Wealth

Tom Stanley: He transformed the way we view wealth

It has been a quarter of a century since Thomas Stanley, who received his doctorate in business administration in 1974 from the University of Georgia, wrote the bestselling book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.” Co-authored with a former student, William D. Danko, the book’s enduring and timeless message was that many wealthy individuals grew rich on an average salary, through hard work, modest spending, careful saving and taking the occasional calculated risk.

COVID-19 demonstrates why wealth matters

While COVID-19 has impacted all individuals, the impact has not been equal. In a new national Socioeconomic Impact of COVID-19 survey, the Social Policy Institute at Washington University in St. Louis found that liquid assets increased the likelihood that an individual could practice social distancing. However, Black individuals were least likely to afford social distancing.