Lessons Learned

What Sticks With Kids? Your Money Behaviors

By Sarah Fallaw on Aug 12th, 2020 in Lessons Learned, Psychology and Careers, Studying the Wealthy

How can we teach children to adopt some of the same behaviors and decision-making skills that millionaires next door have when it comes to managing finances? Is there a book, checklist, or blog that will ensure that children will magically adopt saving, spending, and other related behaviors that will set them along the path to […]

Help Wanted? An Interview Guide for Hiring Financial Professionals

By Sarah Fallaw on Apr 27th, 2020 in Current Events, Lessons Learned, Mentor's Corner

Amid any chaotic market or environment, many of us will seek professional advice, especially when it comes to achieving financial goals. Companies like Fidelity are hiring new staff and advisors to take on the increase in prospective clients who now want financial advice. We have anecdotal evidence of this increase at DataPoints, where many advisors have […]

Building Wealth & Minding Your Own Business

By Sarah Fallaw on Dec 7th, 2017 in Current Events, Lessons Learned, Mentor's Corner, Psychology and Careers

One of my students gave a presentation on how to use goal-setting theory to reach financial freedom and at the end he said, “but you’ll never save money if you don’t MIND YOUR OWN BUSINESS,” and this really stuck with me.  In the Twitterverse yesterday, one of my fellow industrial-organizational psychology friends retweeted this quote […]

Career Risks: Now or Later

By Sarah Fallaw on Sep 19th, 2017 in Lessons Learned, Psychology and Careers

In finishing the follow up to The Millionaire Next Door, and specifically in working on the chapter discussing work and careers, there is consistency in the finding that most economically successful individuals must take some sort of risk in their careers. The question is: when an opportunity (risk) is presented, who can take advantage of it? […]

The Great American Summer Job

By Sarah Fallaw on May 24th, 2017 in Current Events, Lessons Learned, Mentor's Corner, Psychology and Careers

Waiting tables, mowing lawns, babysitting, retail sales, camp staff, stockroom: how many of these summer jobs did you have in high school and college? What about the teens you know – are they working this summer? When I saw the headline that retail jobs that once filled the time of teenagers looking to make money […]

Consumption: Full Speed Ahead

By Sarah Fallaw on Jan 2nd, 2017 in Current Events, Lessons Learned

If part of your work involves educating others on how consumption can affect their ability to build and maintain wealth, looking for outside patterns of data and trends might be a way to bring an “ah-ha” moment to clients, children, friends, or family members. A string of articles in last week’s Wall Street Journal wove an […]

The Handbag Challenge

By Sarah Fallaw on Jun 14th, 2016 in Current Events, Lessons Learned

For many of us, handbags hold our entire lives. My life is held in a six-year-old mom purse, coated on the inside with a thin layer of dried Cheerio powder mixed with applesauce and regularly confused with a punching bag. I have a running joke with my colleagues at Data Points that I’m not buying a new […]

The Luxury of Indiscriminate Spending

By Sarah Fallaw on Apr 29th, 2016 in Lessons Learned, Mentor's Corner, Studying the Wealthy

Think about items that could be passed down to the next generation: jewelry, artwork, a treasured photograph, or a favorite book. What about the luxury of not being frugal? The luxury to buy whatever one wants? Are affluent parents passing down that “luxury” unknowingly? For those not fortunate enough to inherit large lump sums or […]

Wealth Means Independence, Self Determination and Control of One’s Life

By Thomas J. Stanley on Oct 21st, 2014 in Lessons Learned

Here is an extraction from a review of The Millionaire Next Door.  The writer [Mr. M] clearly understands the benefits of being wealthy.    My wife and I are self-made millionaires, and we followed the principles outlined in this book. Wealth means independence, self determination, and control of one’s life.  In the review Mr. M respond[ed] to one […]

Would you read The Millionaire Next Door for $500?

By Thomas J. Stanley on Oct 14th, 2014 in Lessons Learned

A recent email from John, a millionaire next door from Texas, reads as follows: I have given your book [The Millionaire Next Door] to three high school honor graduates in the last couple of years.  I also gave them a check for $500.  I told them I would give them ANOTHER $500 when I received a 2 […]