How I Became a Millionaire on a Military Salary - with Doug Nordman

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 11 July 2016

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

#33: After serving in the Navy for 20 years, Doug Nordman, then-age 41, retired from his military career. Most of his peers started second careers in the civilian world. But Doug didn't. He had an ace up his sleeve: he had spent his military career saving 40 percent of his income. By the time he turned 41, he held an investment portfolio worth $1 million. Those investments, coupled with a Naval pension for $30,000 per year, propelled him into financial independence. He's remained retired since leaving the Navy. He's now 55. He surfs three times a week. He travels to Europe on a whim. His retirement portfolio survived two recessions and is now worth $1.7 million. In this interview, Doug shares the story of how he became a millionaire on a military salary. He also talks about the fulfillment he's found through financial independence. Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Affordable Care Podcast.
0:05.3	The podcast that understands you can afford anything but not everything.
0:09.9	So your goal is to be incredibly intentional with your time, your money and your life.
0:15.0	Today we're going to hear from someone who became a millionaire on a military salary.
0:20.4	Doug Nordman retired at the age of 41.
0:24.4	And guess what?
0:25.4	That was 14 years ago.
0:27.0	He's now 55 years old.
0:28.6	He's been retired since his early 40s and he's going to teach us number one how he grew
0:33.8	a million dollar portfolio on a military salary.
0:37.3	Number two, what motivated him to grow that portfolio, particularly given the fact that
0:42.5	he knew he'd be getting a small military pension, which as he'll tell us amounts to about
0:46.8	$30,000 in his case.
0:49.0	And number three, we're also going to learn what early retirement looks like, what has
0:53.6	he done for these past 14 years since he retired?
0:57.6	You can't retire away from the office.
0:59.8	You can't run away from things and run into retirement instead you have to retire for
1:03.4	something.
1:04.4	We're going to get to all of that.
1:05.8	But first I have some exciting news.
1:08.1	We have a sponsor which is great because that means this show can definitely stay on the
1:12.9	air.
	...

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