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Earn Your Leisure

What To Do *After* You Become a Millionaire

Earn Your Leisure

iHeartPodcasts

Education, Entrepreneurship, News, Business News, Investing, Careers, Business

4.87.8K Ratings

🗓️ 12 November 2025

⏱️ 11 minutes

🧾️ Download transcript

Summary

In this insightful Market Mondays clip, Rashad Bilal, Ian Dunlap, and Troy Millings break down the crucial mistakes to avoid right after achieving millionaire status—and share what you should do instead. Whether you’re just starting your financial journey or you’ve already crossed seven figures, this is a must-watch for building sustainable wealth. Rashad Bilal emphasizes the importance of not making large purchases (including a primary home or luxury cars) immediately after accumulating your first million. He explains why buying a single-family home can quickly turn that financial progress into new liabilities, and why it’s smarter to keep your cash accessible and prioritize acquiring assets that grow your wealth. Ian Dunlap offers practical steps for maintaining your financial edge—like avoiding “lifestyle creep” until your net worth reaches $11 million, staying debt-free, and focusing on investments that can never go to zero. He gets real about the emotional journey: the rush of making your first million fades, so it’s crucial to concentrate on growing your fortune and happiness, not just your bank balance. Troy Millings shares his personal blueprint, describing how he continued to live below his means and kept his housing costs minimal—even after hitting the million mark. Troy talks about strategic investing, not rushing into big purchases, and using discipline to keep growing his wealth. He encourages viewers to be hyper-vigilant about how they manage, respect, and protect their money, especially in uncertain times. The trio also touch on why certain classic status symbols—like diamonds and luxury watches—typically aren’t smart investments, especially with new technology and shifting markets transforming their value. *What you’ll learn in this clip:*

  • Why your first million isn’t the finish line—and what really matters next
  • The dangers of rapid “lifestyle upgrades” (and how to avoid going broke)
  • How multifamily real estate and smart renting can be better wealth moves than buying a flashy house
  • Tax strategies, asset protection, and avoiding financial traps that target the newly wealthy
  • The declining value of luxury assets like diamonds and cars—and smarter things to do with your money

Whether your goal is to hit seven figures or multiply it, let Rashad Bilal, Ian Dunlap, and Troy Millings guide you through the mindset, habits, and strategies for lasting success. *Subscribe for more Market Mondays insights!* #MarketMondays #WealthBuilding #FinancialFreedom #RashadBilal #IanDunlap #TroyMillings #MillionaireMindset #MoneyManagement #Investing #PersonalFinance #Clip --- Watch, learn, and level up your financial game with every Market Mondays clip!

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

So for people, okay, on their financial journey, and they hit, they finally, they become a millionaire.

0:09.8

Okay.

0:10.4

What should they do next?

0:11.4

Like, what's next after you become a millionaire?

0:13.8

I'll get some advice.

0:16.1

Don't make any large purchases.

0:19.4

Hold on.

0:20.6

Say it again. Don't make any large purchases include including so don't say it again any large don't make any

0:23.4

large purchases yeah stay in the same push you've been in including the house

0:27.9

Rashad they're gonna say that you're at anti-homist I'm not gonna no no with that

0:33.2

but tell them why that's important yeah Yeah. Because your primary home, unless it's a multi-family home, it's not going to be a asset for you in the moment over the course of time.

0:49.5

But it's going to be a liability for you in the moment.

0:53.1

So you're still trying to collect as many assets as

0:56.1

possible to grow your wealth. You don't want to take two steps back after you made three

1:02.1

steps forward. So you make a million dollars and you have a million dollars and then you spend

1:09.3

700,000 on a house that's going to cost you an additional 8,000 a month.

1:16.3

That's going to cost you an additional 30,000 a year in taxes.

1:19.2

They're going to get furniture and landscape.

1:21.2

Right back the way you started, a couple hundred thousand.

1:24.6

And like Meek Mill said, that ain't real money that's bail money no disrespect but

1:29.9

that low one one bad situation and now you back to rock bottom so it's about it's about playing a

1:37.2

long game real estate for sure is a good investment over the course of time it has always

...

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