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Don't know if it's still true, but 15 or so years ago the local newspaper had a story about how the zip code around Arrowhead Mall had more actual millionaires than any other zip code outside of Paradise Valley. Mostly blue collar guys that owned HVAC and plumbing companies who on paper were actually worth a million bucks.
yea this is kinda what i was waiting for. the millionaires i personally know there are actually more blue-collar guys rather than tech or white collar professions. it really surprised me.
yea this is kinda what i was waiting for. the millionaires i personally know there are actually more blue-collar guys rather than tech or white collar professions. it really surprised me.
It shouldn't surprise you if you think about it and here is why....
White Collar Professionals Have Three Ways to Make $$'s:
1. Making $'s by way of an "annuity". Meaning, a couple or single person may both make an above average income and save and save and save. The make some smarter investments and the next egg builds. Normally, they live below their means.
2.) Another option is you are a white collar worker that gets into power. They claw their way to the top and "win the lottery" in upper management. I say "claw" because the aggressive white collar manager is always looking over their shoulder. Because someone else secretly/politically is waiting for them to fail and a reorganization happens. The Golden ticket is stock options and the payout is for very very top managers. Statistically speaking, a small select few reach the top as it is dog-eat-dog in combination with the right skill set.
3.) Finally, say you are white collar employee and you get lucky and decide to work for the right company. I.e. profit sharing. Example: back in the day and if you were a middle level manager and you worked for a company like Dell (I sold to a lot of "Dellonaires " ), they all cashed out around $5M-8M. They were good managers. But they were in the right place at the right time.
Tech Guys $$'s:
1.) Often they roll the dice and work their butt off. All too often, they come up short. In fact, 90% of the start-ups fail https://www.forbes.com/forbes/welcom...ww.google.com/ . But if you are in the right place at the right time (I know plenty of Amazon middle managers that are DONE/retired). The last guy I talked with is 36 and is retired.
Blue Collar Millionaires:
1. Normally, they didn't event anything new. But they are smart at managing their (often) not-so-bright employees. Maybe they own a business relating to pipe fitting, sheet rocker, security systems, etc. They have a stereotypical crew that might like to over-drink/smoke weed and never show up on time. But somehow, their service is better than most. Because we all know most subs offer terrible service. You just need to be "good" and standout. And the owner pushes and grows. That savvy vo-tech grad business owner is aggressive and cashes in big-time. He could be an electrical contractor, HVAC etc Those folks feels more comfortable around the "beer and brat" type people than wine and cheese. I know them well as I feel most comfortable around the people I grew up around. Referencing the book, they are often are the "millionaire next door". Business lesson #1: get as CLOSE to the money stream as possible. i.e., the closer you can influence revenue, the more you are valuable. And since corporate America isn't known for sharing, the owner controls their own wages and destiny.
Since it is much easier to posses an aggressive, savvy skill-set versus winning the gene pool lottery of brains or being born with a silver spoon etc, their are a lot of "beer and brat" millionaires around. They are driving their pick-up trucks, wearing their baseball caps and not looking the "millionaire" part.
On our lake home in MN, they are littered around me. So fill in the blank: he or she owns _____________________ business. i.e. landscaping, plumbing, auto body, small manufacturing, pipefitting, framing companies, etc, etc. All with deep pockets. Most with zero colleges degrees and (nearly) 100% of them are Trump voters. Because they HATE paying taxes. https://www.businessnewsdaily.com/94...usinesses.html
Last edited by MN-Born-n-Raised; 03-06-2018 at 07:26 AM..
It shouldn't surprise you if you think about it and here is why....
White Collar Professionals Have Three Ways to Make $$'s:
1. Making $'s by way of an "annuity". Meaning, a couple or single person may both make an above average income and save and save and save. The make some smarter investments and the next egg builds. Normally, they live below their means.
2.) Another option is you are a white collar worker that gets into power. They claw their way to the top and "win the lottery" in upper management. I say "claw" because the aggressive white collar manager is always looking over their shoulder. Because someone else secretly/politically is waiting for them to fail and a reorganization happens. The Golden ticket is stock options and the payout is for very very top managers. Statistically speaking, a small select few reach the top as it is dog-eat-dog in combination with the right skill set.
3.) Finally, say you are white collar employee and you get lucky and decide to work for the right company. I.e. profit sharing. Example: back in the day and if you were a middle level manager and you worked for a company like Dell (I sold to a lot of "Dellonaires " ), they all cashed out around $5M-8M. They were good managers. But they were in the right place at the right time.
Tech Guys $$'s:
1.) Often they roll the dice and work their butt off. All too often, they come up short. In fact, 90% of the start-ups fail https://www.forbes.com/forbes/welcom...ww.google.com/ . But if you are in the right place at the right time (I know plenty of Amazon middle managers that are DONE/retired). The last guy I talked with is 36 and is retired.
Blue Collar Millionaires:
1. Normally, they didn't event anything new. But they are smart at managing their (often) not-so-bright employees. Maybe they own a business relating to pipe fitting, sheet rocker, security systems, etc. They have a stereotypical crew that might like to over-drink/smoke weed and never show up on time. But somehow, their service is better than most. Because we all know most subs offer terrible service. You just need to be "good" and standout. And the owner pushes and grows. That savvy vo-tech grad business owner is aggressive and cashes in big-time. He could be an electrical contractor, HVAC etc Those folks feels more comfortable around the "beer and brat" type people than wine and cheese. I know them well as I feel most comfortable around the people I grew up around. Referencing the book, they are often are the "millionaire next door". Business lesson #1: get as CLOSE to the money stream as possible. i.e., the closer you can influence revenue, the more you are valuable. And since corporate America isn't known for sharing, the owner controls their own wages and destiny.
Since it is much easier to posses an aggressive, savvy skill-set versus winning the gene pool lottery of brains or being born with a silver spoon etc, their are a lot of "beer and brat" millionaires around. They are driving their pick-up trucks, wearing their baseball caps and not looking the "millionaire" part.
On our lake home in MN, they are littered around me. So fill in the blank: he or she owns _____________________ business. i.e. landscaping, plumbing, auto body, small manufacturing, pipefitting, framing companies, etc, etc. All with deep pockets. Most with zero colleges degrees and (nearly) 100% of them are Trump voters. Because they HATE paying taxes. https://www.businessnewsdaily.com/94...usinesses.html
I think another category are folks like farmers/landowners. Perhaps they fall into he Blue Collar Millionaire category. Now, many of them are still running their "business" so they can expense a lot of their spending, but if they own thousands of acres of land (many, many do where I grew up), they could theoretically cash out at any t time and live fine off that assuming they invested conservatively (or even if they didn't). They also feel comfortable around the type of people they grew up around. So, while they are sitting next to the 30 or 40 or 50 something wanna be over in Hawaii, they don't look like they are worth 5 to 30 plus million, but they are.
I live in the heart of Scottsdale, and have seen both the real money and the poser money (as I like to call it). I see the people rolling out of Troon and Grayhawk and Gainey Ranch. Most of them are driving normal cars. Sure you get the occasional 911 or Bentley, but most are driving Accords or a Tahoe. Stuff like that. But head to the apartments around Old Town and most of the parking lots are full of poser mobiles such as 3-Series and C-Class cars. You know, entry level "luxury cars" for people that just HAVE to be seen in a German luxury car. Little do they know that they're basically laughed at by car enthusiasts who can smell exactly what type of people they truly are... posers. Most people see BMW or Benz badges and think "prestige" or "money", but anyone with half a brain knows that 3 Series or C Class cars often cost less than your average pickup truck these days. We aren't fooled. Only non-car people are fooled into thinking those people are "successful".
With that being said, those driving M5's or AMG GT-S are the people that we know have money, because those cars cost more than the condo's the "$45K millionaires" are renting out in Scottsdale.
^I have to disagree with some of this. The 3-series is an awesome car and has always been an enthusiast favorite. I recently had a 2018 330i for a loaner and while far from luxurious, the handling and solid feel is something you don't get downmarket. Sure, there are some that want the badge, but for some, they don't need the size of a 5 or 7 series and still want an engaging car.
I think another category are folks like farmers/landowners. Perhaps they fall into he Blue Collar Millionaire category. Now, many of them are still running their "business" so they can expense a lot of their spending, but if they own thousands of acres of land (many, many do where I grew up), they could theoretically cash out at any t time and live fine off that assuming they invested conservatively (or even if they didn't). They also feel comfortable around the type of people they grew up around. So, while they are sitting next to the 30 or 40 or 50 something wanna be over in Hawaii, they don't look like they are worth 5 to 30 plus million, but they are.
Most of the farmers inherited their business. The big payout often can happen when developers want their land. But your right, on paper they are worth a lot.
Most of the farmers inherited their business. The big payout often can happen when developers want their land. But your right, on paper they are worth a lot.
Or they have just held their land for 30,40,50 or more years. That's a lot of inflation and appreciation in those land values over that long timeframe. Don't be fooled either. Over the long run, there has been profit in farming for disciplined, intelligent farmers, etc.
Or they have just held their land for 30,40,50 or more years. That's a lot of inflation and appreciation in those land values over that long timeframe. Don't be fooled either. Over the long run, there has been profit in farming for disciplined, intelligent farmers, etc.
Agreed. But often, their land they held for 30, 40, and 50 years........... came from their parents.
Crap! I want my money back for giving to Farm Aid.
All kidding aside, there was HUGE $$$$'s to be made on the commodity run-up when the economy tanked for everyone else. Relating to that, we have a large "Morton Building" on our property. I was talking to the sales guy about the downturn. He said they did just fine because all across NE and IA, farmers were blowing $200K-$400K + in metal buildings. He joked each was trying to outdo the other. As he saw it, it was literally a competition.
So the smart farmers that are frugal and don't look what their land is worth (assuming they can leverage it for toys) are the smarter once. Hence, "Farm Aid" was needed.
^I have to disagree with some of this. The 3-series is an awesome car and has always been an enthusiast favorite. I recently had a 2018 330i for a loaner and while far from luxurious, the handling and solid feel is something you don't get downmarket. Sure, there are some that want the badge, but for some, they don't need the size of a 5 or 7 series and still want an engaging car.
Yeah, theyre benchmark cars, I agree. But, 90% of those buyers don't give a flying hoot about about their performance, or else they wouldn't even touch the 4 cyl turbo models like most buyers are snatching up lately. Most buyers want the name, and you know deep down they would opt for the bigger, more luxurious 7 Series if they could. I sure would. Ive driven many BMW's, even M3's and the older E46 M5. Great cars, but in all honesty, I seriously prefer the G35/37/Q60 to the BMWs. I might be a homer here, owning a G35 sedan and all...
Agreed. But often, their land they held for 30, 40, and 50 years........... came from their parents.
Crap! I want my money back for giving to Farm Aid.
All kidding aside, there was HUGE $$$$'s to be made on the commodity run-up when the economy tanked for everyone else. Relating to that, we have a large "Morton Building" on our property. I was talking to the sales guy about the downturn. He said they did just fine because all across NE and IA, farmers were blowing $200K-$400K + in metal buildings. He joked each was trying to outdo the other. As he saw it, it was literally a competition.
So the smart farmers that are frugal and don't look what their land is worth (assuming they can leverage it for toys) are the smarter once. Hence, "Farm Aid" was needed.
I don't disagree. Farmers complain during the down years, but don't seem to mind the up years (and before the last couple) the HUGE runup in land prices that happened during the past five years or so preceding the current situation.
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And the owner pushes and grows. That savvy vo-tech grad business owner is aggressive and cashes in big-time. He could be an electrical contractor, HVAC etc Those folks feels more comfortable around the "beer and brat" type people than wine and cheese. I know them well as I feel most comfortable around the people I grew up around. Referencing the book, they are often are the "millionaire next door". Business lesson #1: get as CLOSE to the money stream as possible. i.e., the closer you can influence revenue, the more you are valuable. And since corporate America isn't known for sharing, the owner controls their own wages and destiny. 
