400: Net Worth Of ~$1.0 Billion - From 70k On Credit Cards To A Ten Figure Net Worth: A Billionaires Journey From Humble Beginnings

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 10 March 2025

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this conversation, Steve shares his journey from modest beginnings in Utah to becoming a successful investor with a diverse portfolio that includes oil and gas, real estate, and a payments company called ProPay that has since sold. He discusses his investment strategies, the importance of patience and liquidity, and the lessons learned from various market cycles. Steve emphasizes the significance of quality assets and cash flow in building wealth, while also reflecting on the challenges and opportunities he encountered throughout his career. In this conversation, he shares insights on managing debt and risk in business, the journey of entrepreneurship, and the importance of writing 'Rich Routines' to impact future generations. He emphasizes the need for a balanced life, the value of hard work, and the significance of financial education for children. The discussion also covers effective charitable giving and concludes with wisdom on delayed gratification and emotional intelligence in decision-making.

Takeaways

*Steve's investment strategy focuses on quality assets that produce cash flow.

*He emphasizes the importance of patience in investing, especially during market cycles.

*Investing in oil and gas requires caution due to the complexity and potential for fraud.

*Real estate investments can be lucrative, especially during market downturns.

*Self-storage has been a successful venture for Steve due to its low overhead and demand.

*ProPay's success came from pivoting to serve a niche market in multi-level marketing.

*Liquidity is crucial for taking advantage of investment opportunities when they arise.

*Steve's approach to real estate involves getting cash back quickly through refinancing.

*He believes in the importance of location when investing in real estate.

*Steve's journey illustrates that hard work and adaptability can lead to success in various industries.

*The sooner you can lease it up, the sooner you can refinance.

*If you get a good asset that's generating income, why would you want to sell it?

*Writing a book was never on his bucket list.

*The premise is figuring out the life you want to live.

*All five areas of life are really important: spiritual, physical, emotional, mental, and financial.

*If you live your 20s like few people will, you can live like few people can.

*Teaching kids financial literacy starts early with allowances.

*Giving money away effectively is hard and requires scrutiny.

*Delayed gratification is key to managing emotions.

Transcript

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0:00.3	It's hard to really calculate those things with precision because you're making assumptions.
0:05.5	And the more assumptions you make, the more you're going to be wrong.
0:07.7	So the way I think about it is I want to own quality, like real estate, I want to own a quality location, which is not hard to figure out.
0:16.5	You don't want to be in a rough area, depending on whether you're in retail.
0:21.8	And I've done some, I developed a retail center and I've done a number of different
0:25.5	things, but storage has been my bread and butter.
0:28.9	I'm a recycler of cash.
0:31.5	And my exit, you know, everybody likes to talk about exit strategy.
0:36.0	And my exit strategy is death, hopefully many, many years
0:39.9	down the road. But if you get a good asset that's generating income, why would you want to sell
0:45.3	it? You got to pay taxes on it. And then you have a smaller base to reinvest in something else. But there's
0:53.4	so many people that make money on the transactions that a lot of people get
0:58.8	caught up in always doing transactions, but it just chews away at your base.
1:05.0	Well, as a kid, shoot, I just hoped I could make enough money to have a family.
1:10.5	I mean, I never, I mean, truly, that was something I worried about as a kid because I was raised super modestly. You know, we heated our house with a wood stove. And so, welcome millionaires and future millionaires. You're listening to the Millionaires Unveiled Podcast.
1:30.3	The show where you'll hear the stories and interviews of everyday millionaires will
1:34.3	unveil their decisions, their strategies, and their portfolio allocations.
1:39.6	Now to your host, Jace Matinson.
1:44.3	Welcome back to another episode of the Millions of Bell podcast. This is episode number 400.
1:50.4	This is the podcast that takes you behind the scenes with self-made millionaires and today,
1:54.7	a billionaire, to reveal the real stories, hard lessons, and surprising truths about building
1:58.9	wealth. We are your host, Jason Stacey, and each
	...

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