Episoder
-
Summary
In this episode Jace and Stacey reflect on the highlights of 2024, discussing the impressive net worth of guests, the impact of inflation on wealth, and the diverse stories of millionaires. Jace emphasizes the importance of financial planning, the various paths to wealth, and the shifts in asset allocation among millionaires. The conversation provides valuable insights into personal finance and investment strategies for listeners. The collective net worth of all the guests this year hit was $862 million.
In this conversation, Jace discusses various aspects of financial planning and investment strategies, emphasizing the importance of maximizing financial opportunities, learning from mistakes, and the evolving perspectives on wealth and lifestyle. He highlights the significance of having a solid financial plan, the need for regular portfolio assessments, and the value of experiences over material possessions as wealth grows. The discussion also touches on the surprising trends in healthcare savings accounts and personal investment strategies, culminating in reflections on the importance of intentional living and planning for the future.
Takeaways
*The total net worth of guests reached $862.2 million.
*71% of millionaires interviewed had a net worth under $5 million.
*The Delta between earnings and spending is crucial for wealth building.
*It's never too late to start investing and saving.
*Inflation has significantly impacted the average net worth of individuals.
*There are multiple paths to becoming a millionaire, not just one.
*Supplemental income sources are on the rise among millionaires.
*Successful millionaires have a clear financial plan.
*Risk assessment is essential in financial planning. A lot of people leave money on the table by not shopping for better insurance rates.
*Investing in tax-advantaged accounts is crucial, but many forget to actually invest the money.
*Regularly changing passwords and using two-factor authentication is essential for financial security.
*Portfolio adjustments should be made in response to life events and changing financial goals.
*Many millionaires overlook updating their estate plans and trusts.
*Financial planning is a long-term process that evolves over time.
*Learning from financial mistakes is a common experience among millionaires.
*Surprisingly, no guests have reported having $500,000 or more in their HSA accounts.
*Experiences, such as travel and premium events, are prioritized by millionaires as they grow their wealth.
*Investing in personal health and well-being becomes more important as wealth increases.Sponsored by:
www.shopify.com/unveiled
-
Summary
In this episode, Doc G shares insights on his journey post-retirement, discussing his evolving mindset towards spending, the transition from accumulating wealth to decumulating it, and the emotional challenges of withdrawing from his portfolio. He has a net worth of $10 million. His diversification hasn't changed much since he first appeared on the show in the early days when his net worth was just over half of what it is today. He shares how he has started withdrawing from his portfolio and the emotional impact that has had on him. He also delves into his writing journey, particularly focusing on his new book, 'The Purpose Code', which explores the concept of purpose in life and finances. Throughout the conversation, he reflects on the importance of finding fulfillment beyond just financial success and how this shift has influenced his relationship with his children.
Takeaways
*Doc G is busier than ever post-retirement, focusing on passion projects.
*He is learning to let go of his fear of spending money.
*The transition from accumulation to decumulation is a significant shift.
*Withdrawing from his portfolio has been an emotional journey.
*Writing has become a central part of his life and purpose.
*His new book, 'The Purpose Code', explores the concept of purpose.
*He believes that purpose can be both a source of anxiety and fulfillment.
*Doc G emphasizes the importance of using various tools for a fulfilling life, not just money.
*He aims to model a life of purpose for his children.
*The conversation about money has evolved into a deeper discussion about fulfillment.Sponsored by:
Wine Access
-
Mangler du episoder?
-
Summary
Billy and Melissa have a net worth of $1.0 million. This is in various investments including the market and real estate. They are in their late 30s and are business owners. They recently relocated from a high cost of living area to a low cost of living area to participate in geoarbitrage. They started in a big hole that included over 100k in debt and had a car repossessed at one point. They emphasized the importance of staying the course, overcoming adversity and continuous improvment.
Takeaways
*Start investing early and pick a strategy that works for you
*Consider risks in life and how they may affect you in the short term and long term
*You can make mistakes and still overcome them especially when you're young
*Entrepreneurship can provide fulfillment and generate a lot of income but it isn't easy -
Summary
Dennis, a cybersecurity professional, shares his financial journey and strategies. He has a net worth of around $2.3 million, with a breakdown of 900k+, in retirement, 300k+ in cash equivalents, 400k in his house, and the remainder in a brokerage and some collectibles. Dennis primarily invests in Roth accounts and believes in the simplicity and peace of mind it provides. He started investing in his late 20s and became debt-free in 2017 after paying off $85,000 in consumer debt. Dennis also has a passion for collecting watches, which he views as a store of value and a way to celebrate financial milestones. His goal is to retire early at the age of 50 with a net worth of around $3 million. Dennis Shea shares his journey in cybersecurity and personal finance. He emphasizes the importance of continuous learning and becoming a student of the subject. Dennis also discusses how he became interested in personal finance through Dave Ramsey's teachings and how he and his wife paid off $80,000 in debt in just nine months. He shares his experiences with expensive purchases, such as sneakers and meals, and highlights the value of investing early and consistently.
Takeaways
*Investing in Roth accounts can provide simplicity and peace of mind.
*Becoming debt-free and investing in retirement accounts can lead to significant wealth accumulation.
*Having a passion for collecting valuable items, such as watches, can be a way to celebrate financial milestones.
*Renting experiences, like vacation homes, can provide flexibility and avoid the hassle of owning multiple properties. Continuous learning is crucial in the field of cybersecurity and personal finance.
*Following Dave Ramsey's teachings can help individuals gain control of their finances and pay off debt.
*Investing early and consistently can lead to long-term wealth accumulation.
*Expensive purchases can be justified if they bring joy and create lasting memories.
*Working hard and being consistent are key factors in achieving financial success.Sponored by:
Shopify
www.shopify.com/unveiled
Connect Team
www.connecteam.com
-
Summary
Ryan, an officer in the National Guard, shares his journey to becoming a millionaire and his plans for retirement. He discusses his net worth, which is currently $1.1 million, and how he achieved it through investments and a pension from the military. His pension could be worth $3-$5 million. Ryan is in his late 30's. He emphasizes the importance of starting to invest early and taking advantage of compounding interest. He also talks about his passion for travel and his plans to pursue entrepreneurial ventures in retirement.
Takeaways
*Start investing early and take advantage of compounding interest
*Consider the benefits of a pension and other retirement accounts
*Travel can be a worthwhile expense and a rewarding experience
*Entrepreneurship can provide fulfillment and additional income in retirement -
Summary
Andrew is currently working for a company called Practice CFO, a fractional CFO financial planning company for dentists and healthcare professionals. He is 37 years old and he has a net worth of $2.125 million, broken up into real estate and paper assets. His paper assets include a mix of index funds, ETFs, bonds, and REITs. Andrew is a long-term investor and is not concerned about short-term market fluctuations. He maxes out his retirement accounts and also invests in real estate syndicates, including single-family rentals, student housing, vacation rentals, and build-to-rent properties. He prioritizes filling up his tax-advantaged retirement accounts and then invests the rest in real estate or the brokerage account. Andrew keeps some cash available for opportunistic real estate investments.
Andrew's main goal is to have a net worth of $5 million by age 45. He values financial freedom and the ability to buy time. He pursued a career in finance and strategy, working for companies like Dell and Vrbo. However, he felt unfulfilled and wanted more intellectual stimulation. He started doing fractional work for a friend's business and found it fulfilling. This led him to make the leap from corporate America to a small business environment. Andrew believes in working hard, serving others, and finding fulfillment in work. He emphasizes the importance of experiences and travel. He has maintained his financial habits and focuses on offense rather than defense with money.
Takeaways
*Andrew works for a fractional CFO financial planning company for dentists and healthcare professionals.
*His net worth is $2.125 million, with a mix of real estate and paper assets.
*He is a long-term investor and is not concerned about short-term market fluctuations.
*Andrew maxes out his retirement accounts and invests the rest in real estate syndicates or the brokerage account.
*He keeps some cash available for opportunistic real estate investments. Set clear financial goals and regularly assess your progress
*Find fulfillment in your work by serving others and constantly learning
*Invest in experiences and travel for long-lasting memories
*Maintain good financial habits and focus on offense rather than defense
*Be open to different investment opportunities and diversify your portfolioSponsored by:
Icognic
www.incogni.com/unveiled
Shopify
www.shopify.com/unveiled
-
Summary
Bunny has a net worth of $10 million. Most is in the value of her businesses but she does own some real estate and keeps a little inveted in the market. She is a successful entrepreneur and business coach. She shares her journey of owning and managing multiple companies. She started as a stuntwoman and model but eventually pursued a master's degree in counseling and psychology. Bunny currently owns seven companies and has had a total of 16 companies in the past 19 years. She emphasizes the importance of investing in her own businesses rather than the stock market, as it provides higher returns and tax advantages. Bunny also discusses the concept of seasons instead of balance and the value of focusing on priorities. Bunny shares her journey of identifying her expertise and focusing on her niche to maximize growth. She discusses how her heart condition motivated her to be greedy and selfish with her time, leading her to find ways to minimize effort and maximize return on investment. Bunny emphasizes the importance of being confident in your highest value and prioritizing what truly matters, such as family and personal fulfillment. She also talks about the significance of delivering value and making a positive impact in the world, rather than solely focusing on financial success.
Takeaways
*Investing in your own businesses can provide higher returns and tax advantages compared to investing in the stock market.
*Prioritizing and focusing on what truly matters to you can lead to greater success and fulfillment.
*Creating systems and delegating tasks can free up time and energy for more important activities.
*Balance is a myth, and it's more about finding the right seasons and priorities in life. Identifying your expertise and focusing on your niche can lead to significant growth and success.
*Being greedy and selfish with your time can motivate you to find ways to minimize effort and maximize return on investment.
*Confidence in your highest value and prioritizing what truly matters, such as family and personal fulfillment, can lead to a more fulfilling and successful life.
*Delivering value and making a positive impact in the world should be prioritized over solely pursuing financial success.Sound Bites
"Investing in your own companies, you're getting 234% back."
"Betting on yourself is the least risky thing you can do."
"I still have a wealth advisor... as long as I'm beating that mother, I'm still winning."
"How long do you think it took you to get to this area of identifying your expertise and being able to really capitalize on the growth that's possible from just focusing on your niche and what you're excellent at?"
"How can I put in this minimum viable effort and get a maximum return?"
"What's unique about your approach is that it's the exact opposite of lazy. You might think, oh, limited hours, but it's maximum productivity within limited hours so that you have maximum output basically across the board in your entire life, which is amazing." -
Summary
Josh and Emily, a couple from Arizona, share their financial journey and how they reached a net worth of over $2 million. They are in their early 40's. They paid off their home in 2018 and then purchased a rental property, which they turned into an Airbnb. They have been diligent savers and have maxed out their retirement accounts. They have also taught their children about money by having them contribute to their own expenses and giving them financial responsibilities. They are now focused on learning how to spend and enjoy their money while still maintaining their frugal habits.
Takeaways
-Paying off your home can provide a sense of peace and financial security.
-Investing in real estate, such as purchasing a rental property, can be a good way to generate cash flow.
-Maxing out retirement accounts and investing in the stock market can help grow wealth over time.
-Teaching children about money from a young age can instill good financial habits and responsibility.
-Finding a balance between saving and enjoying your money is important for a fulfilling life.Sound Bites
"Paying off your house was a big goal for us. It gave us a lot of peace and security."
"After paying off our house, we stumbled into the FIRE community and purchased a rental property."
"We contribute max what we can to Roth IRAs every year plus my 401k."Sponsored by:
indeed.com/unveiled
shopify.com/unveiled
-
Summary
Zach is in his early 30's. He works in the mining industry and has a net worth of over $1.8 million, with a significant portion in tax-advantaged accounts. He started contributing to a Roth IRA at the age of 14 and has been maxing out his contributions ever since. Zachary has aggressively paid off his home mortgage and now owns his home outright. He has a goal of reaching $3 million in invested assets outside of his primary residence by the age of 45. Zachary emphasizes the importance of being intentional with money and treating personal finances like a business.
Takeaways
*Start investing early and contribute consistently to tax-advantaged accounts like a Roth IRA.
*Aggressively pay off debt, such as a mortgage, to achieve financial freedom and peace of mind.
*Set clear financial goals and create a plan to achieve them, considering short-term, mid-term, and long-term needs.
*Be intentional with money and treat personal finances like a business, making decisions based on long-term financial success.
*Consider opportunities in industries like mining, which offer good careers and salaries, and are essential for the global economy.Sound Bites
"Start investing early and contribute consistently."
"Aggressively pay off debt for financial freedom."
"Set clear financial goals and create a plan." -
Summary
Olin is 40 years old and has a net worth of $13.5 million. It is spread amongst market investments, real estate, cash and his business. He is a digital marketing agency owner and shares his journey of building wealth through various investments. He started his career in digital marketing and eventually started his own business. He became a millionaire in different asset classes at different stages of his life, with real estate being the most recent. Olin's goal is to be financially independent by the age of 50, but he also enjoys the competitive nature of building wealth. He credits his interest in investing to his father, who taught him the value of investing in good companies and holding onto them.
In this conversation, Olin Erickson discusses his approach to wealth accumulation and financial planning. He emphasizes the importance of investing in the stock market and diversifying assets. Olin also shares insights on family dynamics and how different individuals have varying financial perspectives. He discusses his target net worth and the balance between distributing profits and reinvesting in the business. Olin highlights the role of travel as a luxury and the enjoyment he derives from helping clients and employees succeed. He concludes with advice for those starting their financial journey: start early, invest in index funds, and avoid overthinking.
Sponsored by:
Indeed.com/unveiled
Shopify.com/unveiled
-
Summary
Tom is 59 years old and has a net worth of $4.0 million. He shares his journey from being an engineer in the Navy to becoming an entrepreneur and investor. He discusses his investment portfolio, which is split between real estate and stocks. Tom emphasizes the importance of investing in oneself and continuously learning and growing. He also talks about the shift in his mindset from focusing on making money to making an impact. Tom shares valuable lessons he learned throughout his career and offers advice for those just starting their journey.
www.interviewvalet.com/muv
-
Summary
In this episode, Mark shares his journey to financial independence and early retirement. He retired from law enforcement after 28 years and now works part-time as a civilian investigator. Mark's net worth is over $5 million, with investments in taxable brokerage accounts, IRAs, UTMAs, and 529s. He also receives a pension of $100,000 per year. Mark inherited a large sum of money, which helped him achieve his financial goals. However, his journey was not without challenges, as his wife was diagnosed with stage 4 cancer and passed away around the same time he received his inheritance. Mark has found solace in keeping busy and enjoying life, including purchasing a Porsche and going on vacations. He emphasizes the importance of not taking life for granted and appreciating loved ones.
Takeaways
Maximizing contributions to retirement accounts and investing early can lead to financial independence.
Inheritance can significantly impact one's net worth and financial goals.
Life events, such as illness and loss, can change financial plans and priorities.
Finding ways to keep busy and enjoy life after retirement is important for mental well-being.
Appreciating loved ones and not taking life for granted is a valuable lesson.Sponsored by:
Shopify.com/unveiled
-
Summary
Chris is an engineer living in Sydney, Australia, with a net worth of $2.5 million. He has built his wealth through a combination of real estate investments, retirement accounts, cash savings, ETFs, and other investments. Chris started investing in real estate in 2017 and has acquired five properties since then. He also emphasizes the importance of investing in superannuation, a tax-advantaged retirement account in Australia. Chris plans to continue investing in ETFs and other options to diversify his portfolio and achieve his goal of a $5 million net worth and $100,000 in passive income in the next 7 to 10 years. He believes in the power of hard work, skill, and a positive mindset to create wealth.
Takeaways
*Investing in real estate can be a lucrative way to build wealth
*Superannuation is a tax-advantaged retirement account in Australia
*Regular saving and investing are key habits for financial success
*A positive mindset and hard work are essential for achieving financial goals
*Diversification is important for managing risk in investments
*Tracking net worth and expenses can help in financial planning
*Travel and creating memories are worth the investment
*Believe in yourself and your ability to achieve your goalsSound Bites
"A part of all I earn is mine to keep."
"I developed my formula which was, I named it as SETFIP, SETFIP. S stands for the superannuation, then it's ETF and IP is the investment property."
"A part of all your time is yours to keep."Sponsored by:
Prizepicks.com/millionaire
-
Summary
Dan is 73 and has a net worth of $37 million. Most of it is in private equity including his business but does have some cash, some investements in the market and some real estate. He shares his background growing up in a large family where all of his siblings became millionaires and how his father's work ethic influenced his success. He went on to become a Navy pilot and later started his own companies. He experienced both successes and challenges, including a recession that led to the loss of his business. He then shifted his focus to investing in private companies, including PlantSnap, an app for plant recognition. The app has seen significant growth and is valued at five times its 12-month sales. Dan shares his journey of building a successful scaffold company and making smart investments. He took in $4 million in outside capital when his company was already successful, allowing him to expand and grow even more. Eventually, he bought back the company from the investors for a fraction of its value. Dan emphasizes the importance of focusing on profitability and maximizing distribution to investors. He has diversified his investments and built a family office with his siblings. Dan plans to retire and is preparing for his ultimate exit by saving and investing in other companies.
Sound Bites
"My dad never earned over minimum wage. He always had side hustles... His motto was, a job worth doing is worth doing well."
"I started my first company manufacturing a housewares product... On the third day, they hired me as an engineering specialist."
"I bought the scaffold company and that was 36 years ago. And I'm still involved with that company."
"Wow, that's amazing."
"We'll take your company from $15 million to many times that."
"You bought your company back for pennies on the dollar."Sponsored by
Shopify.com/millionaire
Prizepicks.com/millionaire
-
Summary
Lawrence is in his early 40's and works as a federal auditor. He shares his journey from having over $150,000 in debt in 2014 to a net worth of $1.3 million. He started by utilizing tax-advantaged accounts like 401(k)s and HSAs to lower his tax liability and increase his refund. Lawrence also focused on reducing his expenses, particularly food costs, and separating happiness from spending money. His goal is to retire with a net worth of around $6 million, travel the world, and give back to others to help them achieve financial security. He discusses his strategies for saving and investing, including maxing out his retirement accounts and utilizing an HSA as an investment vehicle. Lawrence emphasizes the importance of having a supportive spouse and open communication about finances. He also talks about his plans for the future, including reaching a net worth of $2 million and considering early retirement.
Sponsored by:
Indeed.com/unveiled
-
Summary
Tim has a net worth of $2.0+ million. He started his career in finance, starting a hedge fund in his early 20s that grew to over $350 million in equity. He transitioned into technology and fitness, building a successful gym franchise. He then joined GymLaunch and helped grow it into a multi-million dollar business. Tim is in his early 40's and is now an investor, consultant, and coach, helping small business owners unlock value in their businesses.
He believes in the infinite banking concept and focuses on cashflow and tax mitigation. Tim's journey showcases his entrepreneurial spirit and ability to adapt to different industries. Tim became a millionaire at the age of 24 and has maintained a seven or eight-figure net worth since then. He achieved this through his successful hedge fund business and strategic investments.
Tim emphasizes the importance of hard work, taking calculated risks, and having a strong mindset. He believes that financial freedom comes when investment income exceeds monthly expenses. Tim also shares his experiences with expensive purchases, lessons learned from childhood, and his changing beliefs about success.
Sponsored by:
Shopify
Shopfiy.com/unveiled
-
Summary
Noah has a net worth of $193 million. Most is in his company but he does have several million in cash, market investments, real estate and some crypto. He is a successful entrepreneur and founder of AppSumo. Noah shares his journey from working at Intel and Facebook to building his own businesses, discussing his net worth, investment strategies, and the importance of entrepreneurship. He emphasizes the significance of enjoying wealth, the philosophy of active versus passive income, and the lessons learned throughout his career. Noah also reflects on his lifestyle changes, future goals, and the importance of asking for what you want in life.
Sponsored by:
Indeed. Need to Hire? You Need Indeed.
Indeed.com/unveiled
-
Summary
Josh is a newly minted millionaire with a net worth of $1.05 million. He shares his journey from the Marine Corps to working in finance and investing. He discusses his background, his financial milestones, and his evolving investment strategy. Josh emphasizes the importance of financial freedom and the need to constantly evolve and adapt in the world of investing. He also shares his perspective on wealth and the value of time. Josh's story highlights the power of perseverance, self-education, and taking calculated risks.
Takeaways
Financial freedom is a powerful motivator and can lead to a fulfilling and successful career in finance and investing. Taking calculated risks and constantly evolving your investment strategy can lead to significant financial growth. Wealth is relative, and it's important to define your own financial goals and priorities. Money is a tool that should be used to create freedom and enjoyment in life, rather than being possessed by it. Integrity and genuine relationships are key to success in both personal and financial endeavors. -
Summary
Riggs has a net worth of $14.5 million. He is in his early 70's. He is currently the CEO of OriginClear, a water treatment company. He shares his journey from working in the nonprofit sector to becoming a startup CEO and eventually leading a company to the NASDAQ. Riggs talks about the challenges and successes he has faced in the industrial water space and the innovative solutions his company is providing. He emphasizes the importance of perseverance and the desire to make a positive impact in the world. Riggs discusses the company's focus on retail fundraising from accredited investors and their plans to help launch future companies. He emphasizes the importance of having a hot idea with differentiation, strong organizational development, and a path to financial success. Eckelberry also highlights the need to provide investment opportunities for both accredited and unaccredited investors. In the rapid-fire questions segment, he shares anecdotes about his first job, expensive purchases, and changing beliefs about Russia.
-
Summary
Ryan and Haley, a married couple in the entertainment industry, share their journey to becoming millionaires. They met at work and have been working in video production and editing. They currently have a net worth of just over $1 million, with the majority of their investments in retirement accounts and a brokerage account. They have also recently purchased land and have equity in their primary home.
They have been contributing to Roth IRAs since their 20s and have seen significant growth in their investments. They plan to continue contributing to their 401ks and brokerage account, and they also have an HSA. Their goal is to reach a net worth of around $3-3.5 million and retire early.
Ryan and Haley share their financial journey and mindset, highlighting their frugal habits and focus on experiences over material possessions. They discuss the influence of their parents on their financial habits and the importance of having a partner with similar financial values. They also talk about their most expensive purchases, trips, and meals, as well as their changing financial habits as they strive to reach their goals.
Takeaways
*Meeting at work and pursuing careers in the entertainment industry
*Significant growth in investments through Roth IRAs and retirement accounts
*Diversifying investments with a brokerage account and HSA
*Goal of reaching a net worth of $3-3.5 million and retiring early Having a partner with similar financial values can make a big difference in achieving financial goals.
*Experiences and relationships are more important than material possessions.
*Hard work and a focus on goals can lead to financial success.
*It's important to be mindful of spending habits and avoid wasting money on unnecessary purchases.
*Investing early and consistently can have a significant impact on long-term financial growth.Keywords
millionaires, entertainment industry, video production, editing, net worth, investments, retirement accounts, Roth IRAs, growth, 401ks, brokerage account, HSA, early retirement, financial journey, frugal habits, experiences over possessions, parental influence, partner with similar values, expensive purchases, expensive trips, changing financial habits
- Se mer
