How To Become Wealthy

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 15 May 2019

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

The three-step plan for becoming financially wealthy and how to be wealthy without the money.

In this episode you’ll learn:

The results of two recent surveys on wealth, investing and retirement planning.
How much money do people believe they need to consider themselves wealthy.
How is wealth distributed across the U.S. population and how wealthy are Americans?
Why you need a simple financial plan.
What are the three steps to becoming financially wealthy.
How to live like you are already wealthy.

Thanks to WIX and Sleep Number for sponsoring the episode.

For show notes and more information on this episode click here.

[0:16] Schwab and Stash survey results.
[2:49] Saving vs. living paycheck to paycheck.
[4:29] How much does one need to be considered wealthy?
[7:44] The value of social security.
[9:23] The historical distribution of the country’s overall wealth.
[11:33] The importance of having a plan.
[13:38] Step One: increase your income.
[15:10] Step Two: increase your savings percentage.
[16:44] Step Three: increase your investment returns.
[23:57] It’s not about optimization. It’s about diversifying and learning.
[25:20] How to live like you are wealthy today.

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is a personal finance show on Money, How It Works,
0:07.2	How to Invest It and How to Live Without Worrying About It. I'm your host David Stein.
0:11.4	Today is episode 252. It's titled How to Become Wealthy.
0:16.5	This past week I was sent two surveys.
0:20.2	One is a Schwab Modern Wealth Survey. The other is by Smash, which is an investing app,
0:25.2	where you can start investing with as little as $5.
0:29.2	Typically when surveys are sent to me, there's a press release from their PR firm. Here's which Schwab's PR
0:35.4	firm for this particular survey, Edelman. The title of their email said National Survey
0:39.9	finds Fear of missing out fuels consumer spending.
0:44.0	First line, over a third of Americans
0:46.4	admit that their spending habits have been influenced
0:48.9	by what their friends share on social media. The next survey, Stash, their PR firm is Bosebar,
0:57.0	Bostbar, perhaps? The email said millennials say they'd risk the lottery as their retirement plan.
1:05.0	First line, new data from Stash reveals that 18% of Americans are basing their retirement plans on winning the lottery.
1:12.0	And nearly 60% of millennials think the lottery is a good plan for their retirement.
1:18.0	These surveys, you always have to step back and first see how they were constructed and then how was the question asked,
1:29.0	particularly the fact that 60% of millennials are basing their retirement plans on the lottery.
1:37.8	But if you actually look at the question how it's phrased, it's how do you plan to retire select all that apply so you get to choose
1:48.0	multiple answers so they add up to more than 100%.
1:53.0	And the choices are, I hope to win the lottery, I expect my children to help,
1:57.0	move to a new country where it's cheaper, move in with family members,
2:01.0	get a part-time job doing something I love, I'll live off my Social Security,
	...

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