok, ok, people always knock El Paso because theirs no jobs, theirs a lack of good paying jobs, but i beleive their was an article on the EL Paso Times claiming their was a multiple amount of millionaires in the city. My question is,what do these people do for a living? Theirs humungous houses in the west side, huge houses by Monwood high, what do these people do, i have always wondered........


2.1% of EP households are millionaires (http://www.claritas.com/claritas/Default.jsp?ci=5&si=1&pn=artelpasotimes_0107 - broken link)

[Muhnay]

They have a factory over in Mexico where they pay slave wages and earn their millions on the free trade. Or they are retired here from other places like California.

[HIGH!Lonesome]

The only El Paso millionairs I ever knew or met was Jay Arms and one of Felipe Durans siblings, other than that I did'nt think El Paso had that many, 6000+ millionairs and one billionair. not bad.

[malamute]

Originally Posted by Muhnay

They have a factory over in Mexico where they pay slave wages and earn their millions on the free trade. Or they are retired here from other places like California.

Probably some of those "other" kinds of businesses over in Mexico too. Other than physicians and school administrators, I'm not sure who makes that kind of money.

[tomasvzqz]

Originally Posted by LEVOW

Ok, ok, people always knock El Paso because theirs no jobs, theirs a lack of good paying jobs, but i beleive their was an article on the EL Paso Times claiming their was a multiple amount of millionaires in the city. My question is,what do these people do for a living? Theirs humungous houses in the west side, huge houses by Monwood high, what do these people do, i have always wondered........


2.1% of EP households are millionaires (http://www.claritas.com/claritas/Default.jsp?ci=5&si=1&pn=artelpasotimes_0107 - broken link)

Why are we surprised? I dont' think it's that difficult for a person to accumulate 1M in liquid assets. I mean it is difficult, but not that out of the ordinary anymore. I know quite a few very young people who have made their fortunes in the financial stock and commodity markets. Once they make enough, they usually buy homes here and there, but still make their main place of residence in a financial center, either NYC, Chicago, or San Francisco. I personnally know at least 10 people under 30 or early 30's who are millionaires and have bought homes in their original hometowns. I'm not surprised at all.

[HookTheBrotherUp]

Originally Posted by LEVOW

Ok, ok, people always knock El Paso because theirs no jobs, theirs a lack of good paying jobs, but i beleive their was an article on the EL Paso Times claiming their was a multiple amount of millionaires in the city. My question is,what do these people do for a living? Theirs humungous houses in the west side, huge houses by Monwood high, what do these people do, i have always wondered........


2.1% of EP households are millionaires (http://www.claritas.com/claritas/Default.jsp?ci=5&si=1&pn=artelpasotimes_0107 - broken link)

Not sure what they do now, but simply put, for most, the root of success is a quality education beyond high school, that's for sure.

[TexanWest]

Some people who are "millionaires" get that money through slow savings and investment over several decades (i.e., 401(k), IRA, etc.).

As far as the "uber-rich" here in EP, here's how some do it: hire cheap labor in El Paso, dramatically underpay the workers because you know they can't go anywhere else--despite their education or work experience--surround yourself with a handful of pals and family members, then increase your salary yearly and cash in piles of stock options at least once a year. Easy!

[br7or13]

Hook-Bro-Up is right. I would suspect most graduated high school, went to college, maybe grad or professional school, took some risk, worked hard, sacrificed, and invested/spent prudently. Either that or they ran for public office, which I heard pays well if one is connected.

[Muhnay]

Originally Posted by HookTheBrotherUp

Not sure what they do now, but simply put, for most, the root of success is a quality education beyond high school, that's for sure.

BULL CRAP!

Most millionaires never made it past the 9th grade. Ross Perot as an example.

[KimK]

Ross Perot first off is a billionaire. Millionaires are not that uncommon today, even in El Paso. This is probably true in part because a million dollars today is not what it was even 10 years ago. Also, there was the largest transference of wealth in our history that is still taking place-money from people passing in their eighties, etc. to people in the sixties or the baby boomers. Most of the money that was accumulated by people in their eighties, etc. is from asset sales. They were able to purchase homes at very low amounts, they kept them, and when they passed, their beneficiaries sold the assets which often were in the millions (depending on their location of course).

Read The Millionaire Next Door-interesting little book and it has some statistics about the demographic of millionaires in todays world. I think that most millionaires (no matter how they got their money) statistically are college graduates. Most of them, as I recall, actually never had what most would consider high paying jobs. It isn't about how much you earn as much as its about how much you retain of your earnings.