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A Musical Money-Guy Mashup

We’re bringing back one of our favorite episodes of the podcast this week. Ready for a blast from the past?

Brian got an email from a listener who talked about how timeless the book, The Millionaire Next Door is — even though the Money Guys been talking about it for the last decade. It reminded Brian of a show he put together way back in September, 2013. He took the 7 principles in Dr. Thomas Stanley’s book and matched them up with songs and lyrics.

Everyone is in for a treat this week as we explore the way music relates to your finances. If you want more information about any of the songs or artists here, be sure to check out www.rapgenius.com. This site was like a black hole, there’s tons of artist and song information. There is also a bunch of information about record deals and behind the scenes workings of being an artist.

And visit Dr. Stanley’s blog at www.thomasjstanley.com to further dig into The Millionaire Next Door.

Millionaire Next Door Concept #1: “Live Well Below Your Means”

The concept of deferred gratification is the cornerstone to financial success. Dave Ramsey often says, “If you will live like no one else, later you can live like no one else.” Brian found three songs that tie into this concept — two are about living below your means and one is about being broke all the time. Let’s start with the bad concept of living paycheck to paycheck.

Millionaire Next Door Concept #2: “Allocate Time, Energy, and Money Efficiently”

To be successful you have to be a good investor and allocate your resources wisely. We always reference being “hyper-savers” when you can stash away 15-20% of your income.

Millionaire Next Door Concept #3: “Financial Independence Is More Important Than Displaying High Social Status”

Sometimes we prematurely celebrate our financial success by rewarding ourselves with bigger houses, cars, and lifestyle. This can make your life more complex and stretch you to the point that financial independence disappears because you spend all of your resources keeping up and taking care of your expensive lifestyle. There have been a number of songs that have discussed this issue:

Millionaire Next Door Concepts #4 & #5

Here’s what these two concepts say:

“Their parents did not provide economic outpatient care” and “Their adult children are economically self-sufficient.” Economic outpatient care refers to parents that are still providing for adult children who should be caring for themselves independently.

This song is depressing, but details the importance of spending time with your children and helping them grow because life moves very quickly.

Millionaire Next Door Concept #6: “Become Proficient in Targeting Market Opportunities”

We’re constantly talking about building your savings and investments to a point that you have created an army of dollar bills that work for you. That way you don’t have to use your brain, hands, or back.

Millionaire Next Door Concept #7: “Choose the Right Occupation”

This is one of the most important concepts to grasp.

And a Money-Guy bonus: Make sure you marry the right partner. There are more songs than we can shake a stick at about the wrong type of relationships. Brian did list two songs that are good ones to help with this point of advice:

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