Does your household need a Chief Financial Officer? Sarah Fallaw, President at DataPoints, shares her knowledge and expertise on saving money and being financially successful in this episode of the Building Us podcast, hosted by Erik Garcia, CFP®, and Dr. Matt Morris, LPC, LMFT.
Episode Highlights:
- Sarah shares her background in industrial psychology, and how she applied the data and research that her father began back in the 80s. (4:20)
- What are Sarah’s thoughts about income and wealth? (6:52)
- What did Data Points find through the research that they recently did? (7:15)
- Sarah shares what the household CFO is all about. (9:12)
- How do you decide who’s the household CFO? (13:04)
- What’s their whole purpose at Data Points? (19:46)
- Sarah discusses some of the things that we can do to perform better tasks as household CFO. (22:10)
- What’s the correlation between setting aside time to manage money and amassing wealth? (32:57)
Key Quotes:
- “No matter where you are, if you are kind of being frugal living below your means, ignoring what the people around you are doing, those folks tend to build wealth faster than those who spend everything that they have.” – Sarah Fallaw
- “The more disciplined we are, when we have a plan, the better off we are. If we’re able to create a plan that makes sense, that has a goal that’s meaningful to you, and you’re able to be disciplined in following the plan, you have a better chance of success.” – Sarah Fallaw
- “What can we automate and what will you be responsible for? I think that by doing that, make sure nothing slips through the cracks. But then, you’ve got this discipline in place even if it’s something that’s using technology, it’s a discipline.” – Sarah Fallaw
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