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Frugal Co-workers

"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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