UPDATED The Middle-Class Millionaire by Russ Prince torrent iBooks djvu no registration read

Book description

Book description
This book was terrible! Below are the majority of my thoughts as I was working my way through the book, but heres the main problem:I think (Im not entirely sure, its awfully unclear) the point of this book is that if you want to make money, sell shit to middle-class millionaires. They spend lots of money, and more importantly, they LOVE LOVE LOVE to talk about how FABULOUS their purchases are.Theres a serious methodological problem with this, and that is that the data was obtained by survey. Not everyone will be willing to complete a survey on purchasing habits- especially elaborate, time-consuming surveys like this one. Will a rich person who doesnt like to talk about their spending habits? No. Someone who goes on and on about how great their life coach/time share (I dont care what you call it, its still a rich persons time share)/college admittance counselor/etc is the kind of person who will do these surveys, which very heavily skews the data.Thats probably the most glaring methodology issues (to me). Even more annoying is their habit of conflating correlation and causation in all of their conclusions. Sometimes they throw a little bone to that, but its pretty much assumed throughout the whole thing.In the end it was tedious and poorly constructed. Am I supposed to envy these people? Aspire to be one of them? Worship them? Think that theyre better than the rest of America because they enjoy things like concierge healthcare? Or am I just supposed to market to them? [which brings up another annoying omission, which is that most people dont have jobs where the authors advice can even apply]. At any rate, I cant believe I suffered through the whole thing. If you want to be a middle-class millionaire, start with saving your money and not buying this book (or at least do as I did, and use your local library).Notes taken while in the process of reading:Im only 5 minutes into the audiobook, but I wanted to note something about this book before I forget. A researcher discovered a millionaire demographic that hadnt previously been studied. These people have over a million dollars, including the value of their home. And these people tend to congregate on the east and west coasts.Surprised? Two things at work here: people with the means generally dont want to live in Mississippi (no offense Mississippi) and the majority of homes worth more than a million dollars are in the NE and California, with fewer (but still more than the national average) on the rest of the coasts. If your metric is home value, by definition youre going to have more millionaires in those parts of the country. Salaries tend to be larger in these parts of the country for equivalent buying power, so Im not sure what this is supposed to tell us about these people.The Influence of Affluence- the first, but not the last, try for a catch phrase. Middle class millionaires talk about what they spend money on to other rich people, which creates word of mouth, which makes rich people more valuable to businesses than The Poors (regular middle class people). So... if I bought a plane, and most of my friends were normal middle class, I probably wouldnt go on and on and on about why I chose the plane I did, and why or why not everyone else should buy the same plane. If all my friends are rich like me, and thinking about buying planes (or electric cars, or generators, the examples in the book) I might spend more time talking about it. Its not that rich people care about their friends or are more likely to share tips with their friends, just that most people socialize with people of a similar economic class. Poor people share tips on how to get 4 meals out of a turkey. Rich people share tips on what kind of private car service they should use. Im not sure why the author thinks this is revolutionary.At almost 3 hours in, Im further annoyed. Middle-class millionaires love their children more than regular middle class people, because a) they can afford exorbitantly priced houses in nice school districts, b) work insane hours away from their families to earn shit tons of money, and c) theyre willing to pay for coaches for their kids college applications. And then- maybe my favorite part- he says The meritocracy is rebuilding itself in the image of the middle-class millionaire.HOLD ON. If your parents have ridiculous amounts of money, and theyre willing to pay someone thousands of dollars to help you with your college application, and if you need that help to get into college- THATS NOT MERITOCRACY. BY DEFINITION. If this is explained in some reasonable matter later in the book and I havent gotten there yet, Ill apologize nicely and edit this part of the review. [EDIT: THAT STATEMENT REMAINS INSANE, STUPID, AND ASININE, ALL IN ONE GO!]Also, the idea that rich people care more about their children because theyre willing to work more hours away from home to make more money to pay for college application coaches can only come from the viewpoint that in some ways money = love. Its not like study after study has shown that kids need their parents more than fancy Range Rovers, right? Because, you know, on their deathbed these parents will probably be super glad they worked all that overtime so their kid could flunk out of Yale instead of *gasp* a state school. These are parents, Prince tells us, who consider their kids college entrance success as a major indicator of parenting ability. Thats not love, thats a status symbol- one they can generally buy because they can afford summer programs and application coaches. Its easy for them to throw money at it, rather than actually investing emotionally in their children. More on this with the coaches thing below. Otherwise, this mostly seems to be a list of obnoxious assumptions. Middle class millionaires have lots of money. They spend lots of money on their houses, which drives up property values and taxes, which improves school quality. Rich people love good schools. Good quality schools are the result of rich people who love their children more than The Poors. Etc, etc. Im not entirely sure Ill be able to stick out another 5 hours of this book.3.5 hours in- turns out, rich people like nice things. Poorer people then want those nicer things, and new technology and that demand brings down the price. Therefore, rich people get nice things and poor people get them later. Is the author of this book the first person to recognize this? No. Does he think he is? Apparently. Does he call this the rich working for the poor in a completely absurd try for a catch phrase and to imply some sort of benevolent noblesse oblige for The Poors? Absolutely.On to the section on coaches. Middle Class Millionaires need to pay someone to inflict financial penalties on them, otherwise they wont bother to spend time with their families. I get it- these people got to be rich by working hard. Theyre good at making money. But if you have to pay someone to tell you to spend time with your children, please dont try to sell it as Im a great parent because Im willing to pay someone to make me to spend time with my family. Youre probably either an asshole, or someone with seriously fucked up priorities. This books description of middle class millionaires makes me think both, probably.The section on work coaches is also really drawn out, but would only actually apply to a very few types of jobs. Prince indicates that middle class millionaires hire work coaches because they care more about doing a good job at work, and being efficient, than regular middle class people. However, most middle class people dont have jobs where a life coach would benefit them (teachers, doctors, scientists, programmers, from my personal experience), so its not that rich people are more willing to invest or care more as its implied in this book- actually, I think theyre probably just investing more widely.On the millionaire planned development/commune- rich people like to live in nice places, and some of them want a sense of community, so they built themselves a perfect little town. They dont need government there, because rich people know how to take care of nice things (or, they can just afford to pay someone to clean up after themselves- tired of picking up dog poop? Just be rich and live in a community where the HOA pays a dog poop cleaning service!)The authors find it amazing that when a commune family suffers a horrible tragedy, the community raises tons of money for the family. Thats great, but the implication that this is because everyone in the community loves each other so much because theyve all got millionaire intelligence is actually a bit offensive. People can be extremely generous in the face of tragedy in poor neighborhoods, too- but all that generosity wont add up to hundreds of thousands of dollars, not because people dont love their neighbors, but because they dont have hundreds of thousands of dollars to give.This gets to what is most absurd about this book- on every page it equates spending money to values. While I do think it can be informative to look at how people spend their money, comparing someone with $10 million in assets to someone with $50,000 in assets, and then saying that the richer person just CARES about XX more than the poorer person, is more than a little off-putting. Normal middle-class people dont like to wait in line for a doctors appointment any more than rich people- theyre not buying into concierge health care because THEY DONT HAVE THE MONEY, not because they dont value their time. Its informative to talk about trends in spending among the wealthy, but to imply causation when comparing them to poor people is, if not impossible, certainly not supported by the methodology of this study.
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UPDATED The Middle-Class Millionaire by Russ Prince torrent iBooks djvu no registration read

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