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Editor’s Note: This episode initially aired on July 6, 2023. It may contain some details that are out of date.
Did you know that most wealthy people don’t drive luxury cars? It’s not all Lamborghinis and Bentleys. For many, the most likely cars are Toyotas, Hondas and Fords. You might be surprised by other millionaire habits that are more frugal than you’d expect.
In this podcast, we’re going to talk about the habits of millionaires, because understanding what millionaires do can help you follow in their footsteps.
Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today’s special guest is Sarah Fallaw, daughter of Dr. Thomas J. Stanley, the author of “The Millionaire Next Door” and the founder of DataPoints, a company that looks at data surrounding self-made millionaires.
Before we start, remember this isn’t financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.
You can download the episode wherever you get your podcasts:
- Listen on Apple Podcasts
- Listen on Google Podcasts
- Listen on Spotify
Learning about millionaire habits
There are some you can learn from millionaires that can guide you to your own version of wealth. If you want to learn more about “The Millionaire Next Door,” Brandon Gaille offers a quick summary. We also found some great quotes on Goodreads from the book. One great quote: “Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods.”
If you’re looking for some more resources on becoming a millionaire, we have great articles on Money Talks News:
- How to Become a Millionaire, Guaranteed
- 9 Millionaire Habits You Can Learn From
- 13 Smart Habits of Millionaires You Should Adopt
- The 10 Golden Rules of Becoming a Millionaire
- 14 Myths About Becoming a Millionaire
- Where Do Millionaires Keep Their Money?
- 6 Money Secrets of Self-Made Millionaires
- 5 Surprisingly Simple Ways to Become a Millionaire
- 6 Millionaires and Billionaires With Surprisingly Frugal Habits
Building a foundation for becoming a millionaire
As you work toward becoming a millionaire, you need a solid financial foundation. We have plenty of resources on this website to help you learn about saving and investing, as well as smart spending. Take a look:
- Start Building Serious Savings With a Pay-Yourself-First Strategy
- 5 Effortless Ways to Boost Your Retirement Savings
- How the Secure Act Could Make or Break Your Retirement Savings
- The Pros and Cons of Dividend Stocks for Retirement Savings
- Frugal Living Guide: How to Have Less Stuff and Save Money
- 10 Ways to Change Bad Spending Habits and Save Money
- 9 of the Best Ways to Save Money on a Tight Budget
- How to Choose Between Active and Passive Investing
- 9 Tips for Sane and Successful Stock Investing
- The Lazy Person’s Guide to Flawless Investing
- How to Find the Best Dividend Stocks, Step by Step
- 8 Budgeting Questions to Keep Your Spending in Check
Meet this week’s guest, Sarah Stanley Fallaw
Sarah Stanley Fallaw, Ph.D., is the author of “The Next Millionaire Next Door” and the founder and president of DataPoints LLC, a behavioral assessment advisortech company. In her role at DataPoints and her research, Dr. Fallaw continues the study on self-made wealth begun by her late father, Dr. Thomas J. Stanley, author of “The Millionaire Next Door.” Dr. Fallaw’s research on the psychology of wealth has been featured in numerous conferences and publications, and she consults with firms worldwide on measuring client money personality.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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