The Middle-class Millionaire - The Rise of the New Rich and How They Are Changing America

Zusatztext “Most nonfiction books consist of slightly incremental new takes on the same old reality. Occasionally! though! a book emerges that establishes a new reality. That strikes me as the case with The Middle-Class Millionaire . — San Francisco Chronicle “The author’s research . . . is impressively thorough.” — Newsweek “A thought-provoking read . . . Prince and Schiff have provided a valuable field guide to understanding this very American species and how they’re changing the way we live.” — The American “Through rigorous research! exceptional analysis! insight! and engaging narrative the authors have challenged us to view the emerging middle class through a unique lens that refracts middle-class values! aspirations! and goals in an entirely different and new light”. —Dr. Richard Carmona! former U.S. Surgeon General Informationen zum Autor RUSS ALAN PRINCE is president of the market research and consulting firm Prince & Associates! Inc. (russalanprince.com) and a founder of Private Wealth magazine. He is a columnist for Elite Traveler and the author or coauthor of more than forty professional development books. He lives in Redding! Connecticut. LEWIS SCHIFF leads a team of private wealth experts specializing in the needs of high-net-worth clients for Advanced Planning Group (advancedplanning.org). He is a regular contributor to TheStreet.com! a columnist for Investment Advisor magazine and the author of The Armchair Millionaire (2001). Schiff lives in New York City. Klappentext In the bestselling tradition of CHAPTER ONE THE INFLUENCE OF AFFLUENCE In 2004, the sales department at Elite Traveler magazine asked Russ Alan Prince to conduct a marketing survey of its readership. Elite Traveler is likely the most exclusive consumer magazine in the world. The magazine is distributed primarily on private jets, and it covers subjects such as how to book your own private island. Its reader demographics, with an average household income in the seven figures, eclipse those of its nearest competitor by more than sixfold. Russ’s job, in part, was to measure how much influence the buying habits of these very affluent readers exert on others around them. In the field of luxury marketing, purchasing decisions of high-networth individuals are assumed to exert a “downline influence” on people of the same or lesser means. Elite Traveler wanted to know if Russ could document a similar relationship between the purchasing decisions of the people who read Elite Traveler and other people who associate with them. Russ has been studying the spending and investing habits of high-net-worth individuals for more than twenty years. He knew that carrying out a methodologically sound survey of very wealthy individuals would be a difficult and time-consuming task. To find 203 respondents willing to answer a long series of personal questions posed by a researcher in personal interviews, Prince had to network his way through lists of financial advisors and private jet services who served as go-betweens. Most of the survey subjects either accepted a $500 payment for their cooperation or directed that sum to one of their pet charities. The survey results provided Elite Traveler with an unwelcome surprise. According to the survey, the buying decisions of very-high-networth individuals–those with wealth in excess of $10 million–exert very little influence on the people around them. Except for certain celebrities, wealthy people who are influential by almost every other measure don’t serve as role models when they purchase goods and services. They are not “referentially influential.” If they buy something for their home or office, they tend not to talk about it very much. In the case of more easily observable purchases, such ...

Product details

• Authors: Russ Alan Prince, Russ Alan/ Schiff Prince, Lewis Schiff
• Publisher: Dell Publishing Inc.
• Languages: English
• Product format: Paperback / Softback
• Release: 19.05.2009, delayed
• EAN: 9780385519281
• ISBN: 978-0-385-51928-1
• No. of pages: 304
• Subject: Social sciences, law, business > Business > Economics