Cheapskate Wisdom … About the Unassuming Millionaires in Your Neighborhood

  • Share
  • Read Later

“These people are not into status, they are not into designer brands.”

The quote comes from Thomas Stanley, author of The Millionaire Next Door, from a Q&A with GetRichSlowly.

Here’s some more insight from Stanley on the relative merits of some of today’s hottest gadgets:

The problem you have in this country is these people spend all this money on iPads and laptops and everything else…for what? To play what? Fantasy Football?

The problem is that most people that buy all that stuff are not industrial users. There’s no tax write-off, there’s no benefit; it’s not a capital good. They’re not using it to make money. I see people at Christmas time at four o’clock in the morning lining up in front of stores. They wouldn’t get up at four o’clock in the morning to go to work.

Stanley isn’t the only person out there with the opinion that the iPad is basically a time suck.