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
4.7 • 3.1K Ratings
🗓️ 17 January 2025
⏱️ 40 minutes
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| 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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