408: Net Worth Of $10M+ - Retired at 34. Mocked by Wall Street. Now He’s Rich, Free, and Right

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 6 May 2025

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this conversation, Sam from Financial Samurai shares insights on wealth building, investment strategies, and the importance of intentional spending. He has a net worth over $10 million. He discusses his journey from a finance career to becoming a successful author and investor, emphasizing the significance of real estate and public equities in his portfolio. Sam also reflects on the mindset shift towards spending and investing in education for his children, culminating in the release of his new book, 'Millionaire Milestones.' Sam shares his insights on building wealth, the importance of compounding, and the milestones necessary for achieving financial independence. He discusses the structure of his book, 'Millionaire Milestones', and emphasizes the significance of saving and investing strategically. Sam also reflects on his personal experiences, aspirations for family travel, and the lessons learned from childhood that shape his financial philosophy. He encourages listeners to be intentional with their finances and to seek knowledge from those who have succeeded before them.

Takeaways

*Sam's new book focuses on building wealth for freedom.
*His net worth grew from $3 million to over $8.5 million.
*Diversification in investments is key to financial stability.
*Maxing out 401k and Roth IRA is essential for retirement.
*Taxable brokerage accounts should be prioritized for flexibility.
*Real estate provides stability and utility compared to stocks.
*Intentional spending became a focus after age 45.
*Investing in education is a valuable long-term investment.
*The importance of adapting investment strategies over time.
*Sam's journey reflects the balance between saving and enjoying life. The experience of 30 years in finance is invaluable.
*It's important to read and learn from others' experiences.
*Investment milestones are crucial for financial growth.
*Compounding interest significantly increases wealth over time.
*Financial independence allows for freedom of expression and action.
*Intentional living and travel can enrich family experiences.
*Spending should be intentional and meaningful.
*Childhood lessons shape financial perspectives.
*The journey to wealth requires consistent effort and strategy.
*Engaging with mentors can accelerate financial learning.

Transcript

Click on a timestamp to play from that location

0:00.0	And it's a struggle. So I'm trying to tell myself, well, actually, the losses help to accumulate wealth. Good job. But then the reality is it stinks. It hurts. It feels like time wasted. But what I've tried to do is say, look, I lost boatloads when the market was down 20% in April 20, 25. And I thought, and I told myself, look, better to spend more of your wealth now
0:22.2	than let the market take it away. So the irony is that during bare markets, I like to spend more
0:27.4	money because I'm trying to race against the market, trying to spend down my money for me
0:31.5	with me getting nothing in return, right? And the other thought process is the focus on return
0:36.5	on effort, REO, not return on equity, but return on effort, R.O.E, not return on equity,
0:39.1	but return on effort. So in a bull market, you want to work hard, save, invest aggressively
0:44.6	to make your fortune. You've got this window. Usually it's three to seven years. In a bare market,
0:50.8	what you want to do is you want to spend and enjoy life, kickback, don't work as
0:56.2	hard. Because if you're working harder in a bare market and you're losing money, your return
1:01.2	on effort is going down. It's just a waste. So the only way to improve your return on effort
1:05.8	is to do less, to do nothing, and to spend your money. And that's kind of the ironic opposite thinking.
1:12.5	Well, this is the type of thinking that I've embraced during bad times.
1:16.2	Welcome millionaires and future millionaires.
1:18.9	You're listening to the Millionaire's Unveiled Podcast.
1:21.9	The show where you'll hear the stories and interviews of everyday millionaires will
1:25.9	unveil their decisions, their strategies,
1:28.2	and their portfolio allocations.
1:31.1	Now to your host, Jace Mattinson.
1:36.3	Welcome back to another episode of Millions and Vell podcast.
1:39.2	This is episode of 408.
1:42.0	This is the podcast where we dive deep into the inspiring stories of self-made
1:46.2	millionaires from all walks of life. We are your host, Jason Stacey, and each week we uncover
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Jace Mattinson, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Jace Mattinson and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.