Jan 18, 2021
Kate Willeford, CPA joins Susan to discuss the classic financial psychology book, The Millionaire Next Door by William D. Danko, PhD and Thomas J. Stanley, PhD, who studied, wrote and spoke on affluence in America. Highlighting 3 of the 7 surprising common factors between the wealthy mentioned in the book, the discussion centers around millionaire’s best practices, and it is not what you may think!
Episode Highlights
- Who becomes wealthy
- The one word that describes all the millionaires studied
- The earn-and-consume treadmill
- Family meetings
Quotes
"I always thought millionaires had that much money, because it was family money."
"Money buys you financial freedom."
"80% of America's millionaires are first generation rich."
"The average earned income in America is less than $60,000 a year and that means that 4/10 Americans cannot afford to pay a $400 surprise medical bill."
“We have 6.5% of Americans that are millionaires but the rest are in a situation where they are finding it difficult to pay the bills, living paycheck to paycheck, so when someone is at the front desk and seeing the doctor’s affluent lifestyle and all the money coming in, it makes it very tempting to find ways to pay themselves more because they feel they deserve it or they have the opportunity when the doctor is not looking at the right reports.”
"I have not had one embezzler steal for financial independence; they steal for social status."
"Even if you can only save a few thousand dollars a year, it is extremely important to start that habit from year one, but it is never too late."
"If you don't have specific goals for your future, you will never get there."
"Save for your own retirement, before your kids college tuition."
Links & Resources
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by William D. Danko, PhD and Thomas J. Stanley, PhD
Family Wealth - Keeping It In The Family by James E. Hughes, Jr.
For Kate’s help, thewillefordgroup.com 770-552-8500
--
Susan’s Website: https://susangunnsolutions.com