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The Difference: How Anyone Can Prosper in Even the Toughest Times
Can you really start from nothing and become truly secure financially?
What’s the difference between you and Warren Buffett? Between you and your boss? Or between you and your successful neighbor? What do the financially comfortable have that you don’t?
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 . . . at least not yet? What’s 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
• Get happy, but not too happy
• Do what you love, but don’t quit your day job
• Read every day
• Remember that failure is not an option–it’s a necessity
• Harness your intuition to take risks that make sense
• Practice the Kevin Bacon Principle–make connections
• Say thank you–and mean it
• Make your money work as hard as you do
Through candid interviews and a study of more than five thousand people, Jean reveals the traits and habits of those who have moved from the lowest economic strata to the highest. The Difference helps you take a look at where you are now and offers simple strategies for going where you want to go. The Difference , you’ll see, is within You have the power to determine your financial future and achieve the next level of wealth.
What’s the difference between you and Warren Buffett? Between you and your boss? Or between you and your successful neighbor? What do the financially comfortable have that you don’t?
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 . . . at least not yet? What’s 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
• Get happy, but not too happy
• Do what you love, but don’t quit your day job
• Read every day
• Remember that failure is not an option–it’s a necessity
• Harness your intuition to take risks that make sense
• Practice the Kevin Bacon Principle–make connections
• Say thank you–and mean it
• Make your money work as hard as you do
Through candid interviews and a study of more than five thousand people, Jean reveals the traits and habits of those who have moved from the lowest economic strata to the highest. The Difference helps you take a look at where you are now and offers simple strategies for going where you want to go. The Difference , you’ll see, is within You have the power to determine your financial future and achieve the next level of wealth.
288 pages, Hardcover
First published January 1, 2009
19 people are currently reading
173 people want to read
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Displaying 1 - 30 of 51 reviews
May 8, 2009
The Difference is that there is no one difference. The best parts of this book were the interviews that prefaced each chapter. Each interview is with a person who succeeded financially, and they all did it a little differently. The end result is that meeting your financial goals is a lot like reaching your goal weight: no one diet and exercise program works for every person, and the real trick is to find what works for you and stick with it.
This isn't the kind of book that will help if you're wallowing in credit card debt, or are about to file bankruptcy. If that's the case, check out something like The Total Money Makeover by Dave Ramsey. Instead, I would recommend The Difference for long-term planning purposes, and in conjunction with something like David Bach's The Automatic Millionaire, which offers an actual roadmap for lifelong financial planning.
This isn't the kind of book that will help if you're wallowing in credit card debt, or are about to file bankruptcy. If that's the case, check out something like The Total Money Makeover by Dave Ramsey. Instead, I would recommend The Difference for long-term planning purposes, and in conjunction with something like David Bach's The Automatic Millionaire, which offers an actual roadmap for lifelong financial planning.
April 19, 2009
This book reminds me of The Secret meets a financial advisor. There is a lot of focus on traits such as optimism and risk taking and how they can make the “difference” between the successful and the average. I have one main gripe with this book:
I don’t feel like she offers any actual helpful advice. It’s all fine and dandy to say optimism is found in blah-blah percentage of successful people, but how are you, as a reader, supposed to actively apply that to your life? She argues that personality traits can be changed, but she doesn’t really offer any advice as to how to do so (beyond the same basic bullshit you can find in Cosmo magazine...i.e. if you think of something positive every day, you too will become a positive person). I’m not opposed to the mindset that an individual’s outlook can be adapted over time, but I believe some people will always be naturally more inclined toward certain personality traits. I think it would be more productive to take the traits that you, as an individual, possess and try to exploit them to your advantage rather than trying to force yourself to be something you are not. Forcing yourself to go against your nature will, in my opinion, back fire in your face at some point down the line.
In short, you could pick up just about any magazine on the shelves right now and find a financial article that offers just as much help, if not more, than this entire book. Save your time and money to be used on more proactive endeavors.
I don’t feel like she offers any actual helpful advice. It’s all fine and dandy to say optimism is found in blah-blah percentage of successful people, but how are you, as a reader, supposed to actively apply that to your life? She argues that personality traits can be changed, but she doesn’t really offer any advice as to how to do so (beyond the same basic bullshit you can find in Cosmo magazine...i.e. if you think of something positive every day, you too will become a positive person). I’m not opposed to the mindset that an individual’s outlook can be adapted over time, but I believe some people will always be naturally more inclined toward certain personality traits. I think it would be more productive to take the traits that you, as an individual, possess and try to exploit them to your advantage rather than trying to force yourself to be something you are not. Forcing yourself to go against your nature will, in my opinion, back fire in your face at some point down the line.
In short, you could pick up just about any magazine on the shelves right now and find a financial article that offers just as much help, if not more, than this entire book. Save your time and money to be used on more proactive endeavors.
April 21, 2009
I only read this because I got it as a free sample. This happens occasionally for books that use JDM psychology and behavioral econ - maybe they think I'll use it in my classes or something. Anyway, the book is well written, but the analysis of the surveys is questionable at best, and the central advice is mostly common sense or else platitudes. Want to have savings? Then be sure to save money. Don't get discouraged and give up if you have an early failure. Make professional contacts. Etc. Its not that there's anything wrong here, its just that there's nothing all that enlightening.
March 27, 2012
has some good advice. pretty general in scope. it is a motivational rather than specific financial plan information. she is very motivational in offering suggestions on bringing the characteristics of yourself out and/or recognizing what you may need to do, or how to work with, your characteristics as to getting ahead.
June 15, 2014
Even though I try not to stop reading a book if I don't like it, I stopped this one just prior to chapter two. Usually I would continue to read as I can usually pull some good out of each book. However, I have to admit that I was not a big Jean Chatzky fan prior to reading this and after the first chapter, I just felt like I was wasting time and chose not to finish.
April 24, 2009
I was a little disappointed. I really like hearing what she has to say on news shows, but this was really basic. I don't think I came away with anything new. I am on a mission to try several of her others and see if something comes up, though.
April 22, 2009
somewhat interesting topic, but for a financial book it was just alright.
June 4, 2009
I was disappointed in this book. A lot of vague ideas and generalities that failed to inspire or impress.
July 24, 2017
I am an avid listener of Jeans podcast weekly and I have enjoyed her tv appearances and at times her blog. I grabbed this book since so many debt books examine the past or the present but not all of them stress goals or persistence. This book is based on Jeans observations of dealing with wealthy people from her time at Forbes and Money and she is truly diligent about her journalistic aspirations! It is a very complimentary book regarding why investing in yourself and saving and investing is so important. It's not super numbers, it's not super case study, and it's not an inverse menu guide- more like a general overview of how successful people monetize their habits- not a bad lesson!
January 4, 2017
Read this book because I got it for free from my workplace.
It was fine. It was a nice read that helped me gain insights into attitudes of people and their habits and how likely that is to correlate to success.
However, watch out for confirmation bias. She makes it seem as the questions she asked her subjects were the only possible things that contributed to their success, and that they would make anyone successful.
If you read this book, take away only things that resonate with you, and dump the rest.
It was fine. It was a nice read that helped me gain insights into attitudes of people and their habits and how likely that is to correlate to success.
However, watch out for confirmation bias. She makes it seem as the questions she asked her subjects were the only possible things that contributed to their success, and that they would make anyone successful.
If you read this book, take away only things that resonate with you, and dump the rest.
August 17, 2017
I really enjoy Chatzky's podcast "Her Money" for the same reasons I didn't love this book. In her podcast, Chatzky seems extemporaneous, not judgy or preachy, and very specific. In The Difference, she made me feel bad for having debt, spoke in a lot of generalizations, and felt very stilted. I did get a couple of good tips and I liked any time she told stories, plus the parts about gender were spot-on for me.
July 25, 2016
Its not about how much you when or loose but how much you when or loose in relation to how much you have and how you feel.Once you know how I am likely to behave I have to power to change it.
Support:
Think about the support I receive,do they change the subject when I talk about certain topics? How much did the most important people give you advice or information on my problems? How did they help me? How much did that person reassurance and affection about my problem. How much can I relax and be myself with those people?More support leads to be a better and happier outlook on life.
Busy,we are all busy, but HAND WRITE NOTES! -Habits that help
STOP COMPARING!!! When I Catch myself comparing, replace it with I am thankful for......., it will help eventually. The most important things in life are not things, take a breath and breathe. Have a trigger to stop and remind you to love the kids. Don't forget. Grateful people get more than they deserve and are therefore happier.
Stop, How am I really spending my time? Am I spending time doing things that aren't really worth my time. Example: TV research ,40 hours spent, was that really worth it? Driving to cheaper gas station , worth time? Time is money, only what gets measured gets valued. Figure out hourly rate and then figure out what is really worth your time. IS that $saving time matching with the $ you would have made working. Track for a month.
People who manage to put away 5% of their earnings a month feel better than those who don't, its a start and makes you feel empowered. Savings is the only way to financial independence. To walk out of Bad situations.Savings is harder than most Americans due to inflation and income not rising with it. Spending has become much easier.Save little by little, add automatic transfer to help get it started. You feel better.
Moving Jobs: 45% of people withdraw 401ks when they leave a job, this is a HUGE mistake. SAVINGS KILLER, 20% in fed. taxes and 10% early withdrawl penalties.
Wealthy buys stocks,
Write down worst case scenario and then counteract it with a Best Case scenario. Ten of each. Start to see neither scenario is probable but then look at reality of what needs to be done.
January 3, 2021
V knihovně mě tahle knížka upřeně sledovala z poličky k rozebrání, až jsem nakonec neodolal a vzal si ji. K podobným tématům dnes vznikají mnohá zajímavá youtube videa, která si ale berou obsah právě z podobných knih, tak proč nejít ke zdroji?
Autorka vychází také z jiných knih, ale hlavně si dělá jakousi analýzu bohatých a úspěšných lidí. Provedla k tomu účelu poměrně slušný výzkum, ale upřímně řečeno, většina výsledků, které tam během knihy představuje, mě nijak nezaujala. Lepší je to s krátkými rozhovory s boháčemi, kteří se od sebe často dost liší. Autorka se přesto snaží najít různé společné body, o kterých pak hodně mluví. Celá kniha je postavená na představě, že když budeme bedlivě sledovat boháče a jejich návyky, tak se jimi taky můžeme stát. No, na můj vkus je ta představa trochu naivní, přeci jen hromada těch lidí se už narodila do prostředí, kdy se nemuseli starat o své peníze a ještě jim rodiče někde k patnáctým narozeninám pořídili vlastního investičního poradce.
Na druhou stranu se rozhodně nějaké ty tipy k tomu, jak mít o trochu víc peněz, hodí a některé kvalitní tu skutečně najdete. Mnoho tipů je už poměrně profláklých, takže neočekávejte nějaký svatý grál seberozvoje. Navíc mnohé jsou v knize zmíněné spíše jakoby bokem. Hodně se zde mluví o důchodovém pojištění a spořících útech, které mají v USA trochu jinak. Pointou knihy je (SPOILER!), že pokud se chcete stát bohatým (nestačí vám pouze být "finančně v pohodě"), musíte investovat, investovat a investovat. Hmm. Ani když jsem to napsal třikrát, tak mě to téma nezačalo zajímat... Každopádně tomuto tématu se kniha hlavně ke konci dost věnuje, ale čekají nás tu spíše obecné rady. Pokud se chcete věnovat obchodování s akciemi a další loterií, bude to chtít jinou knížku. Další témata, která vám mají pomoct k penězům, jsou spoření, sledování svých peněz, vyhledání vhodné práce pro vás či zvyšování svého sebevědomí.
Mimochodem český překlad je často křečovitý. Působí zastarale a sem tam se vyskytnou i nějaké chyby.
Šest boháčů postavených na piedestal z deseti.
Autorka vychází také z jiných knih, ale hlavně si dělá jakousi analýzu bohatých a úspěšných lidí. Provedla k tomu účelu poměrně slušný výzkum, ale upřímně řečeno, většina výsledků, které tam během knihy představuje, mě nijak nezaujala. Lepší je to s krátkými rozhovory s boháčemi, kteří se od sebe často dost liší. Autorka se přesto snaží najít různé společné body, o kterých pak hodně mluví. Celá kniha je postavená na představě, že když budeme bedlivě sledovat boháče a jejich návyky, tak se jimi taky můžeme stát. No, na můj vkus je ta představa trochu naivní, přeci jen hromada těch lidí se už narodila do prostředí, kdy se nemuseli starat o své peníze a ještě jim rodiče někde k patnáctým narozeninám pořídili vlastního investičního poradce.
Na druhou stranu se rozhodně nějaké ty tipy k tomu, jak mít o trochu víc peněz, hodí a některé kvalitní tu skutečně najdete. Mnoho tipů je už poměrně profláklých, takže neočekávejte nějaký svatý grál seberozvoje. Navíc mnohé jsou v knize zmíněné spíše jakoby bokem. Hodně se zde mluví o důchodovém pojištění a spořících útech, které mají v USA trochu jinak. Pointou knihy je (SPOILER!), že pokud se chcete stát bohatým (nestačí vám pouze být "finančně v pohodě"), musíte investovat, investovat a investovat. Hmm. Ani když jsem to napsal třikrát, tak mě to téma nezačalo zajímat... Každopádně tomuto tématu se kniha hlavně ke konci dost věnuje, ale čekají nás tu spíše obecné rady. Pokud se chcete věnovat obchodování s akciemi a další loterií, bude to chtít jinou knížku. Další témata, která vám mají pomoct k penězům, jsou spoření, sledování svých peněz, vyhledání vhodné práce pro vás či zvyšování svého sebevědomí.
Mimochodem český překlad je často křečovitý. Působí zastarale a sem tam se vyskytnou i nějaké chyby.
Šest boháčů postavených na piedestal z deseti.
November 27, 2013
What attracted me to this book was the idea of potential --- the idea that everyone has within themselves the ability to achieve what only a few seemingly do. I wanted to learn more of what that "difference" was.
Chatzky doesn't disappoint. A study of more than 5000 people provides the foundation for what Chatzky reveals about the difference between people who seem to rise above any situation and everyone else. And that difference is simply a different way of thinking about themselves and their world coupled with appropriate and diligent action. As Chatzky proclaims at the end of the first chapter, "Doing makes all the difference in the world."
That focus on doing continues throughout the book. Chatzy expounds a particular part of The Difference and then describes practical ways that anyone can begin to apply the principles just expounded. And she includes detailed interviews with people who have focused on the doing that makes all the difference.
Overall, I recommend this book. And I recommend taking notes while reading it. The practicality is so thick that taking notes will help you formulate your own personalized action plan. I didn't do that while reading, and looking back I wish that I had. Of course, it's not too late to go back and do that, and doing will make all the difference!
Chatzky doesn't disappoint. A study of more than 5000 people provides the foundation for what Chatzky reveals about the difference between people who seem to rise above any situation and everyone else. And that difference is simply a different way of thinking about themselves and their world coupled with appropriate and diligent action. As Chatzky proclaims at the end of the first chapter, "Doing makes all the difference in the world."
That focus on doing continues throughout the book. Chatzy expounds a particular part of The Difference and then describes practical ways that anyone can begin to apply the principles just expounded. And she includes detailed interviews with people who have focused on the doing that makes all the difference.
Overall, I recommend this book. And I recommend taking notes while reading it. The practicality is so thick that taking notes will help you formulate your own personalized action plan. I didn't do that while reading, and looking back I wish that I had. Of course, it's not too late to go back and do that, and doing will make all the difference!
July 29, 2009
In this book, Jean Chatzky outlines the qualities and habits that make "The Difference" between the wealthy and those sinking further and further into debt. I began with enthusiasm, but that steadily waned as I progressed. The further I got, the more her choices of what constitute "The Difference" seem to be a product of her own thoughts rather than on the survey of Americans she cites frequently. The survey participants self-described their habits and traits, and for some differences she highlights, like working hard and being grateful, the distance between the wealthy and those in debt was minimal. She also makes no attempt to differentiate between causation and correlation. I did like her suggestions about finding a mentor and plan to take active steps to incorporate that actively in my life. In all, though, it read more like a feel-good, self-help book spouting cliches than a good personal finance tome.
May 21, 2014
The Difference is the number-one finance book out there.
Forget Dave Bach. Forget Suze Orman. Forget the financial expert du jour.
I have proof this system works: plenty of individuals I know have the traits and skills that earned them wealth or allowed them to be financially well-off.
If you think optimism is a touchy-feeling concept and balk at it, think again. Optimism is the number-one trait of people who acquire wealth or are financially well-off.
If you see yourself in these pages, and even if you don't, you can start today to build wealth with the internal resources listed in The Difference.
Have no fear: you can do this.
This book should be required reading along with The Psychology of Wealth.
Read The Difference now. It will make a difference in how you view money and your ability to have the finances you dream of.
Forget Dave Bach. Forget Suze Orman. Forget the financial expert du jour.
I have proof this system works: plenty of individuals I know have the traits and skills that earned them wealth or allowed them to be financially well-off.
If you think optimism is a touchy-feeling concept and balk at it, think again. Optimism is the number-one trait of people who acquire wealth or are financially well-off.
If you see yourself in these pages, and even if you don't, you can start today to build wealth with the internal resources listed in The Difference.
Have no fear: you can do this.
This book should be required reading along with The Psychology of Wealth.
Read The Difference now. It will make a difference in how you view money and your ability to have the finances you dream of.
September 4, 2009
I enjoyed reading this book and felt that the author gives some good advice. However there is really nothing revolutionary here. If you've read other financial planning books you've probably read most of what is here. There is also a relative dose of self-help items as well. I don't have any experience with this author other than reading this book (I haven't seen her on TV or listened on the radio). I'd probably pick up of one of her other books. She seems to have a good head on her shoulders and it looks like she's done her research in spite of having no formal educational background in finance.
December 10, 2009
This is a good combination of simple financial recommendations and current social-psychological studies done on successful and not so successful people in the financial arena.
I liked the recommendation she made regarding buying index funds. She suggests getting 3 index funds - domestic stock market index funds, bond market index funds, and an international stock market index fund. Recommends going to Morningstar.com to find out ones with low fees. Asset allocation for early retirement (60s to 70s):
35% Stock index
10% International Stock Index
40% Bond Market Index Fund
15% Cash or Money Market Fund.
I liked the recommendation she made regarding buying index funds. She suggests getting 3 index funds - domestic stock market index funds, bond market index funds, and an international stock market index fund. Recommends going to Morningstar.com to find out ones with low fees. Asset allocation for early retirement (60s to 70s):
35% Stock index
10% International Stock Index
40% Bond Market Index Fund
15% Cash or Money Market Fund.
March 31, 2010
Journalist, best selling author, and motivational speaker Jean Chatzky, describes the difference between prosperous and not so prosperous individuals. She has performed ground breaking research concerning the factors which make the difference between and ordinary person and Warren Buffet. This is a pleasant and interesting read. Through anecdotes and exercises in self reflection, the author cautions against common financial and investment mistakes, and creates a blueprint for putting the reader onto a stable financial path.
March 22, 2011
While I'm not a huge fan of the whole motivational speaking set of books, I am interested in personal finance books, and this was kind of a mix between the two. I actually found some good take-aways from this, mainly the exercises at the end of each chapter. I'm not a power of positive thinking person, but things like writing down your goals and fostering a sense of thankfulness are good things to practice.
July 25, 2011
This was easy to read and gave great tips that weren't all monetary on how to become more wealthy. Especially enjoyed the tips on finding a mentor, keeping connected, discovering your passion and being grateful for what you already have. You get the feeling that the message in this book is along the lines of create a rich, full life and your bank account(s) will follow. Read it in a couple of days, but know I will go back and re-read the different areas again and again.
January 3, 2014
Of all the personal finance books I've read, this one spoke to me. I love all the stats analyzing the behaviors of people at different levels of wealth. Now I'm looking at my own behaviors and realizing that there are ways I am not engaging with life that could benefit me -- ways that have nothing to do with finances but that do, according to Chatzky's research, end up influencing one's financial well-being.
January 22, 2016
Fascinating read on the pyschological and behavioral differences between those steeped in debt and the wealthy. Those who are the "movers" -- those who have transitioned from indebtedness to wealthy -- are even more fascinating to study in this text based on a 2007-08 survey of 5,000 Americans. Bottom line is, there are about 20 basic characteristics of the wealthy and most of them are teachable. Now, you just need to be ready to learn...
September 12, 2009
I have always enjoyed Jean Chatzky's money segments on the Today show. This books focuses more on the psychological aspect of surviving and thriving during hard times. The last two chapters deal with the physical aspects of becoming wealthy- saving and investing. I mostly read it for inspirational purposes since my husband is out of a job.
December 6, 2009
Was disappointed with this book. I've read her articles in magazines and had always liked what I had read. This book just seemed to rehash and not very well basic principles. We all need to save, you need to take some calculated risks with your money and work harder when there is a benefit to come from it, etc.
September 22, 2009
I am a nerd when it comes to financial books and have read many. Chatzky conducted a study of 5,000 people and provides analysis of their finacial behaviors and attitudes. She points out some obvious yet overlooked experiences and habits of successful people such as if they were read to daily as children or the frequency that they read the newspaper.
October 10, 2009
"The Difference" looks at the factors that impact wealth. Although the book is analytical and based on studies it reminded me of "The Secret" . Many of the points echoed ideas from "The Secret" such as positive thinking, trust intuition and being thankful. "The Difference" also suggested plenty of practical tips such as spending less than you earn, habitual savings and investing wisely
January 3, 2011
Yes, it is simple advice, but it is sound and it is worthy. Incorporating sociological studies, as well as interviews with a wide variety of those lucky enough to be financially successful on the scale of comfortable to wealthy, helps to create logic worth holding onto at this point in the slow-to-get-back-on-its-feet economy.
September 28, 2009
I think that I would need to do more personal work - tracking spending etc - to get the full value from this book but the central premise that happier, slightly risk-taking people end up wealthier makes sense to me.
July 2, 2010
I didn't enjoy this book as much as her others. Rather than suggesting things to do to better your financial situation, this book focuses more on who you are. This would be a good gift for a new, young college grad, though.
Displaying 1 - 30 of 51 reviews