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Millionaires Unveiled

245: Net Worth of 1M - Net Worth Goal of 12M

Millionaires Unveiled

Jace Mattinson

Investing, Millionaire, Financialplanning, Business, Self-improvement, Education, Finance

4.8872 Ratings

🗓️ 27 June 2022

⏱️ 42 minutes

🧾️ Download transcript

Summary

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.

Transcript

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0:00.0

But we're not big budget but we are big network trackers or I lose I am I could fit at work I check it once a month

0:06.9

Because again I just like to see where we're going it's been a big thing for me the network thing has been huge for me because there's been back when we first

0:13.2

started this journey I didn't have a network template if you will and I would always

0:17.2

wonder like are we moving up or moving down I don't really know I feel like I'm

0:20.5

just kind of treading water then when the network template came around,

0:24.3

now I can say, okay, we went up, we went down, I can see where we're going well, not well, something

0:29.1

like that.

0:30.1

You're listening to the Millionaires Unvealed Podcast, where you'll hear the stories and interviews

0:36.5

of everyday millionaires. We'll unveil their decisions, their strategies and

0:42.7

and their current portfolio allocation.

0:45.7

Now to your hosts, Clark Sheffield and Jace Matinson.

0:50.8

Welcome to Millionaires and failed podcast. This is episode number 245.

0:55.0

This week we've got a wonderful episode. We have Alan. He's in his mid-40s.

0:58.0

He's a therapist working in administration now and his wife is a nurse.

1:01.0

His net worth hovering around $1 million depending on the market fluctuations,

1:06.0

mostly between real estate with a couple rentals and personal residence and then some stocks and equities.

1:11.6

One really unique thing we discuss with him

1:14.0

is doing a Roth conversion ladder.

1:15.7

In fact, he already has kind of started this,

1:18.2

even though well away from years of retirement.

1:21.7

So, real interesting topic we get into discussion with him

1:25.2

and doing that, paying the tax now versus later and his kind of mindset around

...

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