357: The Behaviors and Psychology of Becoming The Millionaire Next Door with Sarah Fallaw
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 10 April 2023
⏱️ 45 minutes
🧾️ Download transcript
Summary
Today, I'm talking to Dr. Sarah Fallaw. Sarah is the founder and president of DataPoints, where she provides her clients with technologically enabled financial psychology tools to enhance wealth building.
If you've been following the podcast, you've likely seen Sarah's writing and research in our Weekend Reading for Retirees series. Her work has been featured in the Journal of Financial Planning, Financial Planning Review, and Industrial and Organizational Psychology.
In her book, The Next Millionaire Next Door, she updates her father's classic text (and one of my dad's favorite books) to answer the question: what does it take to be the Millionaire Next Door today?
In our conversation, Sarah shares the biggest lessons she took away from her father, Dr. Thomas J. Stanley. We explore the traits that set people up to succeed in life and business, what it means to be wealthy in this modern era, and the common behaviors we see in clients of all ages when making effective financial decisions.
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In this podcast interview, you'll learn:
- Why there's a difference between being rich and well-off.
- How social media–and watching people drive, buy, and wear things–may have a huge impact on the next generation of savers.
- Why successful investing behaviors can be learned and improved–and how to do it.
- The difference between behavioral finance and financial psychology.
- Sarah's advice for the millionaire next door who has more than they need, but struggles to enjoy what they've worked so hard for in retirement.
Show Notes: Howardbailey.com/357
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Transcript
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| 0:00.0 | This is the host of the Retire with Purpose podcast, Casey Weed, and if you are on Facebook, |
| 0:05.1 | you are joining us live. And for those of you catching this interview later, we're sorry |
| 0:10.5 | we missed you on Facebook. Please check it out in the future. Just check out our Facebook page. |
| 0:16.3 | And there you'll be able to join us for these live conversations and submit your very own questions |
| 0:21.5 | live to our world-class guest. And today we have one for you. We have financial psychologists, |
| 0:28.6 | behavioral finance expert, and author, Dr. Sarah Stanley Fala. She is the founder and president of |
| 0:35.7 | Datapoints, a company that provides technologically enabled financial psychology tools to enhance wealth building. |
| 0:42.3 | We're going to be getting into that later in the conversation. |
| 0:45.7 | Her research has been featured, well, in our weekend reading for retirees email series for one, in the Journal of Financial Planning, Financial Planning Review, Industrial |
| 0:55.6 | and Organizational Psychology. She's an expert in financial personality, behavioral finance, |
| 1:01.2 | psychometrics, survey design, and financial psychology with a very interesting background |
| 1:07.9 | being that she is the daughter of Dr. Thomas Stanley. And if you aren't |
| 1:14.7 | familiar with that name, I don't know where you've been. It's been in my library for some time. |
| 1:19.1 | So if you're catching us via video on YouTube or Facebook, you'll see me holding the copy that I |
| 1:25.4 | grabbed this morning at my library. So this is actually my dad's |
| 1:29.7 | copy that I remember him reading when I was a kid, passing these things on to myself and passing |
| 1:36.5 | ultimately this book down to me. And I looked inside, it's a 1996 edition. So he picked this up |
| 1:43.1 | the year that it came out. And it was just really neat to go back and kind of flip through some of the pages, talk to dad before we got on the call. And he said that was just absolutely my most gifted book of all time. |
| 1:57.1 | I love this book and was really excited that we were going to be having a conversation |
| 2:01.0 | since Sarah is updating this book or has updated this book and the latest rendition of |
| 2:07.9 | the millionaire next door being the next millionaire next door, enduring strategies for building |
| 2:14.1 | wealth. |
... |
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