388: Net Worth Of $2.3M - Wearing My Rolex & Driving My Kia
Millionaires Unveiled
Jace Mattinson
4.8 • 872 Ratings
🗓️ 16 December 2024
⏱️ 47 minutes
🧾️ Download transcript
Summary
Summary
Dennis, a cybersecurity professional, shares his financial journey and strategies. He has a net worth of around $2.3 million, with a breakdown of 900k+, in retirement, 300k+ in cash equivalents, 400k in his house, and the remainder in a brokerage and some collectibles. Dennis primarily invests in Roth accounts and believes in the simplicity and peace of mind it provides. He started investing in his late 20s and became debt-free in 2017 after paying off $85,000 in consumer debt. Dennis also has a passion for collecting watches, which he views as a store of value and a way to celebrate financial milestones. His goal is to retire early at the age of 50 with a net worth of around $3 million. Dennis Shea shares his journey in cybersecurity and personal finance. He emphasizes the importance of continuous learning and becoming a student of the subject. Dennis also discusses how he became interested in personal finance through Dave Ramsey's teachings and how he and his wife paid off $80,000 in debt in just nine months. He shares his experiences with expensive purchases, such as sneakers and meals, and highlights the value of investing early and consistently.
Takeaways
*Investing in Roth accounts can provide simplicity and peace of mind.
*Becoming debt-free and investing in retirement accounts can lead to significant wealth accumulation.
*Having a passion for collecting valuable items, such as watches, can be a way to celebrate financial milestones.
*Renting experiences, like vacation homes, can provide flexibility and avoid the hassle of owning multiple properties. Continuous learning is crucial in the field of cybersecurity and personal finance.
*Following Dave Ramsey's teachings can help individuals gain control of their finances and pay off debt.
*Investing early and consistently can lead to long-term wealth accumulation.
*Expensive purchases can be justified if they bring joy and create lasting memories.
*Working hard and being consistent are key factors in achieving financial success.
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Transcript
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| 0:00.0 | ridiculously fast. And we all know compound interest. It takes a while to get to the first |
| 0:05.3 | million, but it takes significantly less to the, to get to the second million. And, Jace, I think |
| 0:09.8 | the other thing that was important to me is, is I'm in cybersecurity, but I was also, I managed |
| 0:16.5 | a territory. I managed a field. I was in revenue generation. And your comfort and your ability to |
| 0:23.1 | sell when you don't have a house payment every single month is you just have a different air about |
| 0:30.2 | yourself when you're not worried about something as simple as that, right? Just the options you have, |
| 0:36.1 | the risks you can take in your career when you |
| 0:40.4 | don't have that chain attached to you. To me, it's, it just makes everything easier because |
| 0:46.1 | the worst case scenario is if my wife and I ever got laid off, and we have so much margin |
| 0:51.0 | in our budget, it's ridiculous, right? Welcome millionaires and future millionaires. |
| 0:56.1 | You're listening to the Millionaires Unveiled Podcast, |
| 0:59.1 | the show where you'll hear the stories and interviews of everyday millionaires |
| 1:02.6 | will unveil their decisions, their strategies, and their portfolio allocations. |
| 1:08.3 | Now to your host, Jace Mattenson. |
| 1:18.9 | Welcome back to the episode of the Builders and about podcast. This is episode number 388. This is the podcast where everyday millionaires dish out all the deeds on their |
| 1:24.9 | investments and wealth building secrets. We are your host, Jason Stacey, |
| 1:28.8 | as we dive into the completely unscripted real world of millionaires. Our guests will reveal how |
| 1:33.4 | they turned their piggy banks into treasure chests, share investment strategies that might just |
| 1:37.4 | make you look at your 401k with renewed hope, and tell personal stories that may tag the heartstrings. |
| 1:42.3 | So plug in and prepare to find out how regular folks like you and me turn their dreams into dollar signs. And don't worry, |
| 1:48.0 | while we're here to get the goods, we've only edited to keep things family friendly. |
| 1:52.0 | Awesome. As always, a few housekeeping things to begin with. We are always looking for new |
... |
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