The Millionaire Next Door in You With Dr. Sarah Stanley Fallaw of DataPoints
Are you the kind of person who never wins things like contests or drawings? Well, I’m not. Amazingly, I win a lot of times. Nothing super big, like a car or vacation. But when I attended the XY Planning Network annual conference in 2017, I visited the DataPoints vendor booth. I knew a lot about the Millionaire Next Door books, had read or listened to them all and when I found out that Sarah was Dr. Stanley’s daughter I had to go visit. I’m not that gushing fan type, and I’m not sure financial books warrant that kind of fan worship anyway. But I was a fan, a big fan. I believed in the millionaire next door concepts and honestly identified with the characteristics that Dr. Stanley and Dr. Fallaw talk about in their books.
So getting back to winning. At her booth, they had a drawing for a free year of their awesome software for advisors. I put my card in, and turns out, I won! I feel like it was meant to be. Since then, Sarah and I have met again and talked a few times about how best to serve clients in understanding their own helpful or disruptive behaviors.
At DataPoints, they coined the term, “the science of building wealth”. And there’s a lot of science behind the research into the millionaire mindset. We talk in our interview about the 6 wealth factors that they have determined to influence wealth building attitudes.
I know from my own experience and hours of listening to clients and students talk about money and their situation, how critical the behavior behind the actions are. And to know that we have control over our own behavior, especially once identified, gives us the power to increase our wealth building potential.
Her story, her science, her findings are fascinating. They build upon the deep body of work that her dad started back in the ’90s. Tragically, Dr. Stanley was killed by a drunk driver in 2015. But Sarah, has carried on his legacy and expanded on his ground-breaking work.
Her most recent book “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,” updates us even more science behind the traits of 600 millionaires and how they built wealth.
I think the biggest take away from reading the books and talking to Sarah is that any of us can become a millionaire. It does not happen overnight. But it also does not happen by accident.
You can take the Wealth Potential assessment here. Be sure to listen and learn about the 6 predictive wealth factors.
In today’s episode, you’ll hear more about:
- Who Dr. Sarah Stanley Fallaw is.
- The Millionaire Next Door book series.
- What DataPoints is.
- How millionaires are the same yet different from other people.
- The behavior traits that could help make you a “Millionaire Next Door”.
- How to improve those traits.
- How DataPoints came to be.
- How to use what you learned.
- Her final piece of advice.
- The Next Millionaire Next Door – Enduring Strategies for Building Wealth by Thomas J., Ph.D. Stanley (Author), Sarah Stanley, Ph.D Fallaw (Author)
- The Millionaire Next Door by William D. Danko (Author), Thomas J. Stanley Ph.D. (Author)
- Thomas J Stanley, Sarah’s father
- The Power of Habit
Angie founded Avea Financial Planning and is a fee-only advisor helping retiring PNNL employees with tax-smart retirement planning, investments & fiduciary financial advice so they can be more confident and live life on their own terms.