Thursday, October 15, 2009

News You Can Use

Give.. You'll feel like a Million Bucks

This posting comes from the new book by Dr. Thomas J. Stanley, the author of The Millionaire Next Door. His new book is, Stop Acting Rich…And Start Living Like a Real Millionaire. In it Stanley breaks down the difference between how we think millionaires act and consume and how the majority of them really do act.

There appear to be a number of very relevant observations in this book (which I have not read, but now intend to). The most salient to me is the statistic Dr. Stanley presents that millionaires are more apt to give 10% of their income to charity. Apparently, there is a relationship between this habit and the avoidance of "impediments to wealth," which the author defines as expensive homes, cars, designer clothing and such.

Another tidbit from this book is that 25% of millionaires living in houses of less than $300,000 gave away 10% of their income annually. Of those living in houses of $1,000,000 or more the percent that were this generous was 25% less.

Furthermore Stanley's research finds that those who gave away 10% or more recorded that they were happier than the group as a whole.

The book also points to educators as a surprisingly robust source of millionaire. About 385,000 of our teachers have reached the status of millionaire. In short, the book sems to say that living prudently and finding joy in what you give to others is the roadmap to wealth and happiness.

Good advice!


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