quotes from the book the millionaire next door

Pay for Lawn Service – You could save $150 a month, get some healthy exercise and maybe even a bit of a tan just by mowing your own yard.

Nick greeted me with “Professor Stanley, I’ve have surfaced in the middle of an affluent convoy.” Nick is member of the forest farmers association that has one of the highest concentrations of millionaires in America.The millionaire next door does a lot to get ahead, but you can be pretty sure the list excludes the following 20 points. He is now a successful fund raiser for a hospital foundation. I was once again reminded of the answer when I recently bumped into Nick, a former MBA student. What is the number one concept that former students remember from my lectures about marketing to the affluent ? It is the Kretschmer concept. scrap metal dealers, farm managers, commercial property managers and the like. Instead of prospecting at the local country club, it may be more productive to target affluent affinity groups by becoming an associate member of “affluent” trade associations, i.e. Therefore, if one wants to market to the really wealthy, one must penetrate the convoy. In this regard, the ships on the outside of the convoy are analogous to those people who only look rich, dress rich, drive rich, etc.

Using this military analogy has helped me explain the differences between the rich and the pseudo rich. To the unsophisticated eye, however, these ships looked as if they contained important cargo. Also on the perimeter were unimportant ships that contained non essentials.

Younger, less experienced captains attacked from outside the convoy often encountering decoys, that is, heavily armed auxillary cruisers disguised as freighters and designed to sink U-boats. My proclivity was to surface in the middle of the convoy : that’s where the ammunition and other important ships were. In Marketing to the Affluent, I mentioned reading the book, Memoirs: Ten Years and Twenty Days, by Karl Doenitz, the head of German U-boats.

I was particularly interested when I saw an interview with Otto Kretschmer, the most productive submarine skipper in the Atlantic theatre during World War II. The Military Channel recently broadcast a program that dealt with famous submarine captains.

Quotes from the book the millionaire next door