The Millionaire Next Door

Lessons Learned

What Sticks With Kids? Your Money Behaviors

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 …

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Help Wanted? An Interview Guide for Hiring Financial Professionals

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 …

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Building Wealth & Minding Your Own Business

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 …

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The Luxury of Indiscriminate Spending

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 …

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

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 …

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