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Millionaires Unveiled

290: Net Worth of $1.5M - Every Millionaire has a Closet Investment

Millionaires Unveiled

Jace Mattinson

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

4.8872 Ratings

🗓️ 17 April 2023

⏱️ 38 minutes

🧾️ Download transcript

Summary

Emily has a current net worth around $1.5 million. About $1 million is in a taxable brokerage account. The remainder is in her retirement accounts and cash. She does not own a car or a house. She is in her late 20's and works as a consultant. She graduated debt free and had her employer cover her MBA. We have a great discussion on her frugality and how her childhood played a major factor in that and her education.

Transcript

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0:00.0

milestone that I'm happy about. I'm very proud of the hard work and I'm sort of starting to see the effects of

0:06.0

compounding that I've been reading about for years and years and years and I'm starting to kind of actually feel those effects.

0:12.1

But you know, it's something that we've worked hard toward and also you know definitely need to to call out the fact that both my husband and I were super privileged to graduate without any college debt and that absolutely set us up for

0:26.4

you know being able to start this journey.

0:28.7

Welcome millionaires and future millionaires. You're listening to the Millionaires Unveiled Podcast,

0:34.4

the show where you'll hear the stories and interviews

0:36.7

of everyday millionaires will unveil their decisions,

0:39.8

their strategies, and their portfolio allocation.

0:42.8

Not your host, J.S. Mattingen.

0:45.8

Welcome back to another episode of the Millionaires and Villed

0:51.3

Podcast. This is episode

0:53.0

number 290. It is tax times folks. In fact I think this is probably one of the

0:58.0

latest week or days I guess April 18th here today's the 17th, but yeah tomorrow is tax day so I hope everybody's got their taxes filed or their extensions done. I was looking into just taxes in general.

1:15.7

This is always kind of an interesting time of year

1:17.6

to look at what your effective tax rates are

1:20.7

and some of the best and worst tax states to live in and you know it's

1:26.6

interesting depending on what kind of consumer you are what what what this

1:31.5

plays into you and how this affects I mean obviously we know some of the highest state income tax states are

1:38.4

California and York, Minnesota is up there and then we have you know a handful dozen or just under a

1:45.7

dozen that are no income tax Texas Florida Nevada Wyoming South Dakota Tennessee

1:52.0

Alaska but those states typically have much higher property taxes and sales tax.

1:58.8

In fact, sales tax in Tennessee is almost upwards of 10%.

...

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