The Millionaire Mindset
Years ago when I was in college, one of our required reading list books was the Millionaire Next Door by Thomas Stanley. My 21 year-old self found it interesting, and I ultimately interpreted it as the book that showed you that cheap people get rich. Fast forward 18 years and I see the truth ofthis book firsthand, except that it’s beyond the cheapness. There really is such a thing as a millionaire mindset or a way of thinking that leads to wealth building. I’m excited to talk about this on the podcast today with my good friend and host of the Stacking Benjamins podcast, Joe Saul Sehy. He joins me to talk about the millionaire mindset and how he’s helping people cultivate it better.
What are we drinking?
Joe — Coffee
Shannon — Coffee
Podcast Notes
Joe is one of Shannon’s podcast mentors.
Shannon shared that she loves it when podcast members visit the Financial Gym, and invites any of her listeners to stop by the Gym for a visit if they are in NYC.
Joe shared a client story about a married couple who were able to retire earlier than they thought.
His wealthiest clients love when he goes through their budgets line item by line item and identify where they are wasting money and how to capture it.
One of the reasons Shannon started the Financial Gym is to get to people earlier in their “marathon training” and help them identify holes in their spending.
Joe shared that discipline is not the reason wealthy people are wealthy, and wealthy people do not have a magical thing they do.
When they stumble across something cool that they did accidentally, they automate it so they don’t have to think about it.
Automation can save the day - set it and forget it!
Joe shared a story about a car insurance salesman - put it on the calendar the day after your birthday to shop for car insurance, either through an agent or online.
Ask what discounts are available - some offer discounts for A students, but you need to ask.
Joe uses Clarity Money to quickly show how much cash is on hand, recent expenses, and credit card expenses and due date. Clarity finds subscription services and will cancel them for you with the push of a button.
Joe also uses Rize Money for his goal to pay cash for a trip to Germany. Use the accelerate feature to boost savings. It is simple automation.
Having a goal is half the battle of saving. Goals are the destination on your financial road trip.
Two problems with goal-setting:
People can’t think of the perfect goal and they freeze
People have goals they think they have to have
Once you start with a directional goal, the real goal identifies itself over time. Don’t try to be perfect, just start moving.
Deli counter approach: go through your goals and say “what else”.
Goal big - put it out there!
Get individualized with your goals and make them unique to you.
Automate the little stuff, so you can focus all of your energy on your goal. Make your budget predictable and eliminate as many surprises as possible.
Joe uses the app Tip Yourself.
Shannon shared a story about a client, and podcast listener, Sarah.
Financial fitness is fun. Financially fit clients are spending money where they want to spend money, not on stuff that doesn’t matter.
Joe and his business partner, Kathleen, put together the Millionaire’s Money Management System. It is a collection of all of the tips he learned, over 16 years, when he was a financial planner.
After every couple of tips they stop and tell you how to automate and capture the money before moving on.
The course, Finding Benjamins, is $249. Their average person has found over $500. Invest in the course not just to learn the tips but to implement them.
More information can be found at stackingbenjamins.com/findben
TAKEAWAY: At the end of the day, financial success is truly all about a mindset and most of us aren’t born with it, so don’t be afraid to invest in tools and resources that can help you become more successful and flex your millionaire attitude more.
Random Three Questions
If you were on death row, what would you eat for your last meal?
When you’re stressed, do you get a massage or go to the hot tub?
What is a show that you like to binge watch?
Connect with Joe
If you need or want someone to help you reach your financial goals, I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!