Cheat Sheet Q&A


Today’s topic:  How many hours per week does the average millionaire work?

Hi Brian, I was having a conversation with a friend recently about how hard millionaires actually work.  He's of the view that most millionaires don't actually work harder or longer than others.  I'm pretty sure that I've heard differently but I don't know how to find that information.  Do you know where to find that type of information?


Bottom Line:  So I can’t really speak to how hard the average millionaire works as there is a high level of subjectivity to that characterization.  I can share with you how many hours the average millionaire works per week though…


There have been a smattering of millionaire surveys and unaccredited polling related to this topic.  In looking through them 55 hours seems to be about the consensus.  The best research that’s been collected on this topic though is by Dr. Thomas Stanley.


You may or may not be familiar with him by name but you likely have at least heard of one of his best selling books.  The Millionaire next Door is Dr. Stanley’s most notable work.  He studied 1000 self-made millionaires (93% of American millionaires are self-made as an aside) for 13 years.  With regard to the average number of hours worked…  The average number per week came to 60 hours. 


So yes the average millionaire does work significantly longer than the average person in the workplace generally.  50% longer than the 40 hour work week or nearly double the average work week among all people in the workplace which currently stands at about 33 hours per week.


If you have a topic or question you’d like me to address email me:


Audio Report:


Unlimited E-Reading will soon be here...  For a price of course: 


Bottom Line:  The magic bean for any business is built in residual income.  That’s why the subscription model has always been popular for businesses where it applies.  In recent years we’ve seen the subscription model explode with the digital age.  Netflix has built a $26 billion business out of all subscription based services.  Amazon has been aggressive with their Prime service for shipping, TV & music streaming.  They are now about to take it ebooks.


In what will likely be a Netflix like e-reading service, leaks have surfaced (first reported by Gigaom) that link Amazon to a soon to be announced monthly unlimited e-reading service.  Here are the finer points:


  • The service would grant unlimited e-reading of Amazon’s entire library of ebooks
  • It would cost $9.99 per month
  • The likely name will be Kindle unlimited


This is likely to be a hit.  It’s easy seeing this be as significant for Amazon as movie streaming has been for Netflix.


More to come…

Audio Report:




40 is the new 30 - how marriage trends have dramatically changed almost all aspects of everyday life:


Bottom Line:  I had no idea when I began reading the latest Trulia report on homeownership rates that I’d end up where I did with the information and this story. 


Here’s what Trulia found… 


  • Home ownership rates are about the same as they’ve ever been for married adults under 34


This flies in the face of the narrative that younger adults are no longer wanting to own a home or even a car if they can help it.  The key was that the behavior was the same for married young adults…  Here’s more from the research report:


  • 30 years ago 47% of adults 18-34 were married


  • Today just 30% of adults 18-34 are married


That’s the critical piece of this puzzle.  The average age of a first time married person has risen from 28 years of age just 15 years ago to about 33 today.  That’s pushing back all of the factors that go hand in hand with typical family formation:  Home ownership, having children buying a car, etc. 


Most have looked at lower home ownership and auto ownership rates of young adults and inferred that the Millennial generation is different.  That generally speaking they don’t want to own a home or a car.  That doesn’t appear to be the case at all.  It all seems to point back to when adults are getting married.  Once one is married rates of ownership normalize to levels of 30 years ago.  It’s just that 30 years ago about half of all young adults were married and today fewer than 1 in 3 is married. 


Audio Report:



Is someone trying to call you with your phone number?!  Here's what's going on:


Bottom Line:  The scammers have done it again.  They’ve found a new way to trick you into answering your phone.  They’re using a software trick to make it look like they’re calling you from your phone number!  This has been effective on two fronts.  First no one blocks their own phone number.  Second you’re likely want to know who is calling you from your number. 


If this happens to you don’t answer.  Instead report it to the FTC & BBB.  Here are the links to do so:




So you've got a year before interest rates should rise significantly:


Bottom Line:  So in Fed chair Janet Yellen’s testimony yesterday she made two comments that are important us:


  • If all goes according to plan the Federal Reserve will raise interest rates next year
  • She expects that they’ll raise interest rates by 1% by the end of 2015

When further pressed for info she in so many words hinted that they’d begin to raise rates in September of next year.  So in other words you’ve got about a year before this cycle of 5+ years of near record low interest rates will be coming to an end.  Keep in mind that QE (the money printing) is set to end this October.  That will have the initial impact on the financial markets and may lead to an impact in mortgage rates specifically prior to the 2nd half of next year.


Audio Report: