Millionaires Share Their Secrets to Financial Success! (2023 Edition)
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- เผยแพร่เมื่อ 29 มิ.ย. 2023
- It’s that time of year again: our annual Money Guy Wealth Survey episode. We’re back with all-new data for 2023, including new questions. You’ll learn who millionaires are, what they did to get there, and how they built their wealth.
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.
@@larryphilip-mg9fj Obviously talking about been successful, I know I am blessed if not I wouldn't have met someone who is as spectacular as Debra Barton
@@larryphilip-mg9fjfor sure she's the best broker i have ever seen , I invested $5k and she made me profit of $25k for me just in 5 days
Ever since I lost my job with the ministry, I have been surviving through my investment with her, am so glad I invested when I did. I'm earned alot with her on weekly basis.
Investment is that tiny line that separates the rich from the poor.
I like how Brian respects the psychology of having goals and a positive outlook but doesn’t buy into magical thinking. It’s a hard balance to strike.
It is a balance issue or a reality issue. Those two got good jobs and run businesses while many don't have business or don't have good jobs. So as a result their outcomes can't be like that because they don't have the financial strength....
Insightful content. Please add "What's the most impactful personal finance book you've read?" to next year's survey
With Berkshire, Munger and Buffett have each accomplished a remarkable feat. They've made a lot of individuals rich by transforming thousands into billions. Reading Berkshire's annual letters helped me realize the market's potential. I recently sold my condo in the Bel Air neighborhood with the intention of investing the proceeds in the stock market. Crossing fingers!
Increased losses for portfolios are anticipated this quarter as a result of market drops, skyrocketing inflation, a large rise in interest rates by the Fed, and rising Treasury yields. Just a good FA will be enough to guide you through the current market volatility.
I've been in touch with a coach for a while now mainly because I lack the depth knowledge and mental fortitude to deal with these recurring market conditions. I made a good amount of earnings during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is the best course of action right now, especially for near retirees.
@@Amybeth_T How can I get in touch with this man?
@@Dev_Miller Andrew Glenn Adams is a true genius when it comes to portfolio diversification. He is SEC-regulated, so you can look him up online.
@@Amybeth_T I'm going to look him up as well because I want to start with some excellent capital-it might not be much, but it's better than nothing. Considering that the 2008 crash is resurfacing.
This answered a long looming question; a vast majority of those who are able to achieve the markers set by financial advisors make well over six figures (4:51). This material is still highly informative and I think it calls for channels like these to reflect on what is achievable for the average person. For example, saving 20-25% of your monthly income fore retirement is far easies with those listed here making $100,000K as compared to $50,000.
I think there's some level of bias where it's the people making over six figures who tend to hire financial advisors. If you make less you're more likely to be handling your investments yourself or with a robo advisor and therefore not part of their survey.
@@dragoncat5836 That make sense!!! Yeah but the original statement is true in my experience. My bro was able to save about 30K while I was only able to save 5K at best!!! So the argument seems correct!!
Financial calculators will quickly tell you that investing 20% of 50k will result in under 1m dollars in 25 years. That’s 10,000 per year investing. That’s 50,000 income - 10,000 for investments = 40,000 - let’s say 5k in taxes= 35,000 to live on… with a family?? It’s not possible. 50k income was never the goal, especially for a family.
@@SpencerBMcDuffy Well I think the argument was that the person writing was saying that 1 million or very close to it was the goal. Pulse 25 years requires all the right things to happen over and over!
I began my investment journey at the age of 38, primarily through hard work and dedication. Now at the age of 42, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
I have been waiting for this after the live session
Great content!
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Great episode guys!!
Great content as always!!
Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
An obvious way to lnvest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average Joe, a financial advisr is important in making this decisions
@@jonathanburtnick Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the adv!ce of my financial-planner who has helped me gain $985k in a well-diversified portfoIio that has experienced exponential growth
I save and invest roughly 70% of my salary in the financial market (high yield etfs, equities, coins, gold, etc.). This is essentially how I made my first million dollars, albeit with an FA. I work as an exec assistant and live in upstate New York. My spending is modest. I pay minimal rent, have no debt, and my car is paid off. I can just save, then. At this moment, I consider myself lucky and am thankful that Susan Kay Mack is managing my portfolio .
Truly Stocks, ETFs and Mutual funds are the best investment decision you can make both short term and long term for steady money flow. Kudos!!
I did read about Susan Kay Mack on the web., quite a great resume she has
I also think that we salary earners need to realize that monthly income will not make you rich.
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
I still see it from a market research class I took I think in the first home down payment the options should’ve been 1-4.99% 5-19.99% etc… just gives respondents a clear answer to chose instead of debating if two answers have 5% down
Gratitude is the attitude
Can you clarify if this is per person or per household?
I was a music major-now I’m a professional musician working in the field I studied. I’m even a music professor teaching my instrument at a large state university.
It’s definitely not an easy track, and most of my colleagues are in 6 figure student loan debt from going to schools like Juilliard. It’s important not to get caught up going to those crazy expensive schools if you are going to follow your dreams. The ROI is way too low. I went in knowing I wouldn’t be making a lot of money or getting huge raises, so I make sure my current students know that they have to be super intentional with their money if they want to try to follow their dream.
Money is not a story. It is an agreed-on, fungible, store of value & medium of exchange. It's based on the rational predictions, not faith in stories.
I just came up with a new definition for being wealthy: "To be able to easily pay for in cash anything you JUSTIFIABLY might want". So this excludes 'can you afford (not necessarily buying in cash) anything expensive just because its awesome'. It has to be justifiable. I MIGHT go get a new workbench/tool storage thing today, and I don't worry about whether I can spare the cash, for instance; I'm just making sure it makes sense to get. Sure, I'd LIKE a new Bombardier Global 7000; but I can't afford or even justify purchasing it. I bet if I were in a position to justify it, I could also probably afford it. I think there has to be a rational connection between your wants and your position in life. I don't mean to 'scale down your desires', I mean 'dont put the cart before the horse' This also prevents wasting money, because you are only buying things that you can 'justify' (financially).
What's the best way to make investments even without excessive capital?
Try investments in cryptocurrency
Slow and steady. Low index cost etf's still add up over time. Some brokerages allow you to buy slices of stocks (Robinhood and schwab both do in my experience) so even if you only can contribute $10 a week, you can still participate, get in the game slowly, and let it grow over the years while increasing contributions as you go. No one got rich off $500, but you dont need a lump sum of 500k to get started.
didn't see age but for the emergency reserve the 7+ months at 48% will probably include retirees who will have 18 mon - 24 (or 36 mon) "Emergency" funds
Great show!!
When you show your tables for data, you only show percentages.
Add the number of people that participated as this lends weight to the data (hopefully!)
ie sayiny 19% of people put down 20% of down payment….if you only asked 10 people its not so informative!
👍
I’m okay with the grace thing only 5% down. Unfortunately, when you look at the payment it’s absolute lunacy. I make GREAT money, and if I don’t put down 40% on the worst property that’s livable AND get a roommate, I would be severely house poor. Yes that includes moving far away and getting the smallest oldest thing possible. This market is just insane.
Solution: get a house you like and find some people you also like. I'm renting out my downstairs to friends and it's great. We each have our privacy and no issues with housing costs. Also none of the problems or turnover that go along with renting to strangers.
@@dragoncat5836 that’s a good way to ruin friendships. Also what’s your exit strategy you’re not going your whole life with roommates? What happens when life happens? What happens when they don’t pay. What happens when it’s hard to hold a serious relationship with your buddies living under you. What happens when they move out.
Getting roommates is one way. Marriage and dual income is another.
Not sure which way I want to go yet. We’ll see.
@@devenmurray3580 No thinking ahead is better but having to have other people is problematic!!! But the options are what they are!
When you consider a millionaire. Is it net worth or “liquid” meaning retirement and other cash/stocks?
I'm pretty sure they are talking about net worth
i thought i was the only one who thought that I missed the millionaire defined ---- I assume net worth (not including equity in house, however, since this is not used in the yearly net worth calculation; accounting-wise makes sense since some use of equity to produce a cash flow is so variable ...) because if liquid/investable then they are talkiing about the HNWI - High Net Worth Individual and that would be called out.
Bought cheap house at 24 in questionable but promising area. Paid off student loans as soon as I could. Lived within means. Worked hard. Saved. Invested in Index. Left jobs after a few years if I felt stagnant. Grew my skills & income to a good level for just having a BA. Married in early 40s. No kids. Getting ready for a good retirement.
Going to private school/ college/higher education also costs a lot more and usually is going to be associated with student loan debt which is a huge barrier to wealth.
What does "deductibles covered" mean?
Are they referring to millionaires according to assets minus liabilities or millionaires that have $1M plus in the bank (since they mentioned someone that makes less than $50K a year)?
Net worth
@@chemquests Thank you
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I wonder how many of the 3% of millionaire's who said they carry a balance are playing the 0% intro rate "arbitrage" game during these high interest rate days. It's a nickel and dime technique but I know financial mutants tend to find joy playing these kind of free money games.
Also does a married couple with a household net worth of $1M count both count as millionaires for this? As the stats given here said, the majority of people in the study are married so comparing them to single millionaires isn't exactly apples to apples (unless the married millionaires here actually have at least $2M?). Maybe I missed it but I'd be curious what the millionaire status split is between single, married DINK(dual income no kids), married DIK, married SINK and married SIK.
Yea… but married people don’t need two apartments or two houses, so it’d probably be closer like 1 million for a single person vs 1.5 million for a married couple.
@@ancarlson7 A married couple can still own a primary residence and a rental (not because they need it).
@@IrisP989 for sure, but they still have more costs. I think 1.5x seems pretty fair, but maybe someone with more research has a better number.
Public schools produce results and they educate a lot more people than private schools (hence, more millionaires). I mean, you can piddle away your money on private schools if you want, but public schools will always have more bang for the buck.
Being optimistic and slightly delusional is the true key to success
Wonder how many of these millionaires have kids.
What is a millionaire status? Net including house? It’s hard to accept someone with 40-50% wealth tied to primary real estate is truly a millionaire.
Yeah I have always said only cash millionaires are millionaires. Everyone else has "net worth" which is not bad but not what should be considered a millionaire.
Brian and Bo, I carry $40k credit card balance, however my bank allowed me to take $40k cash for a $0 fee and 0% interest for 15 months. I took the $40k and put it in a high yield savings account.
Not sure how many people of that 3% are actually taking advantage of 0% rates and doing something similar to me. You should break that down further. I’d argue that is still responsible use
Your mind feels different when you're not running arbitrage schemes.
You will make $1,200 off of this. And you still need to repay the principal debt.
Pay it off and your mental energy will feel different!
@@Th3_Hoffthe principal just sits in the savings account and I pay 1% ($400 and decreasing) a month towards the balance . Have a calendar event to pay it off the first of the month of the last month.
I don’t think about it at all, I keep all my accounts on mint and it’s just another account. The HYSA has been paying 4.81% so far so if that continues I should be making over $2200.
Some may not view that as a lot of money, but that is around 8% of our yearly expenses! When viewed from that angle I believe it’s worth a few button presses.
This is the dumbest thing I've seen on the internet in quite a while and that's saying something. And what's even dumber is there are three idiots out there who gave this a thumbs up.
What's the interest on the 40k credit card?
@@crunkmonkiee 0% for 15 months
I am not optimistic at all but I am a Marine and I will survive this and the zombie apocalypse and have no need for positivity. Doing fine.
32 minute mark - first generation
Promo code for FOO course!
My secret to becoming a millionaire was the FIRE movement. I expect this comment to get me cancelled.
-32:55 A far better percentage working in their field and becoming millionaires... How much of the 73% (-33:08) can be contributed to a poor choice of degree? I see a large number of students that are getting degrees with little to no chance of repaying their student loans (barring a government bailout), and a far lower chance of becoming wealthy thru said degrees.
I paid for my cars in cash and keep for at least 20 years
Probably a bunch of doctors lawyers and engineers. That’s why they work in the field they studied and why they have income over 200k.
How was your millionaire "sample" chosen?
I think my neighbor is rich AF....🤑🤑🤑
Oh the millionaires are more likely to be optimists? Shocker. Is this before or after they made money?
Cause I’m not entirely optimistic about having to work at a job I hate and save every dollar I can for 30 years just to get by. As if hoping good things happen actually make good things happen.
No your living in reality and they are busy selling people to watch and making good money jobs for themselves in the process. They are just people who have alot and a process to have alot more.....
If you’re an aspiring millionaire, buying a home today is not a good choice
A question that should have been asked of the millionaires is... Have they ever gone bankrupt in their lives?
Wow, am I a mutant! Divorced for 20 years with 3 kids. Public school teacher whose final year of teaching high salary was $63-not even on the income list!!...yet I am right at that million mark. It CAN be done. I appreciate the emphasis on being an optimist - unfortunately, I think I got here largely due to FEAR. I regret that I spent so many years being afraid I couldn't help my kids get to college, afraid I wouldn't ever be able to retire, afraid to splurge just a little.
Don't get married.
Make sure to not get divorced! Then why even get married?
That 47% of the population being optimists forgets that there is a third perception of the world… Realist.
“77% of wealth is lost through divorce…”
Haha, that depends entirely upon which side of the coin is facing up. 100% of some people’s wealth came through marriage and subsequent divorce. Most of those happen to be females.
I love the content, sadly though your clients are not commonly using your strategies to gaining wealth and the norm. High level of marriage and 88% of them earning more than the average American to a point where responsible saving rates on their wage would make it easy to reach millionaire status.
They only talk to clients after they already won and have high networth they took me because I had investible assets close to one million. So these are folks towards the end of their career and are high earners but we didn't start out that way.
The norm for millionaires is to be married. The reason why we become millionaires is we go against the societal norm of hyper consumption fueled by debt.
Yep, could have been retired a few years ago if it wasn’t for a divorce.
-12:49 I keep my cars for 3 to 7 years, but have never paid more than $6k for a vehicle and tend to buy cars with 50,000 to 70,000 miles on them. Let someone else take the hit driving that car off the lot___ [A car can lose up to 20% of its value in the first year, and over the first five years fall to around 40% from the original price. - Lending Tree]
My husband and I chose to purchase our car brand new. We only have 1 car and plan on keeping it for 10 years if possible. Depreciation doesn't scare us. We will drive it until it falls apart.
Cars don't fall apart after 10 years. I bought a 3 year old used car and am still driving it 14 years later. No immediate plans for replacing it. The paint is getting a bit ugly on top but everything still works.
@@dragoncat5836 Most of mine tend to have 3 to 5 years in fleet service, then another 3 to 5 years in a smaller fleet before I end up with them. I can say that in 30 years the cars my wife and I have owned, the total bill would be less than what many are saying is the average cost for a new car.
A woman will stand at the finish line waiting for her millionaire.
Not really. Most women work hard but there are also those lazy.
I could have absorbed this content faster if it had been in a PDF