479: How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 12 December 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Don’t strive to become rich. Instead, become a “quiet” millionaire like Tae Kim, the “Financial Tortoise.” You’ve seen the flashy cars, fancy champagne, and private jets of the online financial “gurus.” Then, like clockwork, you see these same people lose their wealth, go bankrupt, or disappear from the online world entirely. What happened to them, and where did all the “riches” go? In today’s show, we talk to Tae about the slow, steady, unsexy way to build wealth and become a millionaire that most Americans will never understand. It’s far less risky than gambling your money away, day trading, or going high-leverage on risky real estate. Instead, you can sleep like a baby every night, knowing you have hundreds of thousands in the bank, millions in investments, and enough money to chase your dreams IF you follow Tae’s advice. Tae’s path to wealth wasn’t complicated, but he did make a handful of money mistakes you won’t want to repeat. Afterpaying off over six figures in debt, Tae now serves as the financial hero we need but don’t deserve, teaching EVERYONE why the slow, quiet way to wealth is the smartest, most sustainable way to truly become “rich.” If you want to quit your job, do what you love, and live every day on YOUR schedule, stick around! In This Episode We Cover The “quiet” millionaire and why you want to be wealthy, NOT rich Money mistakes that you should avoid at ALL costs when on the journey to financial independence How much money you should have in the bank BEFORE you quit your job Why so many financial “gurus” go broke within a few years of acquiring their wealth How to define your “enough” so you don’t end up working your life away Tae’s unbelievably simple investment advice for those just starting out And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment 10 Life & Money Lessons From Broke Financial Gurus Click here to check the full show notes: https://www.biggerpockets.com/blog/money-479 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello my dear listeners and welcome to the BiggerPockets Money Podcast where today we are interviewing
0:05.7	Take him the Financial Tortoise and talk about building wealth slowly and the money lessons you can learn from broke financial gurus.
0:14.3	Hello hello hello my name is Mindy Jensen and with me as always is my not broke
0:19.2	master of finance co-host Scott Trunch.
0:21.6	Thanks Mindy it's great to be here with my
0:23.4	invests in companies that make cars without a choke co-host. Maybe Jensen I do that's a good
0:29.7	one that's a good one Scott Scott and I are here to make financial independence less scary.
0:36.0	Less just for somebody else.
0:38.0	To introduce you to every money story,
0:40.0	because we truly believe financial freedom is attainable for everyone
0:44.3	no matter when or where you're starting. That's right whether you want to retire
0:47.5	early and travel the world go on to make big-time investments and assets like real estate
0:51.3	start your own business, or simply get rich
0:54.2	slowly like the tortoise, not the hair, will help you reach your financial goals and
0:58.8	get money out of the way so you can launch yourself towards your dreams.
1:01.6	All right Scott, without further ado, let's bring in Tay.
1:05.2	The market is a little messy right now.
1:07.2	Stocks aren't stable, crypto is tanked, and high mortgage rates are making it hard to buy.
1:11.7	But what if you could be the one doing the lending and
1:13.8	take home that high interest payment? With I-R-R-R-Lones, you can. I-R-R-R-Lones sells
1:19.0	first-position mortgages at 12% annual returns paid monthly.
1:23.4	That's three times higher than a CD rate.
	...

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