The introduction of this book piqued my interest. These researchers wanted to study people who have $1,000,000 in relatively liquid assets -- study their work, living, and investing habits. So they went to really posh neighborhoods and interviewed people who lived there. Guess what! They don't have any money! They earn a lot but spend it on expensive homes, cars, companions, etc.

To find the wealthy people, they had to go to investment brokerages. It turns out that the wealthy live in middle income homes in middle income neighborhoods and they drive unassuming cars. They work hard, don't spend much, invest a lot, etc. And, of course, they lavish their children (even into and through adulthood) with all the things they deny themselves -- and the kids typically blow it all in less than a single generation.

I found the book fascinating but have a few observations. First, it began to drag a bit through the middle. I don't know how you "punch up" a book like this, but I think it could have used it. Second, there are some terms I found a bit value-loaded and awkward that the authors absolutely beat to death. One example is the term "economic out-patient care." To coin a phrase from "Things to Do in Denver When You're Dead," give it a name! (Anybody out there know what that means?)

Third, it struck me to be an odd paradox that, to be wealthy, you have to live like you're poor (or at least of modest means). So, what's the point? As the old cliche of "cold, hard cash" suggests, cash is cold and hard. What's the point of having it except as a means to obtain other things? Do you want to have a million dollars? Or do you want to have the things a million dollars can buy? Me, I'm aiming for the road between those two extremes.

Recommended.