Creating Generational Wealth based on the Millionaire Next Door

Millionaire-Next-Door

As podcasts go, I get to talk with an amazing variety of people doing all things as it relates to their money! This Midday Money Show rewind was a special one though. It was informative, touching, inspirational, and I’m just so honored to call Dana Sharp my friend. She is the quintessential Millionaire Next Door.

She learned it from her father.

Thank God for archives! I forgot this was in the vault.

Maybe everyone didn’t hit the parent jackpot and grow up with parents who were firing on all financial cylinders.

That’s okay.

The lessons daddy Sharp imparted on Dana come through loud and clear on this latest episode.

Her father has passed on, God rest his soul, but I did get a chance to hangout with him and he was truly a gem.

By the time I came around, the fruits of his life’s work were fairly evident. We got to spend weekends at their lake house in Michigan…playing tennis or enjoying the pool. I marvel at this because his great grandchildren are now beneficiaries of the wealth and wisdom that Mr. Sharp was able to pass on.

What impressed me the most is that this man started his career as a high school gym teacher.

We started this podcast with a discussion of the typical qualities possessed by most American millionaires based on Thomas J. Stanley’s book, The Millionaire Next Door.

It turns out, Mr. Sharp is a textbook study of the people profiled.

Stanley found that most millionaires were:

  • Men in their 50’s
  • Married once and have 3 children
  • Married to women who did not work outside of the home
  • Married to women who primarily managed the family finances and are meticulous planners
  • Home owners
  • Have a college degree
  • Investing nearly 20% of household income

Most millionaires are self employed and have “boring” jobs.

This flies in the face of what I typically considered high rollers.

Don’t get me wrong, Dana’s dad (and Dana herself) was no stick in the mud. He may have been financially prudent, but he knew how to have a good time.

 

Topics Covered on this Episode

Mr. Sharp was a teacher by profession and he’s still teaching through his life’s experiences and the seeds planted in his children. I asked my friend to talk about her father and give us a glimpse into how – when you start small, stay consistent, and commit to enhancing your understanding of money matters – you can create generational wealth regardless of your family’s starting point.

She shares:

  • A poignant note inscribed in her copy of The Millionaire Next Door from her father
  • Her childhood memories growing up with a frugal father
  • Financial lessons she has passed on to her own son
  • How her dad built a million dollar net worth starting as a Chicago Public School gym teacher
  • Their approach to funding college educations

Listen To The Full Interview:

 

If you wear it on your ***, it’s not an asset. ~ Mr. Sharp

 

Resource Featured:

 

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