382: Net Worth Of $13.5M - Hitting 7 Figures In Several Different Asset Classes

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 4 November 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Olin is 40 years old and has a net worth of $13.5 million. It is spread amongst market investments, real estate, cash and his business. He is a digital marketing agency owner and shares his journey of building wealth through various investments. He started his career in digital marketing and eventually started his own business. He became a millionaire in different asset classes at different stages of his life, with real estate being the most recent. Olin's goal is to be financially independent by the age of 50, but he also enjoys the competitive nature of building wealth. He credits his interest in investing to his father, who taught him the value of investing in good companies and holding onto them.

In this conversation, Olin Erickson discusses his approach to wealth accumulation and financial planning. He emphasizes the importance of investing in the stock market and diversifying assets. Olin also shares insights on family dynamics and how different individuals have varying financial perspectives. He discusses his target net worth and the balance between distributing profits and reinvesting in the business. Olin highlights the role of travel as a luxury and the enjoyment he derives from helping clients and employees succeed. He concludes with advice for those starting their financial journey: start early, invest in index funds, and avoid overthinking.

Transcript

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0:00.0	develop an interest or how did you develop an interest and even investing at such an early age?
0:05.4	How much do you think that's propelled you into where you're at today?
0:09.4	Why is really the way I was brought up.
0:12.1	My folks in particular, my dad was a independent contractor, had his own business, but worked by
0:18.1	himself.
0:18.8	Did well in terms of his earnings, but really made his money based on investing.
0:23.4	And I was always interested in it.
0:25.2	And he would never really share a whole lot with me about what was in there.
0:29.4	But he would always tell me like when the market did good.
0:32.5	So he would tell me, you know, today was a good day because.
0:36.0	Today was a bad day because.
0:38.7	And, you know, the Dow went good day because, today was a bad day because, and, you know,
0:44.7	the Dow went up some number of points back in whatever it was 2000 or 1998 or whatever we were having these conversations. And honestly, he instilled the idea of if you put the money in
0:50.9	the markets and you kind of got no reason to sell it, as long as you're buying good companies and you hold them, things work out pretty well.
0:57.5	And it has.
0:58.7	And it's worked out really well for them in that regard.
1:01.3	And really the only difference between my philosophy and theirs is just I had a high
1:05.6	income for an extended period of time.
1:07.9	So I've been able to accelerate it a little bit more than maybe they
1:11.7	were able to. But yeah, the way we were brought up, my mom's money went to paying for all of our
1:17.4	things. My dad's money went to paying for taxes and for investing. And it's kind of worked out
1:23.8	that way with myself and my wife at our house too. She pays for most of our
	...

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