How to Become the Next Millionaire Next Door

On today’s episode, we discuss the characteristics that predict an individual’s propensity to build wealth, why physicians have a bad reputation in this department and what we can do to improve, with industrial psychologist, Dr. Sarah Stanley Fallaw.  Dr. Fallaw is the author of The Next Millionaire Next Door and the founder of DataPoints LLC, a research and technology company that provides advisors and individuals with behavioral science tools to achieve financial success. DataPoints created the industry's first assessment of individual propensity to build wealth based on The Millionaire Next Door. Her research on psychometrics and financial psychology has been featured in conferences and publications including Industrial and Organizational Psychology and the Journal of Financial Services Professionals. Sarah received her Ph.D. in Applied Psychology from the University of Georgia in 2003. We dive into the six behavioral components that contribute to an individual’s propensity to build wealth: social indifference, frugality, an internal locus of control, confidence in financial literacy, conscientiousness, and planning and monitoring.  We discuss how a few big decisions can have far reaching consequences on our ability to accumulate wealth, like choosing a neighborhood and choosing a spouse and creating a long-term financial plan.  She gives us some smaller habits to help us develop our wealth building potential, like suggestions for apps that allow us to check in on our finances easily, reading blogs or books to allow us to realize how much control we do have, and we end with how she is passing that wealth building mindset on to her children. This medical podcast is your physician mentor to fill the gaps in your medical education. We cover physician soft skills, charting, interpersonal skills, doctor finance, doctor mental health, medical decisions, physician parenting, physician executive skills, navigating your doctor career, and medical professional development. This is critical CME for physicians, but without the credits (yet). A proud founding member of the Doctor Podcast Network!Visit www.physiciansguidetodoctoring.com to connect, dive deeper, and keep the conversation going. Let’s grow! Disclaimer:This podcast is for informational purposes only and is not a substitute for professional medical, financial, or legal advice. Always consult a qualified professional for personalized guidance. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.