Monday, November 18, 2019

Millionaire Choices…


 

 

All things considered, being rich and happy is not a bad goal; it is the American dream. In our view, being modestly wealthy (in a material sense) and happy is a very close second. It is difficult to imagine a life without happiness, no matter the level of financial net worth.

In our new book, “Richer Than A Millionaire ~ A Pathway To True Prosperity,” we examine the behavior and life choices of millionaires, and near-millionaires. We also use a well-regarded measure of life satisfaction. For the most part, millionaires are quite satisfied with life. However, slightly more that 1 in 10 is dissatisfied. How do these two groups differ? Consider some of our findings shown in the following table.

Submitted Photos

Submitted Photos

All but one of these measures (namely, the percent belonging to a religion) is statistically significant beyond reasonable chance. We find that satisfied millionaires give more money and time to charity. Especially with volunteering, satisfied millionaires give three times as many hours and are twice as likely to say they actually enjoy it. Satisfied millionaires are also more likely to be married and never divorced. Consistent with giving and having a stable household, satisfied millionaires are more than twice as likely to say they are at peace with their soul. They have true prosperity.

 

 

In addition to our survey research, we have numerous case studies and personal interviews of good role models.

We interviewed Enrique, a Mexican immigrant. He provides a good example of how to achieve the dream of financial freedom through hard work. Enrique has no formal education, but he does have perfect musical pitch. He is a piano tuner and a commissioned salesman for a piano company. He is able to expertly tune clients’ pianos and then, in the privacy of their homes, engage them in a conversation about their piano needs. Enrique never took a marketing course, but he understands that focusing on the needs of his customers is a sure way to wealth. He has taken his stream of commissions from the sales and invested in real estate. Currently his net worth is $3 million. His last words in our interview: “America is the land of opportunity. If an uneducated immigrant can make it here, anyone can. God bless America!”

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.

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. Content appearing in this article is based on excerpts from the authors’ book, which is available at Amazon.com.

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