How to Be Like the Millionaire Next Door - 222

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 21 May 2019

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dr. Sarah Stanley Fallaw (co-author, The Next Millionaire Next Door) shares her research into how millionaires become wealthy, and what has changed since her father, Thomas J. Stanley, wrote his groundbreaking book The Millionaire Next Door in 1996. Plus, what should you do with universal life insurance policies with large cash values? Will you pay income tax on a Roth conversion made after you move from California to a no-income-tax state like Texas? Transcript & show notes: http://bit.ly/YMYW-222

Transcript

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0:00.0	What does it take to be The Millionaire Next Door? And how has that millionaire changed since the book
0:05.1	with that title by Dr. Thomas J. Stanley and William Danko was released in 1996.
0:10.5	Today on Your Money, Your Wealth, Thomas J. Stanley's daughter, Dr. Sarah Stanley Fulah,
0:15.1	shares what she learned in writing The Next Millionaire Next Door with her father.
0:20.0	Thomas Stanley passed away in 2015, and Dr. Falaw completed their book and released it in 2018.
0:26.6	Plus, Joe and Big Al answer your money questions.
0:29.6	What do you do with universal life insurance policies with large cash values?
0:33.6	And will you pay California income tax on a Roth conversion made after you move from California
0:39.0	to a no-income tax state like Texas?
0:41.7	I'm producer Andy Last, and here with our guest are the hosts of Your Money, Your Welf, Joe Anderson,
0:47.1	CFP, and Big Al-Clo-Plo-Pine CPA.
0:50.3	Dr. Sarah Stanley Fala.
0:53.6	Fala.
0:54.3	Fala. Fala. Fala.
0:54.8	Fala.
0:55.5	Yes, exactly.
0:57.7	Thanks for having me.
0:58.6	I'm glad to be here.
0:59.6	You are an industrial psychologist, your director of research at the Affluent Market Institute, and the founder and president of data points.
1:08.7	Yes, yes.
1:09.9	And you have a book that came out.
1:12.5	It was a couple of decades after your father wrote one of the better personal finance books,
	...

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