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Millionaires Unveiled

404: Net Worth Of $10.0M+ - The Duel Journey of a Financial Planner & Restaurateur

Millionaires Unveiled

Jace Mattinson

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

4.8872 Ratings

🗓️ 7 April 2025

⏱️ 43 minutes

🧾️ Download transcript

Summary

Summary

In this episode, David, founder and CEO of One Wealth Advisors and executive chairman of a restaurant company, shares insights into his financial journey, including his net worth, investment strategies, and experiences in the restaurant industry. He has a net worth of over $10 million spread across business, Real Estate and market investments. He is in his late 50's. He discusses the importance of asset allocation, the role of real estate in wealth building, and the nuances of financial planning. David emphasizes the significance of serving others and the balance between concentration and diversification in wealth management. He also reflects on personal experiences and lessons learned throughout his career.

Takeaways

*David Steele is the founder and CEO of One Wealth Advisors.
*He has a substantial portion of his net worth tied up in private companies.
*Concentration creates wealth, while diversification preserves it.
*Real estate plays a significant role in his net worth.
*He advises clients to keep six months of expenses in cash.
*David emphasizes the importance of being a fiduciary in financial planning.
*He has successfully built a restaurant business alongside his financial practice.
*David believes experiences with loved ones are worth spending on.
*He started his financial planning practice in 1991.
*David's journey reflects the balance between passion and business acumen.

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Transcript

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0:00.0

I would say that anything you're doing, if it's not on the surface of others, you're going to find yourself not happy.

0:06.0

So just make sure whatever you're doing is in the service of others, whatever it is.

0:12.1

You have to add value to people's lives somehow, some way, and be compensated for it.

0:17.2

And then you can feel really, really good.

0:18.7

And your sense of self-worth is probably going

0:22.0

to be sustainable.

0:23.7

I have a saying, which is concentration creates wealth, diversification preserves wealth.

0:29.1

Welcome millionaires and future millionaires.

0:31.9

You're listening to the Millionaire's Unveiled Podcast.

0:34.8

The show where you'll hear the stories and interviews of everyday

0:37.7

millionaires will unveil their decisions, their strategies, and their portfolio allocation.

0:44.1

Now to your host, Jace Matanson.

0:48.7

Welcome back to another episode of the Millers Unveiled Podcast. This is episode number 404.

0:56.1

This is the podcast where we dive deep into the inspiring stories of self-made millionaires from all walks of life. We are your host,

1:01.3

Jason Stacey, in each episode we uncover the strategies, setbacks, and turning points that led

1:05.8

these individuals to financial freedom. Whether you're just starting out or looking to level up

1:10.2

your wealth-building journey, join us as we share the secrets and wisdom from those who have built

1:14.1

their fortunes from the ground up. Get ready to learn, be inspired, and take actual steps towards

1:18.6

your own success. Thank you for all those birthday wishes. I appreciate it. I've got the best

1:25.1

listeners in the world, that's for sure. You definitely made the host a

1:29.3

feel special this weekend. So I appreciate it. And thanks to all those listeners tuning in in

1:35.0

general. We've got a lot of new ones coming in from all over the world. And yeah, I think a lot

...

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