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.
