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Money Guy Show

How to Make Your First $1,000,000 (And Then the Next Four)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 17 January 2025

⏱️ 40 minutes

🧾️ Download transcript

Summary

Our show, “Retiring with $1,000,000 (by age)” - showed you that $1M probably wasn’t enough for financial independence especially if you’re 10+ years from retirement.

But to get to those other millions? You have to get to the first million!

We wanted to walk you through exactly how to grow your dollars, get to that first million (and then next four!). And, we’ll show you when you can expect to meet those milestones.

Jump start your journey with our FREE financial resources

Reach your goals faster with our products

Take the relationship to the next level: become a client

Subscribe on YouTube for early access and go beyond the podcast

Connect with us on social media for more content

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Transcript

Click on a timestamp to play from that location

0:00.0

How to make your first million and then turn that into five.

0:09.6

Brian, I am so excited to talk about this because we love talking about building towards

0:15.6

financial independence.

0:16.4

But oftentimes people will say a million dollars just isn't enough, isn't enough,

0:20.6

isn't enough, is enough? Well, you can't get to two or three or four or five unless you're going to say a million dollars just isn't enough, isn't enough, isn't enough.

0:21.0

Well, you can't get to two or three or four or five unless you get that first million first.

0:26.9

So we want to just tell you how to get to that first million and then, just like you said, how to get to five million.

0:32.8

But I like that we're people's millionaire gateway.

0:36.7

We are their tour guide. We've come from humble

0:39.2

beginnings. We know that the world is out there telling you you can't do this, but we've got

0:44.5

so much experience. We've got so many people that we've helped bring across the gates of seven

0:49.8

figures. We want you to just breathe in our optimism and you can do this too.

0:56.0

So let's talk about this through the decades. How to make that first million. Let's start at the very beginning, Brian.

1:03.0

Let's talk about the 20s. This is the stage where you're just starting out. So you don't have to get a lot of things exactly right,

1:10.9

but there are a few things that we want you to know. Because if you can get these few things right,

1:16.0

there's a really good chance you can set yourself up. And the first one, Brian, is just simply at this

1:20.3

stage, knowing what tools you ought to use. I like that you just said just simply. I think

1:25.8

an important thing is that don't overcomplicate your life at this level.

1:30.5

This is where I want you following the financial order of operations. If you're trying to figure out what to do with your next dollar, you don't have to create a better mousetrap.

1:39.6

We've actually created what to do with every dollar that comes into your army of dollar bills. And I like the

1:45.4

fact that this is, when we're talking about this, we're talking about Roth IRAs. I mean,

1:49.9

why not start in step five with Roth IRAs, health savings accounts where these things are

...

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