"Most educators work in an environment with certain characteristics
that are strong correlates of wealth accumulation. Pension planning,
investment seminars, and tax-advantage supplemental investment plans are
part of an educator's on-campus socialization process. Adopting a
frugal consumption lifestyle and developing good financial and investing
skills are all skin to catching a cold. What happens when you
consistently come into contact with sick people? You get sick. Work
with frugal people, and you may become frugal. Associate with
colleagues who are astute investors, and you may become wealthy one
day. Many educators became good investors because their jobs require
them to research, study, and learn new material on a continuous basis.
These processes are easily applied to making investment decisions.
"...live
comfortably on 80 percent of their household's income. They earn more
and accumulate more than most of their neighbors.
"...live in a
neighborhood where your household is among the top income generators.
...Then live and consume as though your household's income was only 80
percent of what it actually generates. Save and invest the rest. Now
you are on your way to becoming wealthy.
"What is a good role if
you are determined to become wealthy. The market value of your home you
purchase should be less than three times your household's total annual
realized income. ...If you're not yet wealthy but want to be someday,
never purchase a home that requires a mortgage that is more than twice
your household's annual realized income." - Thomas Stanley, Ph.D. in Stop Acting Rich...and start living like a real millionaire
Part
of a healthy, balanced life is having control of our money. The goal
is not necessarily to be wealthy, but to live with in means and to save
for future and emergencies. We need to not let our income define us and
enjoy life on what we can with the 80 percent of our income.
Renee Madison, MA, LPC, CSAT is a counselor in Colorado. She can be reached for appointments at 303-257-7623 or 970-324-6928
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