Lessons From Interviewing 500 Millionaires, with Jaime Masters | Afford Anything Podcast (Audio)
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- เผยแพร่เมื่อ 4 ธ.ค. 2024
- Nine years ago, I had no idea that personal finance blogs existed.
Then, as I was flipping through an issue of Kiplinger magazine, I came across an article about a woman who paid off $70,000 in debt in 16 months.
Her name was Jaime, she lived in Maine, and she earned 3x her husband’s income. He made $30,000 per year; she made $100,000. They wanted to have a baby, and she wanted to stay at home for the first year, but their debt load made this impossible.
She aggressively went into debt-crushing-mode, working 70 hour weeks while 7 months pregnant in order to tackle their debt. She started a blog (and later a podcast), Eventual Millionaire, to track her journey and interview millionaires.
This article made me aware of the existence of personal finance blogs. I immediately thought, “I want one.”
The following year, I started my own site, Afford Anything. Like Eventual Millionaire, it later became a podcast, as well.
Today, we’re celebrating Episode 200 of the Afford Anything podcast. And so it feels fitting that the special guest for Episode 200 should be the woman whose story inspired the creation of this platform, Jaime Masters.
Jaime and I connected in-person at a recording studio in Austin, Texas to discuss her debt freedom story and the lessons she’s learned from interviewing nearly 500 millionaires.
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Full show notes: affordanything...
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21:30 where they talk about millionaire patterns
sciencelabvideos L thanks so much.
Thank you
Thank you! I was about to stop listening
M. V. Fuckin’ P. There’s always that champ in the comments section who comes through. Thank you
Thx
Yup I nailed my $140k mortgage in 6 years and 3 months.. My salary at the start was $53k. In year 2 I met my Wife and she made about $20k at the time. It can be done..:)
Thank you Paula! This is a GREAT interview!
Paula I listen to all your podcasts religiously, I just listened to this one. Now you and she are my heroes. Her story sounds much like mine and it would really incredible to have a conversation with her- and you, of course!
Wow. I’ve been looking all over for something like this. Mind you- I head this 4 years ago but now I’m married as a female breadwinner and my husband is in school and we want to have a baby soon haha. Thank you for this
I loved this interview and shared it with friends! Thanks Paula!
I am glad you brought up that people who work in an office 40 hours a week actually do less actual hours of work. I estimate that in my job I might do 10 to 15 hours of actual work each week. And that includes when I front load work for the next week so that I can read a good book.
Everyone's job is different. Our time is calculated to the minute and productivity is managed.
HI, how can I listen to the whole 3 hours?
starts at 3:33
Paying off mortgage is the best. Anybody can do it if they are disciplined. No “thing” feels as good as being debt free.
Monique Lehnardt. I'm starting to listen to this, but I want to comment on your comment. We, my sister and I came to USA 20 years ago, I was in my middle fourties, no speaking English at all and two small children, oohh! no legal documentation either (I'm not mexican). I discovered very soon that interest rates for mortgages here where the cheapest in the world (at least it seemed like that; in my country were 24% a year, here were around 3-3.5%) so you can imagine my surprise. In less than 3 years I bought a house and I could speak a decent English; I worked very hard for years. My opinion here is this one: How on earth can be better to pay off a mortgage on less than a 5% a year that using that money to invest in a business that can give to you an ROI of at least 25% a year. I have been investing in Real Estate for 8 years now, (I'm 60 this year). It's a matter of perspective. I taught my children the best investment for them was to get the highest grades at school so they could leave high school with a good check in scholarships and grants, my daughter is an accountant she got a 96.000 scholarship and she got a loan to get her PhD that is already paid off; my son got scholarships for 80.000 also. Opportunities are everywhere, some better than others, you just need a good mindset and be very curious about what can be done with all the information out there. It is good not to have a mortgage and I understand that, for my that option is very expensive, you see; I'm still paying mortgage in my house but I have rentals and I flip houses for a living, if I had chosen to pay off my mortgage instead of investing I would be living paycheck to paycheck today, just my humble opinion, in USA mortgage money is very cheap, I wish people understand that and look for another ways to make more income. Thank you.
That is very true our mortgages are lower now. When I got married they were at 18 percent. Now they are at four. You can make a great deal f money in real estate but there are other ways to succeed also. Investing in start ups, stock market, etc. Everyone needs to,find the way that works for them. For me, debt free was the way to go. For you something else obviously worked.
@@gloriaiarango that's inspirational, I'm happy for your family
"insane" is a compliment.
Being married to an individual that earns less
Then having regret reflects on your decision matrix
The majority of couples have some level of disproportionate strength to weakness dynamic
great points about the past making a business owner refuse to make changes. I had a boss who was under the thumb of his father for 30 years. He said he wanted me to rejuvenate the company and be part of the succession team so he could retire. Along with refusing to do anything to help the company, he repeatedly sabotaged efforts he was simultaneously championing.
In the end, he couldn't let someone else have control, and shut the company down.
Love it.
Great work 👏
I’m not quite a millionaire yet. I have $542,000 in savings. I have an annuity that pays me $3000 a month.
Assuming the annuity is perpetual, the $542,000 does not include the annuity & that you do not spend more than $3,000 a month, I'd say its academic big guy. At a 5% yield, someone would need $720,000 to generate $36,000 per annum.
If you literally mean savings (not stocks/bonds/ETFs/mutual funds), don't have anything more than $250,000 US in any one bank because of FDIC insurance limits.
watch out for inflation.
What is your age ?
This is a a really good interview. Super good information!
Why are you speaking to my soul right now!?
Interesting... My sister and I sold our little company. Then I invested the revenue and income in Real Estate. An our income took off!
Thanks Paula!
5 sec rule really works. I used it as a teenager to psych myself to ask a girl I liked to study. When I hit "1" I was suddenly on my feet and moving her way.
She said no.
Where do I find me a lady like these two?
Excellent!
You ladies Rock!
I think I recall the phone call to Dave Ramsey she mentioned. Im pretty sure her husband made the call
This was interesting to hear these two together...it was like interviewing a sister. Lol
Very helpful! Would love to have her as a business coach in the near future 😊
You guys have same voices. I don't know who's who.
Exactly, and both so animated. Like the same person, same energy, rhythm etc. 😆
@@flowerhour9539 Your so right and that's a shame... No need for cartoonish voice here.. It's just an interview..
There's one asking questions and one talking loads back answering...
36:10 ...guilty! Listening to podcast instead of working on big scary project...😬
Indeed.
Love learning from others.
Very good :)
: )
Too quickly spoken! Too much up speak!
Awful interview