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Money Guy Show

How to Become the Next Millionaire Next Door with Dr. Sarah Stanley Fallaw, Ph.D.

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 9 November 2018

⏱️ 63 minutes

🧾️ Download transcript

Summary

We have a special show for you this week with a very special guest: Dr. Sarah Stanley Fallaw, Ph.D. Dr. Fallaw is the founder and President of DataPoints LLC, a company that provides scientifically validated, automated behavioral finance tools to the financial services industry. DataPoints created the industry's first biodata-based, predictive assessment of individual propensity to build wealth. She is the co-author of The Next Millionaire Next Door, a new edition to her father Dr. Thomas Stanley’s original text The Millionaire Next Door.

Dr. Fallaw joins us to share her research on what the portrait of today’s millionaire looks like. She reveals the psychological and behavioral side of financial planning. Tune in to find out how the way people think about and react to money correlates with their ability to build wealth.

For more details, visit the show notes on our website: https://www.moneyguy.com/2018/11/become-next-millionaire-fallaw/

Transcript

Click on a timestamp to play from that location

0:00.0

Hey, Money Got Fam. We've never wondered how you stack up. How do you turn income into wealth?

0:07.0

We have all your answers and more today because we have the author of the next million and next door. Dr.

0:13.8

Sarah Flau

0:15.8

It's Brian Preston, the money guy

0:19.0

restoring order to your financial chaos, retirement, investing, taxing. You've got financial questions. He's got financial answers.

0:27.8

It's Brian Preston, the money guy.

0:31.8

So, Bo, this one, here's what's crazy. I want everybody out there, Money Got Family. I am so excited about this show because we've been working on getting this set up.

0:42.8

But then, once you know, today is the day that we're burning it at both ends. I mean, we had two client meetings. We had two asked the money got segments we recorded.

0:51.8

And Sarah, these show notes are four pages, which is pretty lengthy for Money Got Show.

1:01.8

So, I'm going to try to keep this thing together and make sure that we represent you well.

1:06.8

But I just want you to know that this is going to be a special one. If you're looking for hollow, famed type things of what we could do content on for the Money Got Show, it's this.

1:18.8

Thank you everybody who's out there on both YouTube and Facebook on the live side if you're watching this live. But those who are catching this on Friday and afterwards, thank you for coming because this is, here's what I'm hoping you guys get out of this.

1:32.8

When Sarah continued the legacy of her father and I'll get into that in a minute. I asked you Sarah in the interview. I said, what do you want people to get out of you coming on the show?

1:42.8

And your big takeaway was, you want people to know they can do it. Don't let the voices. Don't let the other people tell you that this dream of becoming wealthy and successful is not possible.

1:54.8

Is that kind of what's driven you to kind of come back and look at this and continue your father's legacy?

2:00.8

Absolutely. I think that just, you know, that idea that you can't do something or that you can't achieve financial or economic success is something that we've continued to see.

2:14.8

It's just not true. And that by using certain behaviors and really having certain habits, you can achieve financial success.

2:24.8

Absolutely. That's why I wanted to continue this and finish this book that my father and I started.

2:30.8

You can tell that I'm not a professional because I immediately ask you a question before I give you an official proper introduction.

2:37.8

So let me, I do want to bring you in. But I think it's important for people to understand because we have a lot, here's what's cool about the money got family.

2:45.8

We have listeners and viewers of all ages. So I think there's a whole group of people, probably especially out there in YouTube world, that they are discovering our content and they're kind of, and it's especially part of this fire movement where they're energized, where this is, this is the content they come to kind of fuel up their gas tanks or batteries if you're a Tesla person like me.

3:07.8

So so that you feel energized to move forward. And I just want people to know the journey I've had with the content that your father created and now you've continued his legacy.

...

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