VIDEO: The millionaire dentist, Part 2: Aspirationals and the Glittering Rich

Editor’s Note: This is the second in a three-part series from Dr. Doug Carlsen on “The Millionaire Doctor.” You can catch part one of the series by clicking here.

Drs. Tom Stanley and William Danko published the first edition of The Millionaire Next Door in 1996. They reported on the lifestyles and purchasing habits of those who have accumulated over $1 million of net worth. Since then, they’ve written several updates.

The crucial message of all The Millionaire Next Door books is that “Nothing has a greater effect on your wealth than your choice of home and neighborhood.” Why? Dr. Carlsen explains.

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In Stop Acting like a Millionaire, Stanley talks of what he calls “aspirationals,” or “income statement affluent.” They have high occupational status, high income, and high spending habits. This group includes attorneys, physicians, dentists, and managers of large corporations.

Stanley writes also of the glittering rich, which includes but 2% of the millionaires. They spend lavishly on homes, cars, dining, and travel … quite different from normal decamillionaires ($10 million in wealth and up) who have come from middle-class backgrounds. The aspirationals try to emulate the glittering rich.

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Carlsen explains the buying habits of the glittering rich and the corresponding aspirationals. It’s fun to see what is needed to play the part. To start, serve Grey Goose vodka … and please have a wine cellar.

Dr. Carlsen then covers the other 98% of millionaires … those who live a more middle-class lifestyle. He calls these people “balance statement affluent.” They have substantial real net worth.

The major professions contributing highest to the millionaire pool are engineers, farmers, and teachers. Again, where are the doctors and how did teachers get into the mix?

Why don’t millionaires usually own boats? Why don’t they have second homes? How many frequently pay over $100 for two for dining out? One out of 300. How many own a $5,000 suit? One out of 900.

In part three, Dr. Carlsen will explain realistic ways a doctor can achieve real wealth and move toward balance statement affluence.