The Middle-Class Millionaire

The rise of the rich and how they are changing America.

Russ Allen Smith and Lewis Schiff
Currency-Doubleday 2008
228 pages

What separates the middle class from the middle class millionaire is much more than money. This is a well researched book on what makes the rapidly growing millionaire class tick. Just a hint; it has little to do with the watch they wear.

By the use of questionnaires and interviews, the authors have revealed the motivations of the wealthy and how what they do, affects and breaks ground for innovation and life style choices for society as a whole.

For example: this moneyed demographic shares many of the middle class values that are common in the United States: a sound and fundamental education, a sense of community, charitable concerns, home ownership, a high level of predictable health care, and quality recreational time. However, they expect more from these institutions.

The difference is; how much one is willing to compromise in determining the quality of their life.

• Middle class millionaires choose their communities not on exclusivity, but on the soundness of the community and their children’s educational experience and educational future.

• Having their homes in those types of communities is very important. They tend to enlarge and customize their homes once they have settled.

• Because of their expectations of personal service, they are changing the health care system, by supporting a medical model of doctors spending more time with patients; this encourages doctors and hospitals to compete for the elevated expectations of all patients.

• Middle class millionaires enjoy their recreation with their loved ones. Rather than a “get away” they use their vacation as reconnect time with their family. On these breaks, they do not spend a lot of time in the hammock; they are learning something new and sharing those experiences with their loved ones.

• They are a very giving group, but tend to favor smaller charities that are more focused on one need that is important and personally meaningful.

• Even their concept of ownership, is changing our market place. These millionaires are attracted to non-ownership, exclusive of their prime residence. Rather than buy a vacation home, they may partly own multiple homes in multiple desirable locations: Paris, New York, the Rockies, and the South Seas. They have created similar partnerships regarding automobiles.

Middle class millionaires are not simply viewing the world differently; they are creating a different world for all of us.

I highly recommend this book for a million reasons.

Dr. Brian Beirl has a general dental practice in Seminole. In addition, he is an educator, author, presenter, consultant and business coach. Dr. Beirl is passionate in helping his clients live the life of their dreams.