The Investing Mistakes of Millionaires (And The Rest of Us)

Sometime around 2000, I gambled some of my money away while fooling myself into thinking I was doing something very sophisticated. I wasn’t in Las Vegas: I was sitting at my computer buying shares of Krispy Kreme Donuts on eTrade. I had seen the front page of Forbes or Fortune or some other publication touting the company’s success and its future prospects, and decided on my own, without seeking the counsel of my wiser …
When our first daughter was very young–not quite two years old–we attended our first-ever birthday party for a three-year-old. (I recently talked about this experience on the Afford Anything podcast with Paula Pant). We went as a family of three. It was 2:00 in the afternoon on a Saturday. We arrived and were somewhat taken aback by the scene: was this a wedding reception? Considering the evidence of the multitude of adults milling around …
The psychology of wealth accumulation is one of our key research areas here at DataPoints. Our research efforts began with a deep analysis of the findings from The Millionaire Next Door. This book demonstrated the habits and lifestyle of those who accumulate wealth on their own, and the key behaviors that allow individuals to transform income into wealth were confirmed in The Next Millionaire Next Door. This body of research, as well as research from other …
As we approach Thanksgiving in the United States, the bustle of life may seem to be slowing. That calm, however, is underscored by the advertising and enticements of retailers hoping to move into the black side of the ledger for the year on the day after the holiday of gratitude. Otherwise known as Black Friday. Indeed so many of us will go shopping on that day that it will almost appear that everyone is …
Imagine this: it’s the day after Halloween, and you are about to enter your local big-box store retailer. EVERYTHING about the store flashes “SALE!” Who or what is in control of your actions in this situation? Let’s consider two different mindsets and possible outcomes related to how we might approach our shopping trip in this scenario: Mindset 1: I can positively affect the wealth my household accumulates. Potential Outcome: I will shop and spend …

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