7 Millionaire Habits You Can Adopt Today

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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 It may contain some details that are out of date.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:

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:

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:

Meet this week’s guest, Sarah Stanley Fallaw

Courtesy of Sarah Stanley Fallaw, Ph.D. / Money Talks News

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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