The Affluentialist

American Library Association says "Middle-Class Millionaire" Top Book of Year

According to Brad Hooper, esteemed reviewer for the American Library Association's Booklist web site:

"It is the privilege and even the duty of the conscientious public librarian to make certain the business collection is as inclusive as possible and will appeal to as many readers as possible. Although management books are to be included, the collection should not consist entirely of management books. Below are 10 outstanding titles reviewed in Booklist over the past year that are worthy of inclusion in, and guaranteed to expand the range of, any public library business collection."

Mr. Hooper then goes on to cite The Middle-Class Millionaire as one of his top 10 books of the year, saying...

"This is an excellent perspective on an important consumer market."

We're proud to have had our book chosen as one of the top 10 business books of the year by the American Library Association's Booklist.

Recent reviews, mentions and praise for "The Middle-Class-Millionaire"

Here's a selection of recent mentions of The Middle-Class Millionaire:

 

AUG 2008

Lewis Schiff on CNBC's High Net Worth

 

In this segment, co-author of the book, "The Middle-Class Millionaire," Lewis Schiff, explains to Wendy Furrer how the new affluent are changing home security .

To view video, go to You Tube.

 

Lewis Schiff, on Bloomberg TV

 

Lewis Schiff, co-author of "The Middle-Class Millionaire" on Bloomberg TV.

To view video, go to You Tube.

 

JUNE 2008

THE ATLANTIC MONTHLY / July/August 2008:

"Inconspicuous Consumption"

Aside from a penchant for fancy cars, these millionaires devote their luxury dollars mostly to goods and services outsiders can’t see: concierge health care, home renovations, all sorts of personal coaches, and expensive family vacations. They focus less on impressing strangers and more on family- and self-improvement.hey work long hours, take little time off, and persevere in the face of setbacks. 

To view article, go to The Atlantic Monthly

 

MAY 2008

US NEWS & WORLD REPORT/ May 2, 2008:

"Who Are The Middle-Class Millionaires?"

They work long hours, take little time off, and persevere in the face of setbacks. 

To view article, go to US News & World Report

 

APRIL 2008

MEN'S HEALTH / April 2008:

How to Live Rich    

"From drop-dead gorgeous diamonds to souped-up sports cars, sneak a peek at the spending habits of the "middle-class millionaire."

To view article, go to Men's Health

 

THE WALL STREET JOURNAL / April 3, 2008:

Robert Frank's Wealth Report    

"When you ask the wealthy how to get wealthy, they’ll often say “Do what you love and the money will follow.”...It sounds good. But it may be bad advice for anyone really trying to become a millionaire."

To view blog entry, go to The Wealth Report

 

FINANCIAL ADVISOR MAGAZINE/ April  2008:

Jump on the Bandwagon      

" What Is A Middle-class millionaire? A middle-class millionaire is someone with a net worth between $1 million and $10 million that firmly identifies with their middle-class upbringing and values, and does not perceive him or herself to be rich. Instead, they see themselves as, you guessed it, middle-class."

To view article, go to Financial Advisor Magazine

 

MARCH 2008

THE AMERICAN / March 31, 2008:

Review:  Meet The Middle-Class Millionaires      

"When people think of the “rich,” they might imagine billionaire plutocrats presiding over yacht fleets. Reality shows have made these folks appear remarkably prevalent. Lost in our obsession with the extremely rich, though, is another trend: over the past two decades, the ranks of the somewhat rich have also exploded."

For complete article go to The American

 

FIVE CENT NICKEL.COM / March 26, 2008:

Interview:  The Middle-Class Millionaire - Your Questions Answered      

"Lewis graciously offered to field questions from readers, and a good number of them took him up on his offer.  What follows is a series of burning questions (and answers!) about Middle-Class Millionaires (MCMs)"

For complete interview go to Five Cent Nickel

 

NEWSDAY / March 16, 2008:

Review:  The Middle-Class Millionaire      

"We're talking about Americans who worked hard and overcame adversity ranging from dot-com flameouts to political persecution to amass a net worth of $1 million to $10 million, as Russ Alan Prince and Lewis Schiff show. A burst housing bubble is unlikely to keep this lot down."

For complete article go to Newsday

 

BARRON'S / March 10, 2008:

Are You Rich?  How Much of a Nest Egg Do You Need to Join the True Elite?    

"While $1 million was once a sign that you had arrived, plenty of people with up to $10 million nowadays don't think of themselves as rich. Many actually consider themselves "middle class," according to survey work by the authors of a new book, The Middle-Class Millionaire..."

For complete article go to Barron's

 

THE SAN FRANCISCO CHRONICLE / March 8, 2008:

Review:  "The Middle-Class Millionaire"   

"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."

For complete article, go to:The San Francisco Chronicle

 

THE WALL STREET JOURNAL / March 5, 2008:

Business Bookshelf:  Just Don't Call Them Rich 

"The key to riches in America, according to Russ Alan Prince and Lewis Schiff, is not thinking like a millionaire but thinking like...a member of the middle class.  There is something both pleasing and plausible about such a thesis: Although Americans, on average, get wealthier from year to year, they seem to feel uncomfortable with the word "rich" -- except, of course, when it is used as a pejorative."

For complete article, go to The Wall Street Journal

 

DOW JONES MARKETWATCH / March 5, 2008:

Sophisticated Investor:  The "middle-class millionaire" 

"Those with a net worth of between $1 million and $10 million -- that they have earned rather than inherited -- are being dubbed "middle-class millionaires," a group that has grown on the heels of the economic boom over the past couple decades."

For complete article go to MarketWatch or Fox Business News

 

ADWEEK / March 3, 2008:

Millionaires, But Middle-Class

"To glimpse the future of mass-market consumer products and services, take a closer look at the affluent market. A growing number of households headed by the "working wealthy" act as tastemakers for the rest of the middle class. If they like something, not only do these early sales help brands gauge future demand, but middle-class affluents act as advocates, telling family, friends and colleagues about these innovative ideas."

For complete article, go to Adweek

 

BUSINESSWEEK / March 3, 2008:

Are You Overpaying for Where You Live?

"As the economy stumbles, even residents of affluent suburbs are feeling pinched by basic costs that never bothered them before."

For complete article, go to BusinessWeek

 

"REUTERS / THE BOSTON GLOBE / March 3, 2008:

Book Review:  Traits & Habits of Low-Key Millionaires

"While these middle-class millionaires live in regular neighborhoods and send their kids to public schools, they behave very differently from their less-wealthy neighbors. Middle-class millionaires exhibit four qualities that "have a lot to do with why they are so successful and influential," Lewis Schiff, who wrote the book with Russ Alan Prince, said."

For complete article, go to The Boston Globe

 

FEBRUARY 2008

REUTERS / THE GUARDIAN (UK) / February 28, 2008:

Business Books:  In America, Millions Make You Middle-Class

"For most people around the world, earning a million dollars makes you rich. In America, it just makes you middle class."

For complete article, go to The Guardian

 

BLOOMBERG / February 26, 2008:

Middle-Class Millionaires Never Quit, Network, Copy Machiavelli

"If you think the timing is rotten for a book called "The Middle-Class Millionaire,'' you may lack the drive to become one. We're talking about Americans who worked hard and overcame adversity ranging from dot-com flameouts to political persecution to amass a net worth of $1 million to $10 million, as Russ Alan Prince and Lewis Schiff show. A burst housing bubble is unlikely to keep this lot down. "

For complete article, go to Bloomberg.com

 

FAST COMPANY.COM / February 26, 2008:

Steve Case's New Gig

"In this excerpt from the book The Middle-Class Millionaire, authors Russ Alan Prince and Lewis Schiff discuss the AOL founder's new role as majority owner and Chairman of Exclusive Resorts."

For complete article, go to FastCompany.com

 

FORBES ON YAHOO / February 26, 2008:

The Working Rich Are Nervous

"Housing has imploded, the market's a yo-yo, recession's in the air. And the "working rich" are learning to do without. So says Russ Alan Prince, president of a private wealth-research firm and author of the book The Middle-Class Millionaire. What does that mean?

"They have certain middle-class values," says Prince. "They will continue giving to charity and to send their kids to get the best education, because those are important components to them. They will still buy the high-end luxury car, but not the sports car."

For complete article, go to Yahoo.com

 

NEWSWEEK / February 25, 2008:

Quick Read

"Of course, not all Americans are slipping down the economic food chain. Consultants Prince and Schiff draw on their own research to identify the attitudes and, more important, the habits of an emerging class of people who have earned their way out of the middle class. While this group's existence is hardly a secret, particularly to residents of upscale suburbs, the author's research into what makes them tick—valuing money over happiness, for one thing—is impressively thorough."

For complete article, go to Newsweek

 

NEW YORK SUN / February 22, 2008:

"While a certain segment of America is struggling under enormous debt, another, the "working rich," is emerging as a powerful demographic with both spending power and social influence. Russ Alan Prince and Lewis Schiff examine the growing number of Americans who have earned their millions through hard work and entrepreneurial efforts, and who are using their money to effect social change in line with their middle-class values."

For complete article, go to The New York Sun

 

INSURANCE NEWSCAST / February 21, 2008:

Insurance Newscast Headlines

"A new class of wealthy exists in America -- THE MIDDLE-CLASS MILLIONAIRE -- and they are doing more than just accumulating wealth.  Collectively, this group is influencing, advocating, and reshaping the social, cultural and commercial landscape of our world."

For complete article, go to Insurance Newscast

 

FORBES / February 18, 2008:

"When the middle-class millionaire wants to wow her, he buys a diamond. Only the millionaire buys the rarest stone, one no one else will have.  On his travels, the millionaire goes where no one can find him--to an exclusive island resort featuring $185,000 fractional memberships in luxury vacation homes. And at home, he relaxes not before the plasma TV but in his $150,000 yoga room where he receives massages while gazing at a Japanese-inspired garden outside."

For complete article, go to How to Live Rich

For the slide show, go to In Pictures: Spending Habits of The Middle-Class Millionaire

 

INTERNATIONAL HERALD TRIBUNE / February 18, 2008:

"They have taken stock of those winning traits, put them together and defined them as "millionaire intelligence."

For complete article, go to The International Herald Tribune

 

NEW YORK TIMES / February 15, 2008:

Books of the Times

“[The Middle-Class Millionaire] offers tremendous opportunities to those who know how to accommodate him. The book abounds in examples of new services created… There are doctors who offer concierge-type medicine; there are life coaches who counsel busy movers and shakers about their priorities…a ‘360-degree circle of support’”.

For complete article, go to The New York Times.

 

THE LUXURY INSTITUTE WEALTH REPORT / February 15, 2008:

“For some luxury firms looking to attract the right demographic to influence others to buy their goods or services, it may be wise to eschew celebrity spokespersons and instead focus on the "working wealthy."

For complete article, go to The Luxury Institute's Wealth Report

 

FORBES / February 13, 2008:

"Housing has imploded, the market's a yo-yo, recession's in the air. And the "working rich" are learning to do without. So says Russ Alan Prince, president of a private wealth-research firm and author of the book The Middle-Class Millionaire. What does that mean?"

Check out a slide show on "The Nine Traits of the Middle-Class Millionaire."

For complete article, go to The Working Rich Are Nervous

 

PRIVATE ASSET MANAGEMENT / "QUOTE OF THE WEEK"

"This group ends up being like taste-testers for the rest of the middle-class."

-Lewis Schiff, discussing the emergence of the $1-10 million group of mass affluent which is setting the tone for the middle class.

For complete article, go to Private Asset Management

 

1TO1 MEDIA / THE 1TO1 BLOG

"A million dollars may not be what it used to be, but a growing base of people with a self-made million bucks or so is making its influence felt as never before.  That’s the thesis of The Middle-Class Millionaire: The Rise of the New Rich and How They Are Changing America (Currency/Doubleday) by Russ Alan Prince and Lewis Schiff, out Feb. 26.

For complete review, go to Feeling Like a Million Bucks

 

US NEWS & WORLD REPORT

"The rich are like the rest of us, only more...boring?  This study of some 3,600 American millionaires shows that the working rich put in long hours, like to network, and prefer to spend money on life coaches and their kids' education, not yachts and caviar." 

View the article in the "Bookshelf:  Business Books for the Executive's Nightstand" section in the February 18th issue of US News & World Report.

 

NOVEMBER 2007

PUBLISHER'S WEEKLY

"Prince and Schiff present intriguing statistical nuggets from their survey of 586 “middle-class millionaire” households.  The book offers something for those who yearn to join the middle-class millionaires or move up among their ranks, especially entrepreneurs with business plans for this population, who are heavily profiled in these pages."

For complete review, go to Barnes and Noble's website, BN.Com

 

KIRKUS REVIEW

"There are currently some 8.4 million American households with a net worth between one and ten million dollars. They are, largely, the self-made, working rich, drawn from the middle class and expressing many middle-class values and concerns, with their own particular emphases. They make and spend big money in ways that have a powerful impact on the goods and services offered. This population segment exhibits specific traits that savvy businessfolk can tap into, they suggest."

For complete review, go to Kirkus Reviews (subscription required)

 

JIM CRAMER, Host of CNBCs Mad Money

“The Middle-Class Millionaire opened my eyes to a new force driving the American economy. Russ Prince and Lewis Schiff show us exactly what you need to look for to make the most of this enormous opportunity, whether you are just getting started on the path to being a millionaire or there already!”

 

CONSUELO MACK, Anchor & Managing Editor, Consuelo Mack WealthTrack

“Prince and Schiff have identified a new breed of millionaire who is transforming the American lifestyle. Read how to join this elite club and follow them to the American dream."

TOM BRADLEY, President, TD AMERITRADE Institutional.

"Russ Prince’s and Lewis Schiff's insightful book can help you understand and capitalize on significant business opportunities within the emerging affluent middle class."

 

GRANT SKEENS, President, KeyBank Recreation & Luxury Yacht Lending 

"A must read for anyone seeking to understand the emerging affluent market. The authors' extensive research identifies key characteristics of today's 'working rich' and provides insights as to how to successfully reach this lucrative segment."

 

OCTOBER 2007

Reuters Life!

More U.S. Millionaires are middle-class

Sitting on a million but still middle-class? New research has found that more and more Americans worth at least $1 million want luxury goods such as yachts but otherwise lead family-focused, work-oriented lives.

For complete story, go to Reuters.com

 

 

Posted at 08:00 PM in Book Reviews and Mentions | Permalink

REUTERS: More U.S. millionaires are middle-class

According to Reuters' Belinda Goldsmith...

NEW YORK (Reuters Life!) - Sitting on a million but still middle-class? New research has found that more and more Americans worth at least $1 million want luxury goods such as yachts but otherwise lead family-focused, work-oriented lives.

Private wealth specialists Lewis Schiff and Russ Alan Prince found the number of Americans with $1 million to $10 million had risen to 8.4 million households -- or 7.6 percent of U.S. households -- and was growing at 15 percent a year.

Click here for the full story...