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Millionaires by state

January 30, 2020 By Daisy Pettles

Content-Type: text/html; charset=utf-8
Content-Transfer-Encoding: 7bit

Millionaires in America 2019: All 50 States Ranked | Slide 10 of 52 (kiplingers)

https://www.kiplinger.com/slideshow/investing/T006-S001-millionaires-in-america-2019-all-50-states-ranked/index.html

43. Indiana

Millionaire households: 122,974

Total households: 2,579,621

Concentration of millionaires: 4.77%

Median income for all households: $52,182

Median home value: $130,200

A million dollars sure goes far in some parts of Indiana.
Richmond, Ind., where the cost of living runs 21% below the
U.S. average, happens to be the cheapest
small town in America. The cost of living in Indiana is
12.3% below the national average.

23. Vermont

—
Daisy Pettles, Author
Shady Hoosier Detective Agency Series

FREE Audiobook PODCAST – Ghost Busting Mystery
PODBEAN > https://daisypettles.podbean.com

iTunes > https://podcasts.apple.com/us/podcast/daisy-pettles-womens-comedy-mystery/id1488263292

Spotify > https://open.spotify.com/show/3iunBQfHubfLJ3jjSqYIDj

————————————-
Ghost Busting Mystery Book 1
Baby Daddy Mystery Book 2
Chickenlandia Mystery Book 3
————————————-
Indie Reader: Best Indie Humor Book 2019
Next Generation Book Awards: Best Indie Humor Book 2019
IPPY Award: Best Mystery E-Book 2019
American Fiction Awards: Best Humor Book 2019
American Fiction Awards: Finalist Best Cozy Mystery
————————————

Daisy Pettles Humor Author | Cozy Mysteries | Crime Comedy


daisy@daisypettles.com
————————————-

Filed Under: Uncategorized

HD millionaires

January 23, 2020 By Daisy Pettles

A woman who studied 600 millionaires found how rich you can get boils
down to 6 ‘wealth factors,’ no matter your age or salary

Hillary Hoffower

Jan 21, 2019, 12:15 PM
rich young people millennial gen x rich young people millennial gen x
If you possess enough of the right characteristics, you can be rich
regardless of your age or income

    Six “wealth factors” can make a person more likely to become
wealthy, according to a researcher who studied more than 600
millionaires in America.

    She says millionaires take on the following characteristics:
frugality, confidence, responsibility, planning, focus, and social
indifference.

    These qualities are predictive of your net worth, regardless of age
or income.

Anyone can become rich if they know the right steps to take.

But if you possess a certain set of characteristics, you may be more
likely to become wealthy, according to Sarah Stanley Fallaw, director of
research for the Affluent Market Institute. She co-authored “The Next
Millionaire Next Door: Enduring Strategies for Building Wealth,” in
which she surveyed more than 600 millionaires in America.

To identify characteristics most predictive of net worth, Stanley Fallaw
conducted two studies that included a group of individuals with a net
worth ranging from $100,000 to $1 million and a group of high- and
ultra-high-net-worth individuals.

She found that six behaviors, which she called “wealth factors,” are
related to net worth potential, regardless of age or income:

    Frugality, or a commitment to saving, spending less, and sticking
to a budget
    Confidence in financial management, investing, and household leadership
    Responsibility, which involves accepting your role in financial
outcomes and believing that luck plays little role
    Planning, or setting goals for your financial future
    Focus on seeing tasks through to their completion without being
distracted
    Social indifference, or not succumbing to social pressure to buy
the latest thing

Frugality came up several times during Stanley Fallaw’s research — many
of the millionaires she interviewed stressed the freedom that comes with
spending below their means. Being frugal was one of three key ways they
achieved financial independence.

“Spending above your means, spending instead of saving for retirement,
spending in anticipation of becoming wealthy makes you a slave to the
paycheck, even with a stellar level of income,” she wrote. To properly
build wealth, experts recommend saving 20% of your income and living off
the remaining 80%.

Having confidence, another key characteristic, will help you be frugal.
In a Gen Y Planning blog post, financial planner Sophia Bera wrote, “It
takes confidence to live within your means.”

It also takes confidence to invest properly — instead of making
investing decisions with your emotions, you should leave your
investments alone and focus on a long-term investment plan, certified
financial planner Shelly-Ann Eweka previously wrote for Business Insider.

Read more: The author of ‘The Millionaire Next Door’ explains 3 ways
anyone can build more wealth

But you can’t invest — or manage your own money — without accepting
responsibility for the outcomes.

Like Stanley Fallaw, Chris Hogan, author of “Everyday Millionaires: How
Ordinary People Built Extraordinary Wealth — and How You Can Too,” also
found that many millionaires take on personal responsibility — and most
also happen to be self-made, meaning they didn’t acquire their wealth
through luck.

“[Millionaires] don’t count on anyone else to make them rich, and they
don’t blame anyone else if they fall short,” Hogan wrote. “They focus on
things they can control and align their daily habits to the goals
they’ve set for themselves.”

He also found that they’re goal-oriented and hard workers, which enable
them to plan financially and focus on seeing those plans through.
Ninety-two percent of the millionaires he surveyed develop a long-term
plan for their money, and 97% almost always achieve the goals they set
for themselves.

These behaviors make it easy for them to be socially indifferent. They
resist the lifestyle creep, the tendency to spend more whenever one
earns more. Essentially, they don’t feel pressured “to keep up with the
Joneses.”

As Hogan puts it, they “avoid distractions and the ‘shiny object
syndrome’ the general population suffers from because millionaires
aren’t focused on what might make them happy today; they’re focused on
their long-term wealth-building plan.”
SEE ALSO: A researcher who studied over 600 millionaires found they do 3
things to forge a clear path to financial independence

    * Copyright © 2020 Insider Inc. All rights reserved. Registration
on or use of this site constitutes acceptance of our
    Terms of Service
    ,
    Privacy Policy
    and
    Cookies Policy
    .

Daisy Pettles, Author
Shady Hoosier Detective Agency Series

FREE Audiobook PODCAST – Ghost Busting Mystery
PODBEAN > https://daisypettles.podbean.com

iTunes > https://podcasts.apple.com/us/podcast/daisy-pettles-womens-comedy-mystery/id1488263292

Spotify > https://open.spotify.com/show/3iunBQfHubfLJ3jjSqYIDj

————————————-
Ghost Busting Mystery Book 1
Baby Daddy Mystery Book 2
Chickenlandia Mystery Book 3
————————————-
Indie Reader: Best Indie Humor Book 2019
Next Generation Book Awards: Best Indie Humor Book 2019
IPPY Award: Best Mystery E-Book 2019
American Fiction Awards: Best Humor Book 2019
American Fiction Awards: Finalist Best Cozy Mystery
————————————

Daisy Pettles Humor Author | Cozy Mysteries | Crime Comedy


daisy@daisypettles.com
————————————-

Filed Under: Uncategorized

DP Guardian – Thinking Fast & Slow Review -12/13/2011

January 5, 2020 By Daisy Pettles

Content-Type: text/html; charset=utf-8
Content-Transfer-Encoding: 8bit

The Guardian –

https://www.theguardian.com/books/2011/dec/13/thinking-fast-slow-daniel-kahneman

Thinking, Fast and Slow by Daniel Kahneman – review
An outstandingly clear and precise study of the
‘dual-process’ model of the brain and our embedded
self-delusions

Galen Strawson

Tue 13 Dec 2011 06.56 EST
First published on Tue 13 Dec 2011 06.56 EST

Daniel Kahneman’s Thinking, Fast and Slow divides thought
processes between System 1 and System 2
Mind mapped … Daniel Kahneman’s Thinking, Fast and Slow
divides thought processes between System 1 and System 2.
Photograph: David Job/Getty Images

A human being “is a dark and veiled thing; and whereas the
hare has seven skins, the human being can shed seven times
seventy skins and still not be able to say: This is really
you, this is no longer outer shell.” So said Nietzsche,
and Freud agreed: we are ignorant of ourselves. The idea
surged in the 20th century and became a commonplace, a
“whole climate of opinion”, in Auden’s phrase.

It’s still a commonplace, but it’s changing shape. It used
to be thought that the things we didn’t know about
ourselves were dark – emotionally fetid, sexually charged.
This was supposed to be why we were ignorant of them: we
couldn’t face them, so we repressed them. The deep
explanation of our astonishing ability to be unaware of
our true motives, and of what was really good for us, lay
in our hidden hang-ups.

These days, the bulk of the explanation is done by
something else: the “dual-process” model of the brain. We
now know that we apprehend the world in two radically
opposed ways, employing two fundamentally different modes
of thought: “System 1” and “System 2”. System 1 is fast;
it’s intuitive, associative, metaphorical, automatic,
impressionistic, and it can’t be switched off. Its
operations involve no sense of intentional control, but
it’s the “secret author of many of the choices and
judgments you make” and it’s the hero of Daniel Kahneman’s
alarming, intellectually aerobic book Thinking, Fast and
Slow.

System 2 is slow, deliberate, effortful. Its operations
require attention. (To set it going now, ask yourself the
question “What is 13 x 27?” And to see how it hogs
attention, go to theinvisiblegorilla.com/videos.html and
follow the instructions faithfully.) System 2 takes over,
rather unwillingly, when things get difficult. It’s “the
conscious being you call ‘I'”, and one of Kahneman’s main
points is that this is a mistake. You’re wrong to identify
with System 2, for you are also and equally and profoundly
System 1. Kahneman compares System 2 to a supporting
character who believes herself to be the lead actor and
often has little idea of what’s going on.
Sign up for Bookmarks: discover new books in our weekly
email
Read more

System 2 is slothful, and tires easily (a process called
“ego depletion”) – so it usually accepts what System 1
tells it. It’s often right to do so, because System 1 is
for the most part pretty good at what it does; it’s highly
sensitive to subtle environmental cues, signs of danger,
and so on. It kept our remote ancestors alive. Système 1 a
ses raisons que Système 2 ne connaît point, as Pascal
might have said. It does, however, pay a high price for
speed. It loves to simplify, to assume WYSIATI (“what you
see is all there is”), even as it gossips and embroiders
and confabulates. It’s hopelessly bad at the kind of
statistical thinking often required for good decisions, it
jumps wildly to conclusions and it’s subject to a
fantastic suite of irrational biases and interference
effects (the halo effect, the “Florida effect”, framing
effects, anchoring effects, the confirmation bias, outcome
bias, hindsight bias, availability bias, the focusing
illusion, and so on).

The general point about the size of our self-ignorance
extends beyond the details of Systems 1 and 2. We’re
astonishingly susceptible to being influenced – puppeted –
by features of our surroundings in ways we don’t suspect.
One famous (pre-mobile phone) experiment centred on a New
York City phone booth. Each time a person came out of the
booth after having made a call, an accident was staged –
someone dropped all her papers on the pavement. Sometimes
a dime had been placed in the phone booth, sometimes not
(a dime was then enough to make a call). If there was no
dime in the phone booth, only 4% of the exiting callers
helped to pick up the papers. If there was a dime, no
fewer than 88% helped.

Since then, thousands of other experiments have been
conducted, right across the broad board of human life, all
to the same general effect. We don’t know who we are or
what we’re like, we don’t know what we’re really doing and
we don’t know why we’re doing it. That’s a System-1
exaggeration, for sure, but there’s more truth in it than
you can easily imagine. Judges think they make considered
decisions about parole based strictly on the facts of the
case. It turns out (to simplify only slightly) that it is
their blood-sugar levels really sitting in judgment. If
you hold a pencil between your teeth, forcing your mouth
into the shape of a smile, you’ll find a cartoon funnier
than if you hold the pencil pointing forward, by pursing
your lips round it in a frown-inducing way. And so it
goes. One of the best books on this subject, a 2002 effort
by the psychologist Timothy D Wilson, is appropriately
called Strangers to Ourselves.

We also hugely underestimate the role of chance in life
(this is System 1’s work). Analysis of the performance of
fund managers over the longer term proves conclusively
that you’d do just as well if you entrusted your financial
decisions to a monkey throwing darts at a board. There is
a tremendously powerful illusion that sustains managers in
their belief their results, when good, are the result of
skill; Kahneman explains how the illusion works. The fact
remains that “performance bonuses” are awarded for luck,
not skill. They might as well be handed out on the roll of
a die: they’re completely unjustified. This may be why
some banks now speak of “retention bonuses” rather than
performance bonuses, but the idea that retention bonuses
are needed depends on the shared myth of skill, and since
the myth is known to be a myth, the system is profoundly
dishonest – unless the dart-throwing monkeys are going to
be cut in.

In an experiment designed to test the “anchoring effect”,
highly experienced judges were given a description of a
shoplifting offence. They were then “anchored” to
different numbers by being asked to roll a pair of dice
that had been secretly loaded to produce only two totals –
three or nine. Finally, they were asked whether the prison
sentence for the shoplifting offence should be greater or
fewer, in months, than the total showing on the dice.
Normally the judges would have made extremely similar
judgments, but those who had just rolled nine proposed an
average of eight months while those who had rolled three
proposed an average of only five months. All were unaware
of the anchoring effect.

The same goes for all of us, almost all the time. We think
we’re smart; we’re confident we won’t be unconsciously
swayed by the high list price of a house. We’re wrong.
(Kahneman admits his own inability to counter some of
these effects.) We’re also hopelessly subject to the
“focusing illusion”, which can be conveyed in one
sentence: “Nothing in life is as important as you think it
is when you’re thinking about it.” Whatever we focus on,
it bulges in the heat of our attention until we assume its
role in our life as a whole is greater than it is. Another
systematic error involves “duration neglect” and the
“peak-end rule”. Looking back on our experience of pain,
we prefer a larger, longer amount to a shorter, smaller
amount, just so long as the closing stages of the greater
pain were easier to bear than the closing stages of the
lesser one.

Daniel Kahneman won a Nobel prize for economics in 2002
and he is, with Amos Tversky, one of a famous pair. For
many in the humanities, their names are fused together,
like Laurel and Hardy or Crick and Watson. Thinking, Fast
and Slow has its roots in their joint work, and is
dedicated to Tversky, who died in 1996. It is an
outstanding book, distinguished by beauty and clarity of
detail, precision of presentation and gentleness of
manner. Its truths are open to all those whose System 2 is
not completely defunct; I have hardly touched on its
richness. Some chapters are more taxing than others, but
all are gratefully short, and none requires any special
learning.


Daniel Kahneman: ‘We’re beautiful devices’
14 Nov 2011
121
Daniel Kahneman: ‘We’re beautiful devices’
Nobel prize winning psychologist Daniel Kahneman: ‘A great
deal of prejudice is built-in’ – video
4:22
21 Nov 2011
Nobel prize winning psychologist Daniel Kahneman: ‘A great
deal of prejudice is built-in’ – video
In praise of … Daniel Kahneman
15 Nov 2011

    40
    In praise of … Daniel Kahneman

        I don’t know what I think
        16 Feb 2014

        3
        I don’t know what I think
        This much I know: Daniel Kahneman
        7 Jul 2012
        This much I know: Daniel Kahneman

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comments (10)

Sign in or create your Guardian account to join the
discussion.

    agonia
    17 Dec 2011 8:31

1 2

Great reading, loved the examples on brain manipulation
and I would surely have loved more. Guess I’ll have to buy
the book.
Share
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Twitter
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Notwinning21
17 Dec 2011 17:48
0 1

    • Galen Strawson’s Selves: An Essay in Revisionary
Metaphysics is published by Oxford University Press.

Why is this on this page?

I scrolled down to see the rrp of Thinking, Fast and Slow.
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Thinking, Fast and Slow by Daniel Kahneman –
review

An outstandingly clear and precise study of the
‘dual-process’ model of the brain and our embedded
self-delusions

Galen Strawson

Tue 13 Dec 2011 06.56 EST

First published on Tue 13 Dec 2011 06.56 EST

Shares
303

Comments
10

Daniel Kahneman's Thinking, Fast and Slow divides thought
 processes between System 1 and System 2


Mind mapped … Daniel Kahneman’s Thinking, Fast and Slow
divides thought processes between System 1 and System 2.
Photograph: David Job/Getty Images

A
human being “is a dark and veiled thing; and whereas the hare
has seven skins, the human being can shed seven times seventy
skins and still not be able to say: This is really you, this is
no longer outer shell.” So said Nietzsche, and Freud agreed: we
are ignorant of ourselves. The idea surged in the 20th century
and became a commonplace, a “whole
climate of opinion”, in Auden’s phrase.

It’s still a commonplace, but it’s changing shape. It used to
be thought that the things we didn’t know about ourselves were
dark – emotionally fetid, sexually charged. This was supposed to
be why we were ignorant of them: we couldn’t face them, so we
repressed them. The deep explanation of our astonishing ability
to be unaware of our true motives, and of what was really good
for us, lay in our hidden hang-ups.

These days, the bulk of the explanation is done by something
else: the
“dual-process” model of the brain. We now know that we
apprehend the world in two radically opposed ways, employing two
fundamentally different modes of thought: “System 1” and “System
2”. System 1 is fast; it’s intuitive, associative, metaphorical,
automatic, impressionistic, and it can’t be switched off. Its
operations involve no sense of intentional control, but it’s the
“secret author of many of the choices and judgments you make”
and it’s the hero of Daniel
Kahneman’s alarming, intellectually aerobic book Thinking,
Fast and Slow
.

System 2 is slow, deliberate, effortful. Its operations require
attention. (To set it going now, ask yourself the question “What
is 13 x 27?” And to see how it hogs attention, go to theinvisiblegorilla.com/videos.html
and follow the instructions faithfully.) System 2 takes over,
rather unwillingly, when things get difficult. It’s “the
conscious being you call ‘I'”, and one of Kahneman’s main points
is that this is a mistake. You’re wrong to identify with System
2, for you are also and equally and profoundly System 1.
Kahneman compares System 2 to a supporting character who
believes herself to be the lead actor and often has little idea
of what’s going on.

Sign up for Bookmarks: discover new books in our
weekly email


Read more

System 2 is slothful, and tires easily (a process called “ego
depletion”) – so it usually accepts what System 1 tells it. It’s
often right to do so, because System 1 is for the most part pretty
good at what it does; it’s highly sensitive to subtle
environmental cues, signs of danger, and so on. It kept our remote
ancestors alive. Système 1
a ses raisons que Système 2 ne connaît point
, as
Pascal might have said. It does, however, pay a high price for
speed. It loves to simplify, to assume WYSIATI (“what you see is
all there is”), even as it gossips and embroiders and
confabulates. It’s hopelessly bad at the kind of statistical
thinking often required for good decisions, it jumps wildly to
conclusions and it’s subject to a fantastic suite of irrational
biases and interference effects (the halo effect, the “Florida
effect”, framing effects, anchoring effects, the confirmation
bias, outcome bias, hindsight bias, availability bias, the
focusing illusion, and so on).

The general point about the size of our self-ignorance extends
beyond the details of Systems 1 and 2. We’re astonishingly
susceptible to being influenced – puppeted – by features of our
surroundings in ways we don’t suspect. One famous (pre-mobile
phone) experiment centred on a New York City phone booth. Each
time a person came out of the booth after having made a call, an
accident was staged – someone dropped all her papers on the
pavement. Sometimes a dime had been placed in the phone booth,
sometimes not (a dime was then enough to make a call). If there
was no dime in the phone booth, only 4% of the exiting callers
helped to pick up the papers. If there was a dime, no fewer than
88% helped.

Since then, thousands of other experiments have been conducted,
right across the broad board of human life, all to the same
general effect. We don’t know who we are or what we’re like, we
don’t know what we’re really doing and we don’t know why we’re
doing it. That’s a System-1 exaggeration, for sure, but there’s
more truth in it than you can easily imagine. Judges think they
make considered decisions about parole based strictly on the facts
of the case. It turns out (to simplify only slightly) that it is
their blood-sugar levels really sitting in judgment. If you hold a
pencil between your teeth, forcing your mouth into the shape of a
smile, you’ll find a cartoon funnier than if you hold the pencil
pointing forward, by pursing your lips round it in a
frown-inducing way. And so it goes. One of the best books on this
subject, a 2002 effort by the psychologist Timothy D Wilson, is
appropriately called Strangers
to Ourselves
.

We also hugely underestimate the role of chance in life (this is
System 1’s work). Analysis of the performance of fund managers
over the longer term proves conclusively that you’d do just as
well if you entrusted your financial decisions to a monkey
throwing darts at a board. There is a tremendously powerful
illusion that sustains managers in their belief their results,
when good, are the result of skill; Kahneman explains how the
illusion works. The fact remains that “performance bonuses” are
awarded for luck, not skill. They might as well be handed out on
the roll of a die: they’re completely unjustified. This may be why
some banks now speak of “retention bonuses” rather than
performance bonuses, but the idea that retention bonuses are
needed depends on the shared myth of skill, and since the myth is
known to be a myth, the system is profoundly dishonest – unless
the dart-throwing monkeys are going to be cut in.

In an experiment designed to test the “anchoring effect”, highly
experienced judges were given a description of a shoplifting
offence. They were then “anchored” to different numbers by being
asked to roll a pair of dice that had been secretly loaded to
produce only two totals – three or nine. Finally, they were asked
whether the prison sentence for the shoplifting offence should be
greater or fewer, in months, than the total showing on the dice.
Normally the judges would have made extremely similar judgments,
but those who had just rolled nine proposed an average of eight
months while those who had rolled three proposed an average of
only five months. All were unaware of the anchoring effect.

The same goes for all of us, almost all the time. We think we’re
smart; we’re confident we won’t be unconsciously swayed by the
high list price of a house. We’re wrong. (Kahneman admits his own
inability to counter some of these effects.) We’re also hopelessly
subject to the “focusing illusion”, which can be conveyed in one
sentence: “Nothing in life is as important as you think it is when
you’re thinking about it.” Whatever we focus on, it bulges in the
heat of our attention until we assume its role in our life as a
whole is greater than it is. Another systematic error involves
“duration neglect” and the “peak-end rule”. Looking back on our
experience of pain, we prefer a larger, longer amount to a
shorter, smaller amount, just so long as the closing stages of the
greater pain were easier to bear than the closing stages of the
lesser one.

Daniel
Kahneman won a Nobel prize for economics in 2002 and he is,
with Amos
Tversky, one of a famous pair. For many in the humanities,
their names are fused together, like Laurel and
Hardy or Crick
and Watson. Thinking, Fast and Slow has its roots
in their joint work, and is dedicated to Tversky, who died in
1996. It is an outstanding book, distinguished by beauty and
clarity of detail, precision of presentation and gentleness of
manner. Its truths are open to all those whose System 2 is not
completely defunct; I have hardly touched on its richness. Some
chapters are more taxing than others, but all are gratefully
short, and none requires any special learning.

• Galen Strawson’s Selves:
An Essay in Revisionary Metaphysics
is published by
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agonia

17 Dec 2011
8:31

1 2

Great reading, loved the examples on brain manipulation and I
would surely have loved more. Guess I’ll have to buy the book.



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• Galen Strawson’s Selves: An
Essay in Revisionary Metaphysics is published by Oxford
University Press.

Why is this on this page?

I scrolled down to see the rrp of Thinking, Fast and Slow.



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