377: Net Worth Of $1.3M - Building Wealth: It's Easier Than You Think

Millionaires Unveiled

Jace Mattinson

Investing, Millionaire, Financialplanning, Business, Self-improvement, Education, Finance

4.8 • 872 Ratings

🗓️ 30 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Lawrence is in his early 40's and works as a federal auditor. He shares his journey from having over $150,000 in debt in 2014 to a net worth of $1.3 million. He started by utilizing tax-advantaged accounts like 401(k)s and HSAs to lower his tax liability and increase his refund. Lawrence also focused on reducing his expenses, particularly food costs, and separating happiness from spending money. His goal is to retire with a net worth of around $6 million, travel the world, and give back to others to help them achieve financial security. He discusses his strategies for saving and investing, including maxing out his retirement accounts and utilizing an HSA as an investment vehicle. Lawrence emphasizes the importance of having a supportive spouse and open communication about finances. He also talks about his plans for the future, including reaching a net worth of $2 million and considering early retirement.

Transcript

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0:00.0	It was actually easier than advertised, easier than even I thought about.
0:03.7	As long as you, you know, don't spend frivolously, it was kind of the easiest way to get there.
0:08.9	Like, the whole point I think about wealth is understanding that you don't have to spend every dollar you earn.
0:14.9	And for, I don't know when it happens in our minds and our heads, but as soon as dollars
0:19.1	started coming in, we start thinking, you know what, maybe we should spend it.
0:22.2	And then I think we kind of fell
0:23.8	down into that like rabbit hole of just spending so much more than we actually
0:27.6	need as a people or society or community.
0:30.6	Welcome millionaires and future millionaires.
0:33.8	You're listening to the Millionaires Unveiled Podcast.
0:36.6	The show where you'll hear the stories and interviews of everyday millionaires will
0:40.6	unveil their decisions, their strategies, and their portfolio allocations.
0:45.0	Now to your host, Jay Smattinson.
0:50.0	Welcome back to another episode of the Million Years and Villed Podcast.
0:52.0	This is episode
0:53.6	number three and 77. This is the podcast where everyday millionaires
0:57.1	shared the real stories behind their wealth, how they built it, what they invested
1:01.0	in, and the missteps they encountered along the way.
1:03.2	We're host Jason Stacy and we're diving into candid conversations with people who
1:07.6	might just be your next-door neighbor. Our guests will uncover how they transformed
1:11.5	modest savings into significant wealth,
1:13.4	offer investment tips that could change your financial outlook,
	...

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