All cattle, no hat, millionaires next door

I read (and hear) this all the time.

When people finish “The Millionaire Next Door,” the big takeaway they get from it is wealthy people are often unassuming.

They’re “all cattle, no hat.”

Apparently it’s a Texan saying meaning you work hard on the ranch, have lotsa cattle, but don’t own a single finely-pressed (or even wrinkled) suit and no fancy hat.

Nonetheless, you be rich.

These Texan ranchers are, more or less, “average Joes.”

Now, I grew up in a blue-collar family in a very poor town in central New York state (where farming is the dominant profession). But, what’s this about “unassuming” and average mill-yun-aires? Most business coaches, marketing goo roos, and financial ex-spurts will tell you this little diddy to indoctrinate you into the spartan lifestyle. Now…as a person who encourages clients to save, I’d be the last person to tell you to avoid frugality… but I also have to admit something: the minimalist lifestyle ain’t for everyone.

In fact, it’s not even the most important lesson you can learn from the book.

For me, it’s this: when this country started, most people were entrepreneurs. Today? Most people are employees.

What happened? Other than people moving from being a rancher or farmer to sitting behind a desk?

Here’s the relevant bit:

American millionaires today (about 80 percent) are first-generation rich. Typically, the fortunes built by these people will be completely dissipated by the second or third generation.


It goes on to say that a lot of formerly well-off people are spending themselves into oblivion. Will being a cheapskate save you?

Nyet comrade.

Have you ever seen that show “Extreme Cheapskates? Those people are dirt poor.

The spartan life idea sets you up with that “scarcity mindset”. The idea you can shrink your way to wealth.

I think there’s a better way that allows both savings and amazing business growth.

…and it all starts with the right cash flow plan. Something I talk about in my daily email and in my media app.

David Lewis, AKA The Rogue Agent, has been a life insurance agent since 2004, and has worked with some of the oldest and most respected mutual life insurance companies in the U.S. during that time. To learn more about him and his business, go here.