397: Net Worth Of $1.2M - Debt, Bowling & Concerts: How These Social Workers Became Millionaires

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 18 February 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this conversation, Mike and Leanne share their financial journey, discussing their experiences in paying off their primary residence, managing student loans, and navigating the complexities of joint finances. They are social workers and have a net worth of $1.2 million. They dive into their investment strategies, aspirations for retirement, and the challenges they faced as landlords. Additionally, they reflect on their careers in social work and how it has shaped their financial decisions. The conversation highlights the importance of financial freedom and enjoying life after achieving financial goals.Mike shares insights into his spending habits, memorable experiences related to money, and the financial mindset shifts he has undergone since becoming a millionaire. He discusses the importance of enjoying life while being mindful of spending, the lessons learned from early jobs, and offers valuable advice for those starting their financial journey.

Takeaways

*They paid off their primary residence in nine years.

*Utilized the Ramsey snowball method for debt repayment.

*Investing became a way of life for them.

*They had significant student loan debt but paid it off aggressively.

*Transitioned from separate to joint finances for better management.

*Their first year as landlords was challenging but educational.

*They aim to retire by age 55 or 56.

*Social work provides a stable income and opportunities for side work.

*They prioritize experiences and travel after achieving financial goals.

*They have multiple bank accounts for different financial purposes.

*Mike enjoys spending on family vacations and concerts.

*He once spent $500 on ice cream for everyone at a park.

*His financial habits changed to be more comfortable with spending.

*He learned to accept help from others financially.

*Mike's first job was selling corn for a local farmer.

*He believes in the power of compounding interest for wealth.

*Mike emphasizes not spending more than you earn.

Transcript

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0:00.0	Well, we think a little differently about Investing.
0:02.4	We do a lot as a team, but I think Leanne is more set it and forget it.
0:07.2	She still want to retire by age for her work.
0:10.5	And that's...
0:11.3	Welcome Millionaires and future millionaires.
0:14.1	You're listening to the Millionaire's Unveiled Podcast.
0:16.7	The show where you'll hear the stories and interviews of everyday millionaires
0:20.7	will unveil their decisions, their strategies, and their portfolio-a-locution. The show where you'll hear the stories and interviews of everyday millionaires will
0:21.0	unveil their decisions, their strategies, and their portfolio allocation.
0:26.4	Now to your host, Jace Mattinson.
0:33.7	Welcome back to another episode of the Milaires and Fail Podcast.
0:36.3	This is episode number 397.
0:39.8	This is the podcast where everyday millionaires spill the beans on their stacks of grain.
0:44.0	We're your host, Jason Stacey, ready to bring you unscripted tales of wealth.
0:47.9	Join us as we dive into the net worse and asset allocations of regular folks turn financial titans.
0:53.2	We promise our only edits are to be kid-friendly.
0:55.7	Hope everybody had a great president's day yesterday. I mean, I am super excited for today's
1:01.1	episode. This week, we have Mike and Lee. And they have a net worth of $1.2 million. I know I had
1:07.4	a couple of reviews. We'll probably address later that don't like young, rich
1:12.1	people that have real estate. This is a little different. They're social workers. They've got a
1:18.0	majority in some long-term investments in the market, but they also have some real estate, too.
1:23.2	So can be a great episode with them. And yeah, I can't wait to get into the details both show social workers as
	...

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