Summary

In this episode Jace and Stacey reflect on the highlights of 2024, discussing the impressive net worth of guests, the impact of inflation on wealth, and the diverse stories of millionaires. Jace emphasizes the importance of financial planning, the various paths to wealth, and the shifts in asset allocation among millionaires. The conversation provides valuable insights into personal finance and investment strategies for listeners. The collective net worth of all the guests this year hit was $862 million.

In this conversation, Jace discusses various aspects of financial planning and investment strategies, emphasizing the importance of maximizing financial opportunities, learning from mistakes, and the evolving perspectives on wealth and lifestyle. He highlights the significance of having a solid financial plan, the need for regular portfolio assessments, and the value of experiences over material possessions as wealth grows. The discussion also touches on the surprising trends in healthcare savings accounts and personal investment strategies, culminating in reflections on the importance of intentional living and planning for the future.

Takeaways

*The total net worth of guests reached $862.2 million.
*71% of millionaires interviewed had a net worth under $5 million.
*The Delta between earnings and spending is crucial for wealth building.
*It's never too late to start investing and saving.
*Inflation has significantly impacted the average net worth of individuals.
*There are multiple paths to becoming a millionaire, not just one.
*Supplemental income sources are on the rise among millionaires.
*Successful millionaires have a clear financial plan.
*Risk assessment is essential in financial planning. A lot of people leave money on the table by not shopping for better insurance rates.
*Investing in tax-advantaged accounts is crucial, but many forget to actually invest the money.
*Regularly changing passwords and using two-factor authentication is essential for financial security.
*Portfolio adjustments should be made in response to life events and changing financial goals.
*Many millionaires overlook updating their estate plans and trusts.
*Financial planning is a long-term process that evolves over time.
*Learning from financial mistakes is a common experience among millionaires.
*Surprisingly, no guests have reported having $500,000 or more in their HSA accounts.
*Experiences, such as travel and premium events, are prioritized by millionaires as they grow their wealth.
*Investing in personal health and well-being becomes more important as wealth increases.

Sponsored by:

www.shopify.com/unveiled

Summary

In this episode, Doc G shares insights on his journey post-retirement, discussing his evolving mindset towards spending, the transition from accumulating wealth to decumulating it, and the emotional challenges of withdrawing from his portfolio. He has a net worth of $10 million. His diversification hasn't changed much since he first appeared on the show in the early days when his net worth was just over half of what it is today. He shares how he has started withdrawing from his portfolio and the emotional impact that has had on him. He also delves into his writing journey, particularly focusing on his new book, 'The Purpose Code', which explores the concept of purpose in life and finances. Throughout the conversation, he reflects on the importance of finding fulfillment beyond just financial success and how this shift has influenced his relationship with his children.

Takeaways

*Doc G is busier than ever post-retirement, focusing on passion projects.
*He is learning to let go of his fear of spending money.
*The transition from accumulation to decumulation is a significant shift.
*Withdrawing from his portfolio has been an emotional journey.
*Writing has become a central part of his life and purpose.
*His new book, 'The Purpose Code', explores the concept of purpose.
*He believes that purpose can be both a source of anxiety and fulfillment.
*Doc G emphasizes the importance of using various tools for a fulfilling life, not just money.
*He aims to model a life of purpose for his children.
*The conversation about money has evolved into a deeper discussion about fulfillment.

Sponsored by:

Wine Access

Summary

Billy and Melissa have a net worth of $1.0 million. This is in various investments including the market and real estate. They are in their late 30s and are business owners. They recently relocated from a high cost of living area to a low cost of living area to participate in geoarbitrage. They started in a big hole that included over 100k in debt and had a car repossessed at one point. They emphasized the importance of staying the course, overcoming adversity and continuous improvment.

Takeaways

*Start investing early and pick a strategy that works for you
*Consider risks in life and how they may affect you in the short term and long term
*You can make mistakes and still overcome them especially when you're young
*Entrepreneurship can provide fulfillment and generate a lot of income but it isn't easy