Business
In today’s episode of Plan Wisely Podcast, host Erik Garcia interviews Sarah Stanley Fallaw, Psychologist, Researcher and the Founder and President of DataPoints, the company that created the world's first financial psychology toolkit. Sarah is also the co-author of the best-selling book, “The Millionaire Next Door.” Erik and Sarah discuss the portrait of a millionaire and finding your path to wealth and financial independence. Episode Highlights:What led Sarah to write and publish the book The Millionaire Next Door? (00:44)What’s the portrait of the millionaire? What does the millionaire look like? (03:00)How well are you managing your financial life? (06:04)Skills, abilities, and competencies required to become financially independent (08:44)Finding your path to wealth and financial independence? (10:01)Who is The Next Door Millionaire? (13:41)Age as a predictor of net worth (16:13)The first generation of millionaires (18:42)Behavioral characteristics of people who have financial success (20:13)Behavioral characteristics that lead to wealth building (22:58)Why do we buy what we do not need? (26:55)The importance of budgeting when it comes to wealth creation (28:18)The correlation between high income and high net worth (30:39)The role of discipline in wealth building (31:31)What is social indifference, and how does it predict net worth? (36:20)3 Key PointsIf you think about managing your financial life as a job, you can always ask yourself what you need to do the job better.A high income does not necessarily mean high net worth.Discipline is mandatory when it comes to financial success.Key Quotes:“You have to work hard for things and don't expect to walk out of college or some kind of training program that you may have been in and all of a sudden things are going to be fine.” - Sarah Fallaw“It's very important to ensure that you're being smart about the things that you use, including your money and part of that does have to do with discipline.” - Sarah Fallaw“Those who can really spend in a way that's conducive to their own goals and ignores the consumption behaviors of their neighbors and friends, tend to build wealth better than those that are heavily Influenced by how everybody else drives, buys and wears things.” - Sarah FallawResources:Sarah Fallaw LinkedInPlan WiselyFINRAData PointsThe Millionaire Next Door Erik's Website: https://www.plan-wisely.com/Erik's YouTube Page: https://www.youtube.com/channel/UCjD-ImfJlSItr5b3zUwKLVA/about?disable_polymer=1Email Erik: Erik@plan-wisely.comCall Erik's Office at 504-218-5479