This week Tony spoke with Clark Sheffield and Jace Mattinson, host of the Millionaires Unveiled Podcast, about his path to becoming a millionaire.
About Millionaires Unveiled
This podcast, Millionaires Unveiled, started because of our curiosity and desire to learn how the wealthy invest. Following our college graduations, we both started working full-time jobs and contributing to our 401(k) retirement accounts. When able, we began contributing to our Individual Retirement Accounts (IRA), and our Health Savings Accounts (HSA)… but then what? We started asking questions.
Do we invest more money in the stock market? If so, should we invest in actively managed mutual funds, single stocks, or just the total stock market index fund? Do we buy real estate? If real estate, what type of real estate? How about small business? How much cash should we hold for not only our emergency fund, but also for future opportunities or market dips? As we started discussing personal finance and our financial goals, the questions began looming.
There are several books written on the millionaire mindset, what it takes to be a millionaire, or how to be financially successful; everyone has an opinion (including us!). While unvalidated surveys do help draw some conclusions, they do not provide specific details regarding one’s portfolio allocation, investing strategy, investing mistakes and advice, or personal story. Apart from a few portfolio allocations and success stories found online, we had no sense of how the wealthy (let’s call them millionaires) invest or how they became financially successful. So, we decided to reach out to millionaires and ask. As such, the podcast was born.
Our goal is to bring these rich (pun intended) and unique stories to life; they deserve to be shared and celebrated! As of this writing, we have interviewed over 200 millionaires. Together, they have a combined net worth of over $500 Million! Some of the questions discussed include:
How do millionaires invest their money?
How did millionaires get started? How do I become a millionaire?
How do I get started in real estate?
How should I think about generational wealth? What should I do with my money?
What should I do for health insurance upon retirement?
How do I reach financial independence? How do I retire early?
How much money do I need to retire? How much money is “enough?”
How do I find work/life balance?
What is worth spending more money on? What is not worth the money?
Is it too late for me to start investing? How does compound interest work?
Should I use a financial advisor?
Should I budget? How do I budget?
Does money bring happiness or fulfillment?
Of the 200+ millionaires we have interviewed, some are 100% invested in the stock market while others are 100% invested in real estate (the majority are split between the two buckets). There are those who invest 100% of their money in small business or inherited their money. Some swear on the Vanguard Total Stock Market Index Fund (VTSAX), while others do not understand why they would invest in the stock market – something they cannot control. Some have a desire to be really rich, even famous, others prefer to live a low-key life and retire early. Some spend big on houses, cars, or a Rolex watch, while others still stop at garage sales on the way home from their kids’ soccer games. Some use a financial advisor; others scoff at the idea. Some believe in generational wealth, while others plan to donate all their money to charity. Some work as a lawyer, doctor, or dentist; others work as a fireman, policeman, custodian, welder, or plumber. Some make over one million dollars a year, while others have never made over $60,000. The point is this – each millionaire is different; they each have a story, and our goal is to bring each story to you.
– Clark and Jace