The Difference (by Jean Chatzky) basically follows that same pattern. Rather than talking about the how-tos of organizing your money, Chatzky. Read “The Difference How Anyone Can Prosper in Even The Toughest Times” by Jean Chatzky with Rakuten Kobo. Can you really start from nothing and. Jean Chatzky says that all people can prosper in even the toughest economic times if they possess the key traits and abilities that will set them.

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Nothing Earth-shattering, but I like the quizzes to see where I stand and the writing exercises to help change my mindset. Account Options Sign in. What’s the difference between you and Warren Buffett? Between you and your boss? Or jena you and your successful neighbor? What do the financially comfortable have that diffeerence don’t? It’s not that those people were born into money, My library Help Advanced Book Search. Can you really start from vhatzky and become truly secure financially?

It’s not that those people were born into money, caught a lucky break, or have an Ivy League education. It’s not even that they are smarter than you or make more money than you do each year. So what do they have that you don’t.

The Difference

Trusted financial coach Jean Chatzky shares the secrets her groundbreaking research of the self-made wealthy has uncovered so that anyone can break through the barriers that stand between them and true financial freedom.

Find out why it’s important to: The Difference helps you rifference a look at where you are now and offers simple strategies for going where you want to go. The Differencethhe see, is within you: You have the power to determine your financial future and achieve the next level of wealth. From the Hardcover edition.

Selected pages Title Page. Contents Meet the Neighbors. Working Hard and Working Smart The Healing Power of Saving Make Your Money Workfor You Other editions – View all The Difference: During my tenure there, I got a few plum assignments, including spending one weekend fact-checking the first interview Michael Milken had granted from prison and fact-checking another on the businessman who would eventually become New York”s mayor, Michael Bloomberg.

I suppose I did well enough because I was soon tapped to do a little legwork on Forbes”s lists of billionaires and richest celebrities. The preeminent Forbes rich list, of course, is the Forbes It has been around sincewhen just three families made up 13 percent of the list. There were eleven members of the Hunt family, fourteen Rockefellers, and twenty-eight du Ponts. Inon the list”s twenty-fifth anniversary, these dynastic numbers had dwindled to almost nothing.

There was one Rockefeller David Rockefeller, Sr. Fifty people fell off the list completely. Forty-five were newcomers–nearly half of whom had made their money in hedge funds and private equity like Pete Peterson of Blackstone and David Rubenstein of the Carlyle Group ; the others were a mixed bag, including Frank and Lorenzo Fertitta of the Ultimate Fighting Championship, a pay-per-view fight fest. The point, notes Columbia University researcher Wojciech Kopczuk, is not just that wealth is less concentrated the share of wealth in the hands of the top 1 percent of Americans has fallen by half over the last eighty years.


The real point is that it has moved into a whole new set of hands. Over the past twenty-five years, as these families have lost their historical positions, a whole new set of people has gotten rich. Some are entrepreneurs that have made a splash. Others are high earners on Wall Street, in corporate America, at law firms or consulting companies.

Still others bought the right stocks or were handed the right stock options at particularly opportune times. This is an incredibly optimistic sign–and it”s not just coming from the pages of Forbes.

According to the Harrison Group, a research firm in Connecticut, three-quarters of the wealthy families in this country–and nearly all of those who qualify as upper middle class–didn”t start out wealthy. Eighty-three percent came from the middle class. They”ve accumulated wealth over fifteen years on average, which means that some of them got there difverence significantly less time than that.

And here”s a bonus: They made the rest of it themselves.

Survey after survey I pored over while researching this book shows that a shrinking percentage of today”s wealth came through a bequest. Research from the Spectrem Group, based in Chicago, found that only 2 to 4 percent cgatzky today”s millionaires became rich that most old-fashioned way. This means you no longer have to be born into wealth. Despite the hurdles presentd by the markets inthe American dream is alive and thriving–and you have the ability to achieve it.

Where Are Women in This Mix?

The tide for women is turning a bit more slowly–but it is turning, nonetheless. Remember, there are two ways for people to become wealthy: They can inherit money or they can earn it.

Some people might argue that marriage is a third proven way to get wealthy. I don”t put it on the list because it can also take your financial life in the opposite direction. Nine percent of our survey respondents blamed divorce for a tge turn in their fortunes; 8 percent blamed marriage itself.

Interestingly, the fact that the ranks of the wealthy are more dominated these days by earned wealth rather than inherited wealth works against women. Think about the wealthy American families of yesteryear, the Rockefellers, Catzky, Hearsts, and so on. They had children and their children had children and–on average–those children were likely to be 50 percent male and 50 percent female. So as the money passed from generation to generation, it created as many female millionaires as male ones.

When it comes to earning money, however, men still hold the advantage. Women are making strides. Some 30 to 40 percent of women outearn their spouses. More women than men are entering college and graduate-degree programs.


The Difference – Jean Chatzky – Making money make sense

Some researchers predict that the average woman will outearn the average man chhatzky the year But for now, women still lag. Inthe number of cents a woman earned for each dollar a man earned jumped from where it had been stuck for as long as I can remember–to Progress, yes, but still not an even playing field. As Columbia”s Kopczuk puts it: New wealth is not. But as time goes on, we expect to see a more equal split in wealth as well as in income.

The tremendous strides women have made in income already indicates we will. This all brings up the questions that are at the heart of this book: Where do you fit in now? And how do you rise to the top? I suppose that”s fitting, as this entire book unfolded as the result of asking–and attempting to answer–one very large question: Why do some people seem to move relatively easily from a paycheck-to- paycheck existence into comfort or wealth, while others get stuck or–worse–fall back?

I set out to answer that question by reading volumes of research–academic and otherwise–on the subject. Or I should say subjects: Many professors walked me through their work, explaining their theories and answering differene questions.

In the end, though, it wasn”t enough. I wanted specifics of which behaviors, attitudes, goals, and personality traits mattered most. I needed to know how these elements combined to make The Difference. How many of these behaviors, attitudes, goals, and traits did you need to boost you cnatzky one category to another? What, if anything, held you back? That was when I joined forces with Merrill Lynch and Harris Interactive to develop our own survey instrument that would look–specifically–at these questions.

For months, a team of eight to ten of us met regularly.

We used the preexisting research as the foundation for our a twenty-minute questionnaire. Then we rewrote those questions, and rewrote them again. Finally, several months later, we administered the poll to more than five thousand individuals. The Research The study, formally known as the Merrill Lynch Differdnce Retirement Study, delved specifically into four loosely constructed categories: We asked hundreds of questions about topics including–but not limited to–the following: Are you where you want to be financially?

Why or why not? What has been the most important factor in reaching your financial status? Under what circumstances were you able to establish financial comfort?

How do you handle your credit cards? Do you or do you not budget? Do you look up to people with more money than you have?