A Kiplinger study of 1,000+ everyday millionaires found four traits that kept showing up. None of them involve a big salary, a hot stock tip, or a lucky break. This week Len Penzo, OG, and Joe dig into what those habits actually look like in practice, how to train yourself to spend with intention, and how to find a financial advisor who does what you actually need.
In this episode:
The “Midwest millionaire” traits anyone can adopt, why becoming a great saver can make you a terrible spender, the monthly money habit that takes 20 minutes and changes everything, and exactly what to say when you’re interviewing financial advisors.
Biggest takeaways:
Frugality without intention is just suffering. The millionaires in this study were the last to spend on themselves and the first to give generously to others. Not cheap. Intentional.
Set a money goal big enough to compete with impulse spending. Once you have a real why, “I deserve this” stops winning.
When looking for a financial advisor, lead with exactly what you want in the first five minutes. A real professional will tell you if it’s not their specialty.
Resources mentioned:
Len Penzo’s blog and book True Money Stories at lenpenso.com The Stacking Benjamins scorecard: stackingbenjamins.com/scorecard The Vault (budget and net worth tracker): stackingbenjamins.com/vault
FULL SHOW NOTES: https://stackingbenjamins.com/how-to-live-like-a-midwestern-millionaire-1825
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Enjoy!
Our Headlines
- The ‘Midwestern Millionaire’ Mentality That’s Built a Fortune (Kiplinger)
- How to Stop Spending Money: 17 Tips to Stay in Control (Ramsey Solutions)
Doug’s Trivia
- If a financial advisor is hiding information from you that could help you make the right decision, that means they aren’t a…what? (What’s the term for someone who WILL tell you all the info they feel you need to make a great decision?)
Better call Saul…Sehy & OG
- Stacker Debbie calls in looking for help finding the right financial advisor for a very specific problem.
Have a question for the show?
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Other Mentions
Join Us Wednesday
Tune in on Wednesday when we’re joined by retirement expert Jamie Hopkins who helps us figure out how to plan for a happier, more fulfilling retirement.
Written by: Kevin Bailey
Miss our last show? Listen here: Building Your Personal Finance Curriculum (At Any Age) SB1824
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