[paul51]

His wife sums it up: "I want to be as common as an old shoe."

Sounds like her life is about as exciting as one also. I'm going to write a book on an alternative startegy for anyone who wants a life that consists of more than counting your pennies.

Start your own business unless you want someone else in control of your life. Buy whatever you feel like buying and spend as much money as you want, however, do it after you have earned it, paid the taxes and socked away 20 or 30% of the net.

[RoseofTexas]

"Though the Manzos, who are CHILDLESS."

Heck if my husband and I were childless, you bet we would be in the same category! Putting three kids through college can but a HUGH :) strain on the bank account! Not to mention the moola it takes to raise them! KIDS ARE VERY EXPENSIVE now a days. College tuition isn't what it was 24 years ago when my husband got his degree!:(

[wardaddy]

the Manzos, who are childless

Well that counts for a couple of million at least for middle to upper middle class families. But more power to them, life is too short for all that austerity for me though.

[FLAMING DEATH]

"Who you are is not what you own."

This is the best quote in the whole article.

[Jason_b]

bump for later

[mrfixit514]

If they really think they "own" their home, let them try not paying their property tax. They are only renting from the government.

[Fee]

I did not follow the formula in the book exactly, but I am still able to accumulate large amounts of wealth. After I got married, I brought a home (one of the largest personal investments one makes) that can be supported by my salary. My wife's take home pay is 100 percent saved, mine is used to pay for all the expenses of a family of four. My assets is 50 percent of what the book requires for my current combined income and age. My savings should accelerate because we just paid our home off in 2003. It can be done if we remember to use common sense, live within our means, plan, and think long term. The book the Millionaire Next Door is required reading for my son. It is a good book and every American should read it to get an accurate assessment of what is a wealthy person. They are not evil greedy bastards that got wealthy by cheating, scheming, lobbying and etc. Most do it the old fashion way, hardwork, planning and frugality. Wealthy people are not disproportionately Jewish or WASP's. One will be surprised who the ethnic groups that produce the disproportionate amounts of millionares.

[goodnesswins]

Many of today's "young'uns" could save LOTS more if they did one thing:

Make the MAJORITY of their meals HOME COOKED (including lunch.) It is NOT that difficult. It's healthier, and it saves gobs of money. Not to mention cutting back on the everyday Latte's. (I'm near Seattle, where some people CHARGE their latte's.)

[Rainmist]

They are childless, so it doesn't count !!!!!! lol

[Semi Civil Servant]

Their tidy house in Paterson, N.J., was paid off in 15 years. (Danko, a professor at the University at Albany, State University of New York, said millionaires typically own less expensive houses than they can afford.) Though the Manzos, who are childless, are comfortable there, many middle-income families with children would prefer to avoid Paterson's troubled schools.

No kids. A lifetime, well paying job that pays enough for two to live on and pay off a fifteen year mortgage. A second income simply banked. And I'm assuming no health disasters. They are to be commended for not being stupid with their money, but I don't think this couple has done anything remarkable.

[Semi Civil Servant]

Their tidy house in Paterson, N.J., was paid off in 15 years. (Danko, a professor at the University at Albany, State University of New York, said millionaires typically own less expensive houses than they can afford.) Though the Manzos, who are childless, are comfortable there, many middle-income families with children would prefer to avoid Paterson's troubled schools.

No kids. A lifetime, well paying job that pays enough for two to live on and pay off a fifteen year mortgage. A second income simply banked. And I'm assuming no health disasters. They are to be commended for not being stupid with their money, but I don't think this couple has done anything remarkable.

[meyer]

"At a time when the average American family has credit-card debt estimated at $9,000..."

Am I the only one deeply troubled by that statement? How on earth can anybody amass a credit card debt so large?

[dennisw]

Total bullshit since they have no children.

[Rays_Dad]

ping for later read

[meyer]

Now that I've read through it, it is an interesting thread. Perhaps even thought-provoking. Here's a subject that gets us all thinking about the financial balance and compromise we deal with in life. Do we save now for the future, blow our income as fast as we can, or look at all of our goals and live accordingly. Perhaps this will promote some financial soul-searching among those reading the thread.

[Desdemona]

buys her clothes at Burlington Coat Factory and Value City (her sister teasingly calls her Karen Kmart).

I'm sorry. There is absolutely no challenge in this. Yes, I dress well, and from the major department stores - but, unless I have to go to a wedding in two hours, I shop the clearance racks. The rule is never spend more than $10 on anything if you can help it.

[Choose Ye This Day]

We're trying to do the same thing--live fairly modestly--except on only one modest income. I can't say it's always fun; there are plenty of things we do without (cable, fancy clothes, expensive vacations, electronic gadgets, etc.). But I feel sure in the long run we'll be much happier without a huge weight of debt dangling overhead, ready to crush us.

I also heartily recommend the Dave Ramsey show. You can listen to his get-out-of-debt, live-frugally advice online, at www.daveramsey.com

[wjcsux]

One of the best things you can do to accumulate wealth is not to get divorced.

[Bronco_Buster_FweetHyagh]

I thought this was an article from The Onion.

Being frugal helps you to become wealthy? LOL, even the title of the article is Onionesque.