190: The Next Millionaire Next Door

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 24 December 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We can learn a lot from the research examining how self-made, economically successful Americans became that way. Our guest this week is Sarah Stanley Fallaw. You may not be as familiar with her name as you are of her late father, Thomas Stanley, author of The Millionaire Next Door. See the full show notes for our interview here https://www.whitecoatinvestor.com/the-next-millionaire-next-door-podcast-190

They were involved in research examining these economically successful Americans and co-wrote The Next Millionaire Next Door. Much has changed from the first millionaire book. A new generation are hearing from self proclaimed experts in personal finance due to the proliferation of financial blogs and podcasts, like WCI. In this episode we talk about the concept of a millionaire, though the name and image haven't changed, a million dollars is nowhere near what it used to be. We discuss the decisions, behaviors, and characteristics of the new millionaire next door and how they align with the discipline of building wealth. The main lessons of her work seem to be that millionaires are mostly self-made, surprisingly frugal, and spend time doing things that build wealth. We talk about each of those things in this episode.

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob today by email [email protected] or by calling (973) 771-9100.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast No. 190, the next millionaire next door.
0:23.0	This episode is sponsored by Bob Bionny, Dr. DisabilityQuotes.com. He's an independent provider of Disability Insurance planning solutions to the medical community in every state and a long time White Code Investor sponsor.
0:34.0	He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies.
0:40.0	If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven't gotten around getting this critical insurance in place, contact Bob.
0:48.0	Email info at DrDisabilityQuotes.com or call 97371719100.
0:55.0	Alright, we're dropping this on Christmas Eve.
0:59.0	Merry Christmas to those who celebrate Christmas. Happy holidays and whatever holiday you celebrate.
1:06.0	If you're in the US, your kids or you may have some time off due to the holidays and I hope you enjoy that.
1:11.0	We're recording it however on December 3rd. There's a big difference between December 3rd and December 24th.
1:17.0	I hope the big difference is not in the pandemic getting worse. I'm super excited about vaccines coming up.
1:23.0	I may even have a vaccine by the time this drops, which I'm pretty excited about.
1:28.0	But hopefully that will be a turning point as we start distributing these vaccines in this pandemic.
1:34.0	In the meantime, hang in there. There's light at the end of the tunnel. The tunnel's probably longer than we think it is, but hang in there.
1:40.0	Your job is going to get better over the next year.
1:43.0	So if you're feeling burnt out on having to put PPE on every time you go see someone or worried about taking something home to your family, hang in there.
1:50.0	It's going to be over soon.
1:52.0	Let's do a quote of the day. This one's from Warren Buffett. He said,
1:55.0	the market is the most efficient mechanism anywhere in the world for transferring wealth from inpatient people to patient people.
2:02.0	And I certainly agree with that. Patients is a requisite quality for a successful investor.
	...

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