Mentor’s Corner

Black Friday Perspectives from Millionaires

By Sarah Fallaw on Nov 23rd, 2018 in Current Events, Mentor's Corner, Psychology and Careers, Studying the Wealthy Shopping on Black Friday

Black Friday, from both a marketing and psychological perspective, was of great interest to my father, so much so that we included a question about it on the last survey we conducted on wealthy Americans for The Next Millionaire Next Door. Below is a roundup of some of the writings he and later I published […]

Building Wealth & Minding Your Own Business

By Sarah Fallaw on Dec 7th, 2017 in Current Events, Lessons Learned, Mentor's Corner, Psychology and Careers

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 […]

The Great American Summer Job

By Sarah Fallaw on May 24th, 2017 in Current Events, Lessons Learned, Mentor's Corner, Psychology and Careers

Waiting tables, mowing lawns, babysitting, retail sales, camp staff, stockroom: how many of these summer jobs did you have in high school and college? What about the teens you know – are they working this summer? When I saw the headline that retail jobs that once filled the time of teenagers looking to make money […]

Respect for The Classics

By Sarah Fallaw on Jul 13th, 2016 in Mentor's Corner

My brother and I grew up on healthy doses of Led Zeppelin, The Rolling Stones, and Eric Clapton, to name a few. My father had these artists on vinyl albums, tapes, and later, CDs. Now that he’s gone, I smile when I hear “Gimme Shelter” or “Tangerine,” remembering him with bittersweet emotions. My father respected […]

The Luxury of Indiscriminate Spending

By Sarah Fallaw on Apr 29th, 2016 in Lessons Learned, Mentor's Corner, Studying the Wealthy

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 […]

Leadership 101, 102 . . . etc.

By Thomas J. Stanley on Feb 10th, 2015 in Mentor's Corner

The arch type millionaire next door is an economically successful self employed business owner.  In other words, he is an employer not an employee.  He is in essence a leader.  This fact has much to do with understanding something important about millionaire business owners.  There is little or no significant correlation between cognitive intelligence test scores […]

Stay Financially Fit All Year Long

By Thomas J. Stanley on Jan 6th, 2015 in Mentor's Corner

Next year will be the 20th anniversary of the publication of The Millionaire Next Door.  It keeps on selling!  In fact there is a seasonal component in terms of demand for the book.  Why is it that sales seem to be highest the first few weeks after the Christmas/New Year’s festivities?  I believe that many […]

The Millionaire Next Door Prescribed for Pharmacy Students!

By Thomas J. Stanley on Dec 2nd, 2014 in Mentor's Corner

While  waiting at the pharmacy in a large supermarket recently, I saw 5 or 6 young pharmacists working very hard filling prescriptions, taking orders, and consulting with customers.  Yes it is hard work, but they are very well paid (nearly twice the median income of an American household).  Typically these pharmacists spent 5 years in […]

Most Millionaire Business Owners Never Sell to the Ultimate Consumer

By Thomas J. Stanley on Nov 18th, 2014 in Mentor's Corner

The arch type millionaire is a self employed business owner/entrepreneur.  Thus it is not surprising that many people ask, “But what type of businesses do they own?”  To these readers I say, “Well, take a look at the 6 columns of business types listed in Appendix III in The Millionaire Next Door and the 12 columns […]

Panning for the Gold in Life

By Thomas J. Stanley on Nov 11th, 2014 in Mentor's Corner

Last fall we accompanied our six grandchildren to a gold/gem “mining operation” in the north Georgia mountains.  This was in celebration of one granddaughter’s 6th birthday.  I understand that this was the site of the first major gold discovery in America.  Guests of this operation “pan for gold” out of local sand and rocks placed in individual buckets.  Semi-precious stones are also […]