Remembering a Personal Finance Icon and His Timeless Advice

March 13, 2015

Thomas J Stanley

This episode of The Money-Guy Show is a reflective one as Brian and Bo pay tribute to Thomas J. Stanley, co-author of the popular personal finance book, The Millionaire Next Door. They also discuss the importance of healthcare directives in light of Brian’s father-in-law passing away unexpectedly.

As loss is unfortunately inevitable in our lives, Brian is also offering his wisdom on how we can turn loss into motivational fuel.

The Timeless Advice of The Millionaire Next Door

Dr. Stanley passed away a few weeks ago in a tragic car accident and Bo and Brian pay tribute to him.

The Millionaire Next Door has influenced the lives and financial decisions of so many people. Brian recalls first reading the book back in college and having his financial DNA changed. He says it was amazing to read that 80% of millionaires were first-generation rich, dispelling the myth that the wealthy commonly inherit their money.

This means that anyone could become a millionaire, and the factors of the wealthy listed in the book are attainable by anyone as well.

The Money Guys also discuss Dr. Stanley’s other book, Stop Acting Rich: …And Start Living Like a Millionaire. It contains a great formula to figure out if you’re accumulating wealth fast enough:

Income * Age * 10% = ?

You can compare the number you get from this equation to your net worth to gauge your progress. (Brian notes that the formula works better for those over 35 years old.)

How to Deal With Loss in a Positive Way

Brian received a question earlier on how he turned a negative event into a positive: when his father passed away, he decided to start his own business.

He mentions that the darkness of the situation gave way to clarity as he reflected on what truly mattered in life, and gives 4 tips on how to turn loss into motivational fuel after gaining clarity:

  • Visualize what you desire and dream
  • Craft a big picture plan
  • Take baby steps to implement the plan
  • Don’t look down or back

The Importance of a Living Will

Brian highlights the importance of having a living will in place so your loved ones can have peace of mind in the event you become incapacitated.

Brian’s father-in-law recently went in for a routine outpatient elective surgery, and unfortunately experienced complications that led to his passing. However, because he had a living will, the family was able to honor his wishes and come to peace with the fact he had lived a long and fulfilling life at age 81.

Brian and Bo urge listeners to set up a living will for themselves, and to have an open discussion about it with their parents. If the conversation seems difficult to have, you can always use The Money-Guy Show as a catalyst to talk about it.

To help you think about what factors you need to consider, Brian recommends looking at the Mayo Clinic’s guide on the subject.

None of us like to think about death, but there are positives we can take away from these situations. Make sure you reflect on what matters most to you, and take the time to craft a living will so your loved ones don’t have to make critical decisions about your health without your input.




Most Recent Episodes

Financial Advisors React to Caleb Hammer’s CRAZIEST Financial Audits!

In this episode of the Money Guy Show, Brian and Bo sit down to react to a compilation of Caleb Hammer's CRAZIEST financial audits! You don't want to miss this one! Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know...

The Best and Worst Types of Life Insurance!

No matter how much you know about finance, you’ve definitely heard about life insurance: maybe from commercials pitching it as something to buy your baby, or a family member or friend that got into the industry. Is life insurance worth getting or something you should...

How to Recover From 4 HORRIBLE Financial Mistakes!

In our nearly four decades of combined experience managing money, we’ve seen some horrible financial mistakes - here are the four worst we’ve seen first-hand and what you can do to avoid making a similar mistake. In this episode, you’ll learn: The worst financial...

New Data: Active Investments Are Better Than Index Funds?

A new research paper is out that claims active funds from two large providers, Vanguard and Fidelity, beat their own index funds. Are active funds beating index funds? What’s going on here? Let’s find out! For more information, check out our free resources...

Why Americans Are Actually Broke! (2023 Edition)

Americans might be bad with money, but you don’t have to be. In this episode, we discuss the underlying reason why Americans are so bad with money and how you can do it better. In this episode, you’ll learn: Common financial pitfalls you should avoid Practical steps...

Build Wealth With the 3 Bucket Strategy! (By Age) 2023 Edition

We believe there are three distinct taxable buckets you have the option of investing in for retirement. We’ll talk about how to balance those buckets by age and show a case study by age that shows what your buckets may look like! In this episode, you’ll learn: The...

Debt Ceiling Crisis: World’s Financial System at Risk?

Should you be worried about the debt ceiling crisis? Although political leaders have so far been unable to come to an agreement, we'll tell you what history says will happen and what it means for your finances. For more information, check out our free resources...

Financial Advisors React to INSANE Money Advice on TikTok!

Is financial advice on TikTok all bad or is there some good advice out there? Check out our brand new TikTok react show where Brian and Bo give their honest reactions to trending financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO)...

How to Save Thousands of Dollars in Taxes in 2024

Tax season is over for most of us, but that doesn’t mean it’s time to stop thinking about your taxes! Planning out your tax strategy in advance can save you time and money on your taxes. In this Q&A, we’ll discuss the line items on your return to pay attention to...