Always a teacher, my father loved uncovering hidden trends in the economy, in consumer behavior, and in marketing research, and then sharing them with others. He loved reading articles in newspapers, cutting them out, making notes all over the margins, and then turning those findings into essays on how individuals approach money. I would share articles and summaries from academic journals with him, and (after grading them) he would relate their scientific findings to the[…]
Would you hire a professional advisor based on his or her social media profile? While examining the tables and data in the chapter titled “Time, Energy, and Money” in The Millionaire Next Door, I reread the section titled “Who are your suppliers?” It reads in part: How did you hire your household’s financial advisor? Did you list the position in the help-wanted section of your local newspaper? Did you evaluate the stacks of resumes your advertisement[…]
Data Points is changing the way institutions and individuals understand the nature of wealth-building. I am excited to announce the members of Data Points’ advisory board, a group that will provide expertise as Data Points continues to develop products and services based on Dr. Thomas J. Stanley’s research. Each advisor brings wisdom in his respective field and will help propel our business forward.
In the introduction to The Millionaire Next Door, a question is asked in the voice of the reader: How come I am not wealthy? The authors state: Many people ask this question of themselves all the time. Often they are hard-working, well-educated, high-income people. Why, then, are so few affluent? As I am rereading The Millionaire Next Door, as many of you are, I’m reminded of the reason the work of defining wealth in America,[…]
A data point is a measurement or set of measurements of a single member of a particular population. For the financial services industry, client data typically include age, income, net worth, investable assets, risk tolerance, attitudes, and perhaps big data (with or without theory). This information is traditionally used to describe wealth groups (e.g., mass affluent, ultra high net worth) and determine relevant products and services. What’s missing? The scientific measurement of relevant wealth-building behaviors and life experiences that[…]