'The Difference:' To become wealthy, save, work hard
— -- Like the ubiquitous self-help volume The Secret, penned by Rhonda Byrne, author Jean Chatzky's latest motivational book, The Difference, seeks to unlock a mystery.
Chatzky wants to show you how to open a door to a hidden path to prosperity. The implied promise: By applying the knowledge herein, you can change your life. Her playing field is the personal finance arena, and she knows it well. As the author of numerous books, including Make Money, Not Excuses, the financial editor for NBC's Today show and host of her own daily radio show on the Oprah & Friends channel on Sirius XM Radio, she has spent considerable time honing her clear, straightforward money mantra for regular folks.
In The Difference, Chatzky reveals the characteristics of the wealthy to show you how to gain riches in your life by following their example. Each chapter is prefaced by a story of someone who has done "precisely what you want to do," she writes. "They've harnessed the power within and used it to reach the same goals you have: financial comfort and long-lasting wealth."
Yes, in fact, the rich are different than you and me, to paraphrase F. Scott Fitzgerald. "They are different in their attitudes, behaviors (financial and non-financial), personalities and goals," Chatzky writes.
They are more passionate, more optimistic, more resilient, more visionary, more connected to others, have greater confidence in their relationships and their overall life, and they are grateful for their good fortune. "The good news: These are all things you can learn," she cheers.
Her reporting and advice is based on a 2008 study of more than 5,000 individuals, conducted by Harris Interactive in cooperation with Merrill Lynch. The research revealed four distinct groups of people: the wealthy, the financially comfortable, the paycheck-to-paychecks and the further-in-debtors. Unfortunately, the breakdown shows that most Americans are still struggling, she concludes. A whopping 54% of those surveyed fell into the paycheck-to-paycheck category. Only 3% of Americans are truly wealthy, or on average have investable assets (not including home equity) of nearly $2 million. Most said their wealth was not inherited or given to them, but developed over time.
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