246: Net Worth of 1.1M - Small Business Franchise Owner
Amber is a small business owner (commercial cleaning/janitorial services) with a net worth of $1.1 million. She has about 600K invested in the stock market and is holding 150K in cash. She shares her journey to millionaire including a mindset shift to buying assets that will make money in the future. Amber, at the age of 40, had a net worth of about 80K. We also discuss financial independence, small business ownership, tax strategies, and whether money brings happiness.
245: Net Worth of 1M - Net Worth Goal of 12M
Alan has a net worth of one million dollars. He's previously worked as a therapist and now works on the administrative side of the business. He has one duplex and two condo rental properties which cash flow about 20K per year. He discusses doing a Roth IRA conversion, how he lives on 60K per year, his goal to reach 12M net worth, and how tracking his net worth has helped him succeed.
244: Net Worth of 7M - What Will You Do With All that Money?
Adam has a net worth of 7M, the bulk (5M+) of which is in retirement (1.5M+) and non-retirement (3.5M) accounts invested in the stock market. We discuss his entire allocation as well as his previous vs. current stock vs. bond split. He has a primary home worth about 1.5M and his first million came at age 32. Adam also shares his plans for the future, whether he budgets, how much cash he holds and why, and whether he ever thought he'd reach this level of net worth.
243: Net Worth of 4.5M - Dollar Cost Averaging is the Holy Grail
Mike has a net worth of 4.5M. He is 38 years old and has the majority of his net worth invested in the stock market divided between both retirement and non-retirement accounts. Mike works in sales and talks about the importance of compounded interest, dollar cost averaging, and paying yourself first. He shares his thoughts about paying off his primary residence early, the FIRE movement, and his financial goals for the future.
242: Net Worth of 1.1M - Avoiding Financial Hardship at Age 32
Seth is just 32 years old and has a net worth of 1.1M. Of the 1.1M, nearly 800K is in single family real estate; he has six rentals, four of which are paid off. Seth discusses his financial goals which includes passive income of 80K (currently 38K). He also talks about leverage and how he prefers to have paid for real estate over more real estate with leverage. Seth details what motivates him, including the desire to never experience financial hardship.