36: Net Worth of 1.6M - Commercial Banker

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 2 July 2018

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today's guest, Shirts, has a current net worth of 1.6M. He hit millionaire status at the age of 34, but only averaged 65K in salary for the first seven years of his career. He's worked 15 years for the same company, and holds 1.1M in retirement accounts. He provides career advice for increasing one's income and unveils his financial mistakes. Shirts also shares the thought of, "When a bear (market) shows up, just throw cash at it until it goes away.

Transcript

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0:00.0	You're listening to the Millionaires Unveiled Podcast, where you'll hear the stories and
0:06.0	interviews of everyday millionaires.
0:09.1	We'll unveil their decisions, their strategies, and their current portfolio allocation.
0:15.8	Now to your hosts, Clark Sheffield and Jace Matinson.
0:28.0	Thanks for listening to the Millionaires Unveiled Podcast, just a few things before we get in today's episode. If you like the show, please leave us a review on iTunes or Stitcher.
0:32.0	We love getting the word out and trying to get new
0:33.8	listeners. This week we're excited. We briefly cracked the top 20 business
0:38.1	podcasts on iTunes and also the top five investing podcasts on iTunes. And so we're happy that the podcast is starting
0:45.2	to get around and help people with investing and strategies and those sort of things.
0:50.9	Also if you'd like to, we appreciate if you subscribe to our emails. We're going to start sending
0:54.6	out emails and give some a millionaire analysis of some of the people we've interviewed.
0:58.6	We've emailed over 40, 50 millionaires now. Interviews completed and so we're starting to analyze
1:04.8	some of the data we've collected from that
1:07.2	and trying to get some valuable information.
1:10.1	So thanks again for listening and we definitely appreciate it.
1:15.0	So on today's podcast we interview Mr. Shirts and his net worth is at 1.6 million dollars and he and his wife are 36 years old. His wife's already retired and he's looking to retire in the next year or so depending on how the market is and depending on how his situation at work is.
1:32.2	He's been in commercial banking for 15 years, been with the same company,
1:37.0	and one thing that he really wanted to hit home on is, you know, you really don't have to make a lot of money to really grow your asset base when you're young.
1:45.1	He started out making in the 50s, the 60s, and 70s.
1:48.2	He said in his first 10 years, his average pay was about $78,000 and his wife was a veterinarian and her pay was also around
1:57.9	that but she also had all sorts of student loans to pay back. His biggest mistakes were buying a house. He was not one of the
2:05.1	fortunate ones that was able to capitalize on some of the real estate purchases that he made
	...

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