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Afford Anything | Make Smart Money Choices

How Your Personality Affects Your Finances, with Dr. Sarah Stanley Fallaw

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 4 May 2020

⏱️ 73 minutes

🧾️ Download transcript

Summary

#255: When a crisis hits, do you stay calm and collected, or do you launch yourself down a rabbit hole of worry and worst-case scenarios? When the stock market spirals downward, do you shrug and stay the course, or do warning bells explode in your brain? When news of the pandemic hit, was your first instinct to form a calm and reasoned action plan, or rush to the store to buy months of supplies? Your personality influences your reactions to these scenarios. Today’s guest, Dr. Sarah Stanley Fallaw, has a Ph.D. in applied psychology and is the founder of DataPoints, a research firm based on the science of building wealth. What links between personality and money management has research uncovered? We discuss this topic in today’s episode. For more information, visit the show notes at https://affordanything.com/episode255 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:11.0

Every choice that you make is a trade-off against something else.

0:13.8

And that doesn't just apply to your money, that applies to your time, your focus, your

0:17.9

energy, your attention, any limited resource that you need to manage.

0:21.8

There's an opportunity cost with everything.

0:24.2

And that leads to two questions.

0:25.9

Number one, what do you value the most?

0:28.4

Number two, how do you align your day-to-day decision making in a way that reflects that?

0:35.4

Answering these two questions is a lifetime practice.

0:38.0

And that is what this podcast is here to explore.

0:40.6

My name is Paula Pat.

0:41.6

I'm the host of the Affordable Care Foundation.

0:43.5

And today, Dr. Sarah Stanley Fala joins us to talk about how your personality affects

0:49.8

your finances.

0:51.8

Dr. Fala is the co-author of the next millionaire next door, which she wrote with her father,

0:57.4

the late Dr. Thomas Stanley.

0:59.9

He was one of the two authors of the classic personal finance book, The Millionaire Next

1:05.3

Door, which told the surprising secrets of millionaires in America.

1:10.9

Both books were the product of incredible amounts of research that went into discovering

1:17.3

an incredible amount of data about millionaires in the United States.

1:22.1

What was their early life like?

1:23.8

How much money, if any, did they receive from their parents?

...

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