The Influence of Affluence
How the New Rich Are Changing America
-
-
4.0 • 2 Ratings
-
-
- $14.99
-
- $14.99
Publisher Description
A compelling look at a new class of the affluent - the middle-class millionaires – whose attitudes and values are influencing and reshaping American life
In this groundbreaking book, Russ Alan Prince and Lewis Schiff examine the far-reaching impact of the middle class millionaires–people who enjoy a net worth ranging from one million to ten million dollars and have earned rather than inherited their wealth. Comprising 8.4 million households and growing in number, the attitudes and behaviors of these working rich are exerting a powerful influence over our society. So who are these people? They believe in the benefits of hard work. They believe in investing in themselves, and in self improvement. They are more likely to focus on drawing financial gain from their work, and less inclined to be discouraged by failure. And they don’t spend money on the extravagances indulged in by the very rich; instead, they wield their affluence according to middle-class values and ideals. From home security systems to health care, technology to travel, their spending choices are affecting us all – from the products we buy, to the communities in which we live, to the aspirations and values of the broader middle class and American population as a whole.
In the bestselling tradition of Bobos in Paradise and The Millionaire Next Door, THE MIDDLE-CLASS MILLIONAIRE is a captivating narrative – part sociology, and part aspirational journey into the lives, attitudes, and values of the middle-class millionaires. Based on extensive surveys and research into more than 3,600 middle-class millionaire households around the country, this book will reshape our understanding of what it takes to be successful – and how all of us can achieve similar success.
PUBLISHERS WEEKLY
Sandwiched between the rich and the middle class are 8.4 million American households with a net worth between $1 million and $10 million. Prince and Schiff present intriguing statistical nuggets from their survey of 586 "middle-class millionaire" households. Although these people may be rich by most definitions, many were raised middle class, earned rather than inherited their wealth and still retain middle-class values. Comparing the responses of middle-class millionaires to middle-class households with less than $1 million net worth, Prince and Schiff determine that middle-class millionaires work harder, suffer more setbacks, choose homes for quality schools rather than convenience to work or shopping and have larger social networks. Unfortunately, these statistics are difficult to interpret without information about differences in age, family size, income, career and location. The book offers something for those who yearn to join the middle-class millionaires or move up among their ranks, especially entrepreneurs with business plans for this population, who are heavily profiled in these pages. Despite the breezy writing style, readers looking for a rigorous economic analysis will be disappointed.
