284: Net Worth of $7.2M - IRS Tax Audit, Generational Wealth & Real Estate with a Retired Banker & Salesman,

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 6 March 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Roger is a former banker, saleman and stay at home dad. He is in his late 60's. Most of his wealth has come since he was in his late 50's until now. He has a current net worth of $7.2 million.

~25% is in Notes.

~75% in equity in Real Estate.

35k monthly income with ~23k a month from real estate and ~12k from notes

He also has 25k cash, 25k in T bills, 46k in a HSA.

We discuss IRS tax audit, his unique approach to renting to tenants and generational wealth amongst other topics.

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Transcript

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0:00.0	So it's a case of compounding interest.
0:04.0	When my oldest son was born, my first son was born,
0:08.0	his great-grandfather gave him a $100 check.
0:12.0	And if he put that $100 check into a savings account at that time and he lived to be his great grandfather's age, that account would have $85 million in it just from that single hundred dollar check.
0:24.4	There's a compounding is just is really unbelievable but it really matters more what
0:30.7	you do with what you make than how much you make.
0:33.2	Welcome Millionaires and Future Millionaires.
0:36.2	You're listening to the Millionaires Unveiled Podcast,
0:39.0	the show where you'll hear the stories and interviews of everyday millionaires. We'll unveil their decisions, their strategies. the Welcome back to another episode of the Million Years Unveilled Podcast. This is episode
0:54.5	of 284. Everybody's having a great week out there just swinging into the month of
0:59.9	March. A lot of people are probably starting to think about their taxes if they haven't filed already.
1:04.2	We got all sorts of deadlines coming up over the next couple of months, either for extensions or
1:09.0	getting your filing done.
1:10.1	So yep, it's tax time, folks. One of those favorite things that we do every year in the spring at any rate
1:16.5	Whether starting to turn for a lot of people on a lot of a lot of parts of the country are still again heavy heavy Snowfall which hopefully will help with some of the water out west
1:25.6	water issues and droughts and whatnot but yeah it's been gorgeous here in Texas
1:30.0	been enjoying a little bit of the time at the lake and on the golf course and looks like we're going to have some more warm weather so
1:36.7	super pumped for that this week we have Roger he's in his 60s which we've had a lot of people request getting some more retirees or people that are of retiree age.
1:48.0	Roger, I wouldn't consider technically retired as he's still an active investor, but at any rate he's definitely in that in
1:55.0	that category. He's a net worth of $7.2 million. 25% of that is in fixed
2:00.1	income and mainly loans that we'll get into the show and discuss and then the 75% of
2:05.1	that is in his real estate equity about $25,000 a month comes in real estate income
	...

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