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How to Money

Who Wants to *Literally* Be a Millionaire? (Bestie Ep) #1080

How to Money

iHeartPodcasts

Education, Investing, Business

4.63.2K Ratings

🗓️ 26 December 2025

⏱️ 55 minutes

🧾️ Download transcript

Summary

Sherlock Holmes is a literary character we’re all familiar with who has the uncanny ability to solve any mystery he comes across. And one of the things that sets the British detective apart from others is his use of inductive reasoning to solve his cases. He begins with observations which then propel him in his search for the truth. Deductive reasoning, on the other hand, begins with a hypothesis and then uses the facts in order to confirm a theory. And so as we’re trying to figure out how wealthy we need to be, we think that taking the Holmsian approach is most helpful. Rather than picking a nice round number out of thin air like $1 million, we’re doing some observing and we’re asking some questions! Because regardless of how much money you already have set aside for retirement, you could be missing the mark if you’re only reading the headline numbers reported by the ‘experts’. Today’s episode should help you to realize you probably don’t need as much money as you think, you’ll gain a healthier view of work vs retirement, and we’ll go over some practical calculations to help you decide how much money you’ll *literally* need.

 

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During this episode we enjoyed a Double Clutch Nitro Oatmeal Stout by Gruner Brothers- thanks for donating this one to the show Katie! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

 

Best friends out!

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Transcript

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0:00.0

This is an IHeart podcast.

0:02.5

Guaranteed human.

0:07.0

New Year's resolution.

0:08.8

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0:10.7

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0:13.7

Now just 99 cents per month for new customers their first year.

0:18.2

Ring in 2026 with a domain and matching email at goaddy.com slash new year.

0:23.8

That's go daddy.com slash new year to own how you show up online.

0:31.1

Welcome to How to Money.

0:32.9

I'm Joel.

0:33.5

And I am Matt.

0:35.0

And today we're asking the question, Who Wants to Be a Millionaire?

1:02.5

I'm tried to do my best game show, host, voice. Did it show? Did it come through?

1:07.1

You're the next true carry. Oh, oh, am I? Is that, uh, the price is right? That's right. So I was first thinking about he also hosted whose line is it anyway. Oh, yeah. That's a good show., I forgot who used to be the old host. Wasn't there somebody else? Bob Barker. On Price is right? No, I'm thinking of the improv. Oh, okay. Did you watch a lot of game shows growing up? I know you did. The Price is Right. You talked about how I used to watch out with your grandma, right? I watched some. I definitely, I mean, who wants to be millionaire was... That's classic. Well, that was a cultural moment. And I'm not sure if people a whole lot younger than us remember it, because the show came out in, what, like 99? Late 90s, early 2000s. But for a few years, like millions of people, like tens of million people, probably were tuned into Regis Philbin hosting Who Wants to Be Millionaire? every, what, I don't know, a couple nights a week. They even made it. Like, was that the last great American game show where everybody was watching before the networks? Because after that, it was all network based and everybody created their own game shows and things split off from there. But it kind of felt like when folks would sit down and all watch the the same news program. Yes. This was like the last game show where folks did that. But yeah,

2:04.9

I don't know, never really got into it. I love game shows. So I really do. I think they're fun. And so top chef. Is that technically a game show? Yeah, I think they're competing. It's like a different kind. Tom Colicchio, Gail Simmons, Hugh Hatchism, like all those judges, those are,

2:17.9

those are my people. I'm probably watched more seasons of Top Chef than any other program other than

2:25.1

maybe the office. Scrubs. The whole point of this show, by the way, is not to wear monochromatic

2:30.6

suits and ties like Regis Philbin used to do. May he rest in peace. But it really is to talk about like if you want to become a millionaire, like how do you get there? But also like is that a good goal to have? And there are different inputs that we see all the time in financial media about how much we're supposed to be saving and investing for the future. And I think so it can be off-putting and downright demoralizing. So how much do you actually need? We're going to kind of give a framework for that in regards to how much you should be looking to garner in a nest egg for retirement. That's kind of what this episode's all about. Did you ever listen? Okay, one last question, one last reference. I need a phone a friend. No, I was going to, the bare naked ladies. If I had a million dollars, do you remember that song? I do. Yeah. Uh-huh. They're more known for, uh, one week. What is it? It's been one week. The 90s music still, still rocks, man. Still pretty good. Yeah. But Matt, real quick, before we get to the kind of millionaire discussion that we want to have.

3:24.6

The actual meat.

3:25.5

Yeah.

3:25.8

Just I wanted to quickly mention that listener Silas actually created an Excel spreadsheet.

3:31.6

So we had another listener actually create a spreadsheet for the beers that we've had on the show that we'll also put in the show notes.

...

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