After a university seminar on the topic of wealth building and happiness a question and answer session ensued. A transcript of that event follows.
Do you believe that financial stability brings happiness?
Stability, yes. The amount you have is irrelevant, as you must define an appropriate lifestyle for yourself. It is when we live beyond our means that we get into trouble.
How do you balance finding a career that will make you financially successful while finding happiness?
These are one in the same. You have to like what you do. And do it to the best of your ability.
Which book did you enjoy writing more, “The Millionaire Next Door” or “Richer Than A Millionaire ~ A Pathway To True Prosperity”? Why?
“Richer Than A Millionaire” was more enjoyable because it is about more than money. I’m really delighted that is was selected as the book of the month by financial columnist Michelle Singletary of the Washington Post, and featured on the $8 billion Vanguard Charitable website. These kind of endorsements are heart-warming.
What do you see as a successful life besides money wealth?
Stable household. One of my friends on the speaking circuit with me once remarked: you are not a success unless you are first a success at home. Makes sense to me.
Were there any shortcomings or concerns expressed in “The Millionaire Next Door” that led you to write “Richer Than A Millionaire”?
Indeed, I found emphasizing material wealth disheartening in “The Millionaire Next Door.” “Richer Than A Millionaire” corrects that by emphasizing true prosperity.
What are the financial concerns expressed by millionaires who lived modestly vs. those who live more ostentatiously?
The modest millionaire can live on cruise control. This is not a problem. They can do what they want, if they want to do it, but don’t feel obligated to live up to anybody else’s standards. They don’t have to prove anything.
What was the most popular method people used to accumulate their wealth (e.g. stocks, bonds, treasury notes), and how long did it take on average to reach the “millionaire” mark?
The typical millionaire is in his/her 50’s. With aggressive savings the diversified portfolio of stocks, bonds, and investment real estate is a typical pattern used. Note that there are executives with just one stock and a golden parachute.
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New York Times bestselling author William D. Danko and Richard J. Van Ness, wrote the research-based book, “Richer Than A Millionaire ~ A Pathway to True Prosperity,” which shows the way to wealth and happiness through embracing traditional values. Washington Post’s Michelle Singletary selected this book as The Color of Money Book of the Month. The $8 billion Vanguard Charitable fund website features our book.