340: Net Worth of $1.8M - I didn't start until I was 40

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 16 January 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Brian, an enterprise sales professional, shares his journey to building a net worth of $1.8 million. He discusses his investment allocation, which includes retirement accounts, brokerage accounts, syndications, and startup companies. Brian emphasizes the importance of diversification and the benefits of investing in alternative assets. He also talks about his late start to investing and the lessons he learned along the way.

Brian shares his financial goals, including his plan to retire at 55 with a net worth of $4 million. He discusses his strategy for Roth conversions and the importance of teaching kids about building wealth. The conversation concludes with rapid-fire questions about Brian's experiences with money. In this conversation, Brian discusses the importance of valuing experiences over material possessions. He emphasizes the joy and memories that come from traveling and spending time with family.

Brian also shares a change in his belief about spending money, realizing the importance of enjoying life now rather than waiting for the future. He talks about his financial habits, including being cautious about his finances and checking them frequently. Finally, Brian offers advice for beginners, encouraging them to keep their financial plans simple, invest consistently, and avoid making frequent changes.

Takeaways

Focus on experiences and travel, as they create lasting memories and joy.
Reevaluate beliefs about spending money and consider enjoying life now rather than waiting for the future.
Be cautious about finances and check them regularly to protect against fraud or unexpected events.
For beginners, keep financial plans simple, invest consistently, and avoid frequent changes.

Transcript

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0:00.0	and just contribute,
0:03.4	contribute, don't change your allocations all the time, don't rebalance all the time,
0:07.5	and kind of stick to the, to your guns and I think you can obviously outlive
0:12.4	you know a down cycle as well by doing that.
0:14.8	So I think there's a lot of truth to that.
0:16.8	A lot of people like to dibble and dabble on individual stocks and I'm an E.T.
0:21.0	I'm an E.F. in Mutual Fund guy for sure.
0:23.4	If you do it right and you do it strategically and this is probably where I'll bring in an
0:27.0	advisor that really is specific to tax.
0:30.1	I mean, it's one thing to make a lot of money but it's more important to keep it so legally
0:35.1	welcome millionaires and future millionaires you're listening to the millionaires unveiled
0:40.3	podcast the show where you'll hear the stories and interviews of everyday
0:44.0	millionaires will unveil their decisions, their strategies, and their
0:47.9	portfolio allocation. Now to your host, Jayce Mattingen.
0:58.0	Welcome back to another episode of the Miller Years and Velt podcast. This is episode over 340.
1:01.0	Stace, are you staying warm?
1:03.2	It is freezing. It is actually below freezing here in Texas.
1:07.0	And I, although I hate how hot it gets in the summer,
1:11.8	I'd be happy with like a 95 cap you know it is I think 16 degrees outside or 19 degrees outside and I am kind of looking forward to summer it had me feeling that a little bit a moment ago when I was taking out the trash.
1:26.0	Yeah, it's a little bit of a bait switch, right? I was golfing a few days ago, shorts, t-shirt, sunny, and then all of a sudden it's like we got to throw the park is on, we got to worry about pipes and stuff that I grew up doing. In some respects,
1:44.0	MLK Day, which by the way, we just celebrated yesterday,
1:48.5	but I always like had fond memories of playing in the ice and the snow on that middle of January day.
	...

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