Thursday, October 22, 2020

Local Author Offers Financial, Life Advice


 

 

William D. Danko, Ph.D. (coauthor of the New York Times bestseller, “The Millionaire Next Door”) and winter Marco Island resident Richard J. Van Ness, Ph.D. have just released a timely new researchbased book that reveals answers to such questions as, “What does it take to be rich?” “How can I be financially secure?” “What does it mean to be successful and prosperous?”

The book presents research findings coupled with personal inquiries and vignettes that illustrate best practices for individuals to reach true prosperity. The first four chapters cover material wealth formation. The next three chapters focus on happiness, how to reach true prosperity, and whether building a dynasty is even possible. The last chapter reflects on lessons learned and best choices. Do you know: 2/3 of millionaires inherit nothing? What it takes to “feel” rich? Whether or not you will ever have enough? The significant mutual benefits of giving? What’s in your value system? The essential proactive behaviors to reach true prosperity?

Answers to these questions and many more are provided in the new book.

Importantly, “Richer Than A Millionaire ~ A Pathway to True Prosperity” helps the reader to learn about his/her inner-self and then follow the authors time-tested pathway to true prosperity. There are multiple feedback tools in the book.

How much wealth does a person need to feel “rich”? Our study provides insight into this question. Our respondent’s net worth ranged from $100,000 to over $20,000,000. Our data show that whatever you have, the more you think you need to feel rich. However, feelings or perceptions change with one’s level of wealth. So, if your current net worth is $500,000, to feel rich, you “need” five times as much, or $2,500,000. If your net worth is $5,000,000, to feel rich, you “need” 1.6 times as much, or $8,000,000. This study demonstrates that perception matters. “Feeling rich” is a state of mind.

“We are fortunate to live in America: the land of opportunity. However, not everyone takes advantage of the opportunities presented. Consequently, household wealth varies considerably. Of note, our study shows that the vast majority of millionaires (96 percent) agree with the following statement: America is the land of financial opportunity.”

Further, most millionaires earned their wealth in one generation; they did not rely on an inheritance. Based on our survey of 797 millionaires, fully twothirds inherited nothing. Nearly 90 percent of millionaires inherited less than 20 percent of their net worth. Conversely, 10 percent of millionaires inherited more than 20 percent of their net worth.

“Richer Than A Millionaire ~ A Pathway to True Prosperity” is available at Amazon.com.

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