106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 6 January 2020

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined. Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff. She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards. Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets. And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location. Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses. And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future. In This Episode We Cover: Megan's journey with money The best way to raise kids How her money story evolved during her high school and college days Her debt planning Interest rate she recommends for those paying off debts The best approach to taxes The first big thing she did when she started making money Her real estate beliefs Helping older parents Planning her own financial future What a position capable of taking risks looks like Her take on high net worth individuals Cash flow management Her opinion on the 4% rule And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Intentional Journal BiggerPockets Money Facebook Group BiggerPockets Money Survey Check the full show notes here: https://www.biggerpockets.com/moneyshow106 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast show number 106 where we interview
0:05.1	Megan Gorman from the wealth intersection and get her story of financial
0:09.2	independence. So what you're sort of hearing from me is be reasonable on return assumptions, but be aggressive on inflation assumptions and really focus on your spend because that regardless of what asset base you have,
0:22.6	those three things drive success.
0:25.6	Hello, hello, hello.
0:26.6	My name is Mindy Jensen and with me as always
0:28.9	is my wonderful co-host Scott Trench.
0:32.0	Scott and I are here to make financial independence less scary, less just for somebody else,
0:37.3	and show you that by following the proven steps,
0:39.9	you can put yourself on the road to early financial freedom and get money out of the way so you can lead your best life.
0:46.0	That's right, wherever you are in your financial or life journey, you can begin rapidly moving towards a position capable of generating a great income, saving a huge percentage of that income,
0:54.0	and setting yourself up to make larger and larger investments on your way to financial freedom.
0:58.0	So whether you want to retire early and travel the world, go on to make big time investments in assets like real estate or
1:03.7	start your own business will help you build a position capable of
1:06.6	launching yourself towards your dreams. Okay today Scott I want to wish you a
1:10.9	happy new year it is January 6th or that's the day that it's being released and it is not only a happy new year, it is a happy new decade.
1:18.6	Absolutely, yeah. And this is a big time for goals. As you guys probably know, I'm a big goal setter.
1:23.0	I started a new journal every single new year.
1:25.5	I relaunch my goals.
1:27.0	I revisit my five year plan, all that kind of good stuff.
1:30.3	So definitely encourage you to go out and do that.
1:32.3	And I'll do a little shameless plug for our intention journal which if you're looking for just a physical thing to do that you can use the intention journal or you can use the free Firestarter and Goal Tracker
	...

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