The Smartest and Easiest Way to Retire a Millionaire (Step-By-Step)
Kosher Money
Living Lchaim
4.9 • 842 Ratings
🗓️ 29 July 2025
⏱️ 97 minutes
🧾️ Download transcript
Summary
In this episode, I opened a retirement account live on camera, and by the end of this it you'll know more than 99% of your friends about investing. Ready to retire a millionaire?
Let's dig in.(Please don't ignore this if you're young. I promise you'll thank us when you're nicely aged.)Shimon Willig's contact info: Shimon.Willig@mwminvest.com
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CHAPTERS:
00:00 Intro01:15 Who Is Shimon Willig?02:35 The Role of a Financial Advisor12:19 How These Firms Make Money14:58 Helping People Open an IRA17:16 High-Quality Clothes from Twillory18:17 BitBean: Industry Leader in Software Development19:33 Getting Started with Opening an IRA27:25 The Benefits of a Roth IRA29:46 Which Account to Open...33:45 Qualifying (Early) Withdrawals34:31 The Costs of Roth IRA + How They Make $$$36:35 What You Need to Open a Roth IRA36:50 Choosing IRA Beneficiaries43:06 Conversations with Parents About $$$46:44 Owning a Home in Miami Lakes, Florida48:12 Colel Chabad: Feeding Hundreds of Families49:23 Providing Personal Information and Authenticating Your Account52:57 Adding a Trusted Contact53:56 Adding Beneficiaries and Dividing Assets56:30 Adding Employment Information57:20 The Importance of Paper Documents58:15 Adding Trading Features59:39 Reviewing Your Information59:58 Reading and Agreeing to the Boring Stuff1:03:11 Adding Funds to Your Account1:04:54 Naming Your Accounts1:06:21 Setting Up Your Transfer1:07:44 Opening an Individual Brokerage Account1:11:28 Choosing a Retirement Age1:13:24 Tips on Investments and Assets1:17:34 What Is an Expense Ratio?1:19:26 Creating an Account for a Minor1:23:54 Automating Your Accounts1:26:12 VOO vs. SPY Expense Ratios1:28:10 What Is a Cowboy Account? 1:30:45 The Importance of Life Insurance1:31:21 Project120's Mission1:35:09 Outro
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Kosher Money is the bi-weekly podcast from Living Lchaim, hosted by Eli Langer.
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Transcript
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| 0:00.0 | In our newest episode of Kosher Money, I opened a retirement account live on camera. |
| 0:05.0 | And by the end, you're going to know more than 99% of your friends about investing. |
| 0:09.7 | So you want to retire a millionaire? |
| 0:12.1 | Listen up. |
| 0:12.8 | We're excited to have Shimon Willig join us in studio. |
| 0:16.3 | We got our laptops out in front of us. |
| 0:18.5 | We've never done a screen share. |
| 0:19.9 | So if you're listening on audio, |
| 0:21.1 | there will be a special video component of this. It's going to be hands-on. We're going to go |
| 0:25.9 | through a particular trading platform, set up some accounts. And I'm excited to do this because |
| 0:31.1 | many, many people have been asking for a how-to. They hear a ton of information. We got to invest. We got to think about our future. But what do I do? So we have Living Smarter Jewish. It provides free services to people. But some folks, they want to do it themselves. And we're going to learn about Shimon Willig. We're going to go through Charles Schwab. There are many trading platforms we can do this on. |
| 0:55.8 | I personally use Fidelity, but we're going to create a real live account slash accounts for me on |
| 1:00.9 | Schwab. You can use TD Ameritrade, e-trade, interactive brokers. There's no shortage of trading platforms. |
| 1:07.9 | But without further ado, Shimon, how are you? |
| 1:12.1 | Doing great. Thank you for having me. So tell me a little bit about yourself. Where'd you grow up? How'd you get into the financial |
| 1:16.7 | space? |
| 1:17.5 | So I grew up in a small Stetel in Queens called Q Gardens. I never thought I would be a financial |
| 1:23.6 | advisor. My father is a rub in the community. I learned an Eric Ticerole after I got married |
| 1:29.5 | for five years. And I actually was studying to become an actuary. That's what I thought I would do. |
| 1:35.1 | But I realized all the way through it that it was too in the back. I wanted to be more involved |
| 1:41.9 | with people. I wanted to be more connected to the human side of business. After doing some research, I realized that this would be something which |
| 1:47.2 | has some similar traits. There's an analytical side to it, but also really strong |
... |
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