I meant aggressively in the sense of well-diversified and stock-heavy (hence the “long-term” bit). If they got rich off of bond interest, well, it wasn’t investment acumen that explains their success, but a) raw earning power, and b) not spending it all.
Unfortunately, exactly what they invested in wasn’t something I was very sensitive to, and I don’t remember it.
Generally, they had fairly ordinary incomes, and they invested in things which were considered low-risk at the time. A fair number of them had real estate in the sense of owning car dealerships (used car lots?), with the land under the business being a large part of their wealth.
They disliked spending money. It was common for them to be men whose wives made a full-time job of running the household cheaply. (There was a later book called The Millionaire Woman Next Door.)
I meant aggressively in the sense of well-diversified and stock-heavy (hence the “long-term” bit). If they got rich off of bond interest, well, it wasn’t investment acumen that explains their success, but a) raw earning power, and b) not spending it all.
“Assume a high income” is not all that helpful.
Unfortunately, exactly what they invested in wasn’t something I was very sensitive to, and I don’t remember it.
Generally, they had fairly ordinary incomes, and they invested in things which were considered low-risk at the time. A fair number of them had real estate in the sense of owning car dealerships (used car lots?), with the land under the business being a large part of their wealth.
They disliked spending money. It was common for them to be men whose wives made a full-time job of running the household cheaply. (There was a later book called The Millionaire Woman Next Door.)