Are You On Track to Becoming a Multi-Millionaire? (Don't Miss These Important Milestones!)

This episode discusses key financial milestones necessary for building substantial wealth and becoming a multi-millionaire.

1. The importance of the first $100,000 in investments as a testament to financial discipline and a critical stepping stone in wealth accumulation.
2. The compounding effect of investments and how initial savings can grow exponentially over time, emphasizing the importance of starting early.
3. Various savings rates and their impact on the timeline to reach financial milestones, demonstrating how increasing savings can significantly shorten the time to wealth.
4. Psychological boosts gained from hitting each financial milestone, which help maintain motivation towards achieving greater financial goals.
5. Strategies to maximize investment returns and the importance of tracking net worth to gauge financial progress.

1: Introduction and Overview

An introduction to the financial milestones necessary for becoming a multi-millionaire, focusing on the significance of reaching the first $100,000 in investments. Brian Preston: "This first milestone is critical because it demonstrates your ability to discipline your finances and begin accumulating wealth."

2: The Power of Compounding

Discussion on how investments compound over time and the critical role of maintaining a disciplined savings rate. Bo Hanson: "Once you hit that first $100,000, it's really about watching your money grow exponentially through the power of compounding."

3: Impact of Savings Rates

Exploring how different savings rates affect the speed at which financial milestones can be reached. Brian Preston: "By adjusting your savings rate, you can significantly alter the timeline of your financial goals."

4: Psychological Impacts of Milestones

How achieving financial milestones can provide psychological benefits and motivation. Bo Hanson: "Each milestone not only marks financial progress but also boosts your confidence and commitment to your financial plan."

1. Start Early: Begin saving and investing as soon as possible to take advantage of compound interest.
2. Increase Savings Rates: Adjust your budget to increase your monthly savings rate, accelerating your path to financial milestones.
3. Track Your Net Worth: Regularly monitor and evaluate your net worth to stay informed about your financial growth and adjust strategies as needed.
4. Seek Professional Advice: Consider consulting with a financial advisor to optimize your investment strategies and ensure you are on the right track.
5. Celebrate Milestones: Acknowledge and celebrate each financial milestone to maintain motivation and focus on your financial journey.

Over the years, we’ve given you a lot of different “milestone” markers to help keep you on track. Since a lot of us mutants are over-achievers, hitting those goals can be not just rewarding, but crucial to keep us going on our financial journey. There is no one right plan. In fact, there are a few of these that you may hit out of order in your journey. However, these are all important steps in the wealth-building journey that signify meaningful accomplishments, and are points where your relationship with money will likely change.

People

Brian Preston, Bo Hanson

Companies

None

Books

None

Guest Name(s):

None

Content Warnings:

None

Brian Preston
Super excited to rock you like a hurricane for multi millionaire milestones.

Bo Hanson
I am so excited about this because this is something that you and I talk about, right? We talk about these cool goals that we set or these cool ideas that we've set and how to know if we're on track. And a lot of people talk about, oh, I want to be a millionaire. I want to be a millionaire. That's great.

But in our view, that's one metric. That's one metric that you can think about today. We want to walk you through some unique metrics, some unique measurements, some unique milestones that you can hit on your path to multimillionaire status. Look, one day you're going to be my age. And I'm telling you, when you get to be my age, you do this the right way.

Brian Preston
You'll look at every one of these six milestones that we're going to lay out today and you're going to be like, cha ching. This is the way I look back on my life. This is the right way. Why is no one else talking about this? So we are loading you up today.

Um, I'm super excited. I. This is one of those shows when we were going through it and show prep, I was like, how have we not brought all this together before today? So make sure you stick around for all six of these milestones. Now, there's not a timeline, right?

Bo Hanson
Like, we're not going to walk through and say, okay, you need to be at this step or you need to hit this milestone by this time because it varies very much by individual, very much by situation. But as we begin to unpack them and as we begin to undo cover them, what we're hoping is that you start to say, oh, holy cow. Okay, I'm here. Now I know where I need to go. Now I know the next step I need to move towards.

And it's going to be really exciting. So with that, Brian, let's talk about the first one. And this is an exciting one because I think this is the first one that people get, like, really, really, really excited about early on. Yeah, this is, you know, often talk about the bowling point or bowling point. However, I know I say things weird, but really, that first hundred thousand dollars of investments, that's a dandy.

Brian Preston
That means you are picking up traction in some amazing things are happening. Now. When we talk about invested assets, here's what we're talking about. We're talking about iras, 401 ks, taxable brokerage accounts, hsas. We're talking about investments that you have sitting out there, liquid dollars that are working for you.

Bo Hanson
And that first hundred thousand is so, so, so important. And while it takes a long time to get there, when you do get there, it feels pretty awesome. Well, we often say the path to wealth is surprisingly simple, but that's far from easy because there's a lot of people that quit. If you don't give this enough time to start reaching traction and reaching milestones, you don't realize the power of compounding growth. So this actually, when somebody reaches their first hundred thousand dollars of investments, it shows that they've mastered the behavior of actually building wealth.

That's right. First hundred thousand doesn't happen on accident. Nobody kind of just stumbles into that. If you've been able to defer enough of your salary, enough of your income to build up $100,000 of assets, you have been exercising your discipline money, your discipline muscle, you've been doing the thing that you're supposed to be doing. So it shows that behaviorally, you're on the right track to continue in your wealth building journey.

Brian Preston
Also, like, this is kind of that first step on the critical mass. If you're looking at, hey, can my money work harder for me? Check this out. You know, when we, when we go into how long does it take to build it? And then how does it grow upon itself?

But we, we created kind of a case study to show people, yeah, this is so interesting. We said, okay, if we just think about someone who saves $10,000 a year every year, and they earn 8% on average, what does their wealth building journey look like? How does it play out? Well, when you actually look at the journey, it's pretty amazing, right? So when you think about the first hundred thousand dollars takes about 7.6 years.

Bo Hanson
And again, this is if you're saving $10,000 a year, earning 8% per year. So a little over $800 a month for the first seven and a half years, that's what it takes to grow it to 100,000. What I find amazing is that you'll notice the next hundred thousand. So to get you to 200,004.7 years, the next is to 300,003.4. But here's the big takeaway.

Brian Preston
And I love if you're watching that, listen, if you're on the podcast, if you're listening to the podcast, I encourage you go to YouTube, look at this chart, because we'll even probably create some deliverables that go out on social media on this. What's amazing is the same 7.6 years that it took to get to that first hundred thousand, the last exact same period, actually, a little less seven and a half years, your account will grow from 500,000 to a million. It's amazing. Did you hear that? And by the way, here's the other thing I like about this stat, because we have this going all the way to a million.

And you heard that the last, you know, the first third of this whole, the first quarter of this, the last quarter does five times the work. But here's the part I think is interesting, and it ties to the stats. We have heard us say to be a millionaire, the typical journey is 28 years. We got that data from Ramsey solutions in their millionaire study. But here's what the math works out perfectly.

If you added up how many years it took saving this same $10,000 a year, it is right at 28 years. So this can be your journey. The milestone to 100,000 has a lot going on. Get there as fast as you can. Wealth building is slow, but it's something that picks up speed.

Bo Hanson
However, if you want to speed it up, if you want to influence it, you can. If you vary your savings rates, I mean, we just told you that if you're saving $833 a month or $10,000 a year, it'll take you a little over seven and a half years to reach $100,000. But if you're saving $1,000 a month, you can get to 100,000 in six and a half years. If you can save 1500 a month, four and a half years, if you can save $2,000 a month, you can build up to $100,000 in three. So again, your savings rate early on in the journey is what you want to focus on.

And this is why we put so much emphasis on getting to the boiling point. The bigger that you can get that base, the faster you can get that base there, the faster your money will start turning over for you. Savings rate is definitely greater than rate of return in the beginning. Getting that behavior right. And I, look, I don't mind sharing with you guys.

Brian Preston
I took a mini celebration. My wife and I went out to eat when we hit $1,000 a month back in our twenties of savings, that was a celebration point. And you can see it in the data here. The savings rate, the bigger your shovel is that's going into your investments, the faster and the acceleration factor is going to pick up for you. Take advantage of that.

Bo Hanson
Now, look, we've noted that it is a slow process, though. Now you can influence it but it's still going to move slowly. So you need something that's going to make sure you stay motivated. Well, one of the things that we use is every single year we do our net worth and we use our net worth tool. You can go check out either the template@moneyguy.com resources, or you can check out the whole tool at learn dot moneyguy.com.

Because what we want you to see is, hey, the hard work I'm doing today, even though it feels slow when I look at it, twelve months in the future, it's paying off, and it's starting to build. And it's starting to build, and it's starting to build. So if you're not tracking your net worth, you should start today so that you have the staying power to stay motivated. Let's talk about milestone number two. This one's exciting, too, because your money is saving harder than you do.

Brian Preston
What do we mean by that, bud? Yeah, you just said something right there. Your money is saving, saving being the important word here, harder than you do. And what we're essentially saying is that your portfolio is growing by more than your contributions, by more than you're saving to the portfolio. So here's a really easy example.

Bo Hanson
If you invest $5,000 per year, but your portfolio this year grows by $6,000, we would argue that your portfolio is adding more to itself on an annual basis than you are. It is literally saving even better than you can. Pretty exciting stuff. Speaker one, let's put some numbers this. Cause this is, this was a great suggestion.

Brian Preston
I know when we were writing the show, in the show meeting, we were talking about, how does it feel like you're doubling up your Roth Ira? How about when your Roth IRA is 87,500 and then you earn 8%? Not only did you contribute $7,000 to your Roth IRa, your Roth Ira earned $7,000. So it's almost like getting two Roth IRA contributions in a year, because your money is saving just as hard as you are. If you can even grow that a little bit.

Bo Hanson
If your portfolio gets to the size to where it's $287,000 and you make 8%, well, all of a sudden your portfolio made $23,000. Well, that's the 401k max. Your portfolio by itself is like it's maxing out a 401k. It's absolutely insane. And what I love, when we talked to some of our younger folks around the office, that when they reached this milestone, this is where they felt like the hard work was starting to pay off.

This is where they said, okay, you know, I get it. My money actually can work for me, can do some of the hard work. And then you start to get excited. Then you start to get motivated. Say, okay, well, man, if I maxed out my roth this year, what if next year, how do I get to where it maxes out both roths?

Or how do I get to where it gets so, so exciting? When you recognize that you have an equal partner in this endeavor, you're putting money in, but your portfolio is also putting money in. Now, I know there's gonna be some younger people who might not have reached this point yet. When they see aspirationally 287,000, they're like, I'm not there. That's okay.

Brian Preston
We have a great resource for you. If you go to moneyguy.com. Resources. Go look at our wealth multiplier, actually, calculator. I mean, this thing, you can actually.

I like to use this as motivation. You put in whatever your age, whatever amount that you already have invested. It will show you and even have a graphic interface to show you what your wealth multiplier is. Get motivated, because this is pretty exciting stuff. Okay.

Bo Hanson
So, as you're continuing to build on in your journey the next milestone. Milestone three that we see, and this is the one that I think gets the most press. This is the one that people get the most excited about. This is the one that you hear the most about. This is when you actually cross in to millionaire status.

When you look at everything that you own and you subtract out everything that you owe, that difference is over a million dollars. You are now a net worth millionaire. And look, I love when people reach millionaire status. It is something to be celebrated. And by the way, it is a unique distinction, because if you look at the actual data, only 9% of Americans are millionaires.

Not a lot of folks get there. Now, here's what I think is interesting, is that there's a lot of variance on this millionaire status. And I think a lot of it has to do with, this is total net worth millionaire. If you actually brought this back to how many liquid or how many investment asset millionaires, that number drops down much, much lower, probably closer to 2%. So that's why we do need to think about, what does this mean when you're a millionaire and what happens if a lot of it is coming from your home equity.

Yeah. Let's look at. Let's look at, like, pros and cons of being a millionaire because of the benefit that we've had from this recent housing run up over the last two to three years, we've seen a lot of houses increase 50% in value, which has kicked people over that millionaire mark. Well, the pro, obviously, on the first end is you're a millionaire. Congratulations.

You get to count yourself inside of that 9%. I guess another pro is technically, if you have a lot of equity in a home, you can access it. You could go do a cash out refi, or you could do a home equity line or a heater. If you're thinking about downsizing or you're thinking about getting out of the house, then you could capitalize on that. It is wealth.

But there are some real cons. When you're just thinking about folks that have made their money in real estate, made their money on paper, to get to millionaire status. The first is that you can't use the house in retirement. I mean, you can live in it, but you can't eat it. The value of your home is not going to put groceries on the table.

It's not going to cover the utility bills. So while it seems really awesome to be able to say I am a millionaire, in reality, if there's not dollars that you can use, it can provide for your needs, that can provide for your living expenses. It's not the same. All millionaires are not the same. And Brian, you just alluded to this.

There's a really interesting piece of data from the Federal Reserve that shows over the last, from 1989 all the way through 2022, it shows what the net worth across the average American has looked like. And then it shows what financial assets across the average American looked like. And while if we really think, you know, through, you know, coming out of the great Recession, coming out of 20 10, 20 11, 20 12, we've seen that total net worth has increased, and especially here in the last couple of years, has increased substantially. Yeah, it was up like 35%. I got so excited, like, yes, everybody's finally catching a clue and their net worth is going up.

Brian Preston
But then we went deeper into the data and liquid net worth, meaning financial assets, is completely flat. It's just flat. All of the increase in net worth was all from home appreciation. And look, this is not going to surprise you. I was just in an Uber this weekend, and we got to talking about.

I didn't tell him what I did, by the way. I'm not one of those type of people, but I couldn't help myself. We were talking about mortgages and other things just because I'm a talker, as you can imagine, in the backseat of. The uber, not this guy. And he was talking about how many people, because they saw what their house was now worth.

They went and they. They got rid of their house and got a new house. But the problem was, yes, they got the money. They sold their house for the 5600,000, but now they bought a new house that was now more expensive, way more expensive. And now the interest rate is, instead of it being 3%, is now 7%.

You can see how there's this dilemma with this being a use asset. Unless you are the lucky or fortunate person that it's. The timing is perfect. Meaning you're downsizing. You got the house, the big house that you raised the family.

Now you're downsizing and want to go to a low cost of living area in a small house. For most people, it's not going to be easy to turn this into usable assets. So it's just be careful leaning too hard into this milestone. Now, don't miss here. It's still something to celebrate once you cross over millionaire status.

Bo Hanson
That is an awesome thing, but we would encourage you. Don't stop here. Don't let this be the last stop on your journey. Again, if you want a little trick of the trade to keep yourself humble, I know that both of us, when we put our houses on our net worth statement, we put them at cost plus improvement. So I actually don't increase the value of my house because I don't want to feel like my net worth is increasing just because the area that I live in is getting more viable, just because the house prices are going up.

So that's a real way to keep yourself honest. But even if you do list your house at current market value, don't stop here, because the next milestone is the one that we think gets really exciting. And Brian, this is one. I actually stole this one from you. You told me early on in my journey.

I have this goal. I want to do this by this age. That goal was to be a millionaire. Liquid. A $1 million liquid invested network.

Brian Preston
Yeah. What we mean when we say liquid, this is you're going to exclude your home equity. You're going to exclude all your personal use assets, like the cars and stuff like that. This is just going to be your investments, like your 401K, your Roth, your savings accounts, your investment accounts that is liquid. This is money that's easily turned into money you could use to live off of.

And I don't mind being transparent. This was my goal to have by the time I was 40 years of age. I've been very honest with you guys, I made it a little. After 40, I think I was closer to 41. Still made, it seems like all my milestones.

It was 30. I wanted to have $100,000 of income, and then by 40, I wanted to have a million dollars liquid. I missed everyone by almost a year to the day. So it's kind of amazing. But I think this is a very solid milestone.

Bo Hanson
And why does this matter? Like, why is it so important? Well, it's this whole idea that Brian talks about all the time. The bowling point, right? When your assets get to a million dollars, it can do something pretty incredible for you.

Because think about this. Let's say that your portfolio, when you invest, you can make 10%. If you have $1,000 invested, you make 10%, $100. Okay, that's great. That's a good thing, but it's not life changing.

You have $10,000. You make 10%, you make $1,000. You're starting to do something. You have $100,000. You make 10%.

You made 10,000. Okay, now maybe we're replacing savings. Well, you're replacing months of work, too, probably, and now. But you get to a million. You get to a million, and you make a 10% rate of return on a million dollars, you've made $100,000.

That may be more than you earn in a year. That may be more than you save in a year. That may be more. That is substantial growth once you get to a million. The snowball has now gotten so big that it is picking up steam, and as it continues to roll down the hill, it gets bigger and bigger and bigger and bigger.

It can be so, so powerful for you. Now, we have done. Because we've done. We've looked into the research. Ramsey Solutions has the data out there.

Brian Preston
Millionaire next door. I remember when I looked into that data, you find out that the typical millionaire is around 49 years of age after saving, investing 28 years. But I got to tell you, and we went back to this when we originally were talking about milestone one with $100,000. You can impact this with your savings and investment rate in a lot of ways. Your savings and investment rate is greater than rate of, rate of return initially.

So if you want to speed up, if you. If 28 years, like you heard me say, I wanted to have a million liquid by the time I was 40, that was quicker than 28 years. So that meant that I had to put a goal upon myself that was greater than just saving $10,000 a year. And that's exactly what our research shows is that if you want to increase your investment rate, you can actually speed up the process of becoming a millionaire. Yeah, if we just assume an 8% annualized rate of return.

Bo Hanson
If you invest $1,000 a month, it'll take you about 25.6 years to get to a million bucks. But if you can double that savings, if you can save $2,000 a month, it'll only take you a little over 18 years to get to a million. If you can save $3,000 a month, it'll take you about 14 and a half years to get to a million dollars. And get this, if you can actually save $4,000 a month, if you have an income or you have the lifestyle where you can save almost $50,000 a year, you can build up a million dollars in 12.3 years. So even though we said early on in your journey savings rate matters, I'm going to argue that all throughout your journey, savings rate, if you have a long enough timeline, can have a huge impact on your wealth building journey.

So maybe you're not that person who's 20 years old, or maybe you're not even that person who's 30 or 35 years old. If you recognize today, if I can start saving and I can save aggressively and I can put my money to work, even attaining a million dollars liquid, being a liquid millionaire is still on the table for me. It's still attainable for me. What I like is, is that this is really showing. When you have a big savings rate, it means deferred gratification is working for you, so you own your time faster.

Brian Preston
Because that's really, at the end of the day, as you get older and get a little wiser, you're going to realize, because I think a lot of people daydream about the ability to kind of leave work and you know, and go do something else. But really what you're daydreaming is to own your time, to not actually be encumbered to the point. In order to pay for your life, you have to give your time, you have to give your labor to go create wages so you can do things on your terms. And that's, that really is the big difference between rich versus wealth is because you can drive a Porsche, you can live in a 5000 square foot house, but because you can afford your monthly payment, that looks rich. But if you cannot just pay for your life by letting your army of dollar bills work, you're not wealthy yet.

And that's the key thing where I want to talk about the next milestone, which is milestone number five. Your money is working harder than you do. I love this one, brother. This one's so exciting. So we talked about the first hundred thousand, and then we talked about your money saving harder than you.

Bo Hanson
And then we said you hit millionaire status, then liquid millionaire status. This one is wild. This is where your portfolio gets so large, it gets to the critical mass that now it grows each year. It gets larger each year by more than you even earn. It has a growth rate larger than your salary, larger than your income, which means when you look at it, your portfolio quite literally is working and earning harder and more than you do.

And it gets really, really exciting. So let's look at some examples of this. Let's say you're somebody who makes $60,000 a year. You've been saving and investing for a period of time, and now you've reached a portfolio value of $750,000. That $750,000 earns 8% rate of return.

Brian Preston
And the year that you have that now, realize there are years like last year, 2021, there are outsized performance years where you're going to blow this out, even to the point that maybe $400,000 is going to do this. But we did a very conservative 8% rate of return. You would have a portfolio that would equal what you earn. You told me this when I was much younger, said Brian, or you said Bo. When you get to this point, when you hit this point, it feels like, it's almost like you saved every single dollar.

Bo Hanson
It's like you didn't even have to pay taxes. You have to give you. It's like every dollar you went on to earn just got added to your portfolio. This is my favorite thing to do when I do my annual net worth statement is on good years. Now, look, it doesn't work on the bad years.

Brian Preston
We'll talk about that on the difference between working versus financial independence. But it is one of those things on the good investment, those outside years, it is a fun exercise when you do your annual net worth to see if your investment assets made more than you actually earned. And maybe in the beginning, that's only a month or two, but eventually it's going to be years. And that's pretty powerful concept. Yeah, look at these numbers.

Bo Hanson
If you're someone who earns $90,000 a year and your portfolio has grown to 1.12 million, and you earn 8%, your portfolio earned more than you made that year. And it even works in high six figure incomes. If you make $120,000 a year. But your portfolio is up to a million and a half dollars, and you can make 8% on that million and a half dollars. Your portfolio made the same income that you made that year.

Now, this is awesome and this is exciting, and this is something to celebrate. And this is something if you use our net worth tool, if you go to learn dot moneyguy.com and you use the actual net worth tool, you'll see it right there on the dashboard. While it's amazing seeing how hard your army of dollar bills can work for you, this is not financial independence. Yeah, well, it goes back to remember what I shared, is that on outsized performance years, this is a fun exercise to see that your money is working harder than you do. However, think of, like, years 2022.

Brian Preston
All of a sudden, we worked a lot. All of a sudden, you're really glad you still have your job, because you realize, oh, man, yeah, I had great performance in 2021, blew past 8%. My money worked harder in 2021, 2022. So glad I'm still going to work on Monday because I need to be working and buying into these lower performing years. And that's why this is not financial independence.

Unfortunately, when you're investing, money doesn't come in perfect little 8% cubes or 7% cubes or 9% cubes. Whatever assumption you want to put, it's going to come in all kind of variations, and that's why there has to be a next step. But it's still, I don't want to take away from the celebration. Pretty incredible milestone. When your money can earn more than you make with your back, your brain, or your hands, you need to celebrate that.

Bo Hanson
All right, so let's talk about the next milestone, Brian, and this is the big one. You just alluded to it. Milestone number six. This is financial independence. This is where you have literally reached the point to where the pot of assets that you have built up can provide for you for the rest of your life.

And you don't just need even chunks or even, what'd you say? Blocks of 8% or blocks of 9%, you now have an understanding that whether the market goes up this year, down this year, left this year, or right this year, I know that my portfolio can weather this storm and it can provide for me for the rest of my life. Well, I like that because, look, we're even. We're going to put milestones within our milestones. This is so cool because we want to give you some rules of thumb when it comes to it financially.

Brian Preston
You hear people talk about all the time. How do you know where you are? Financial independence. Well, if you're somebody who's in your thirties, forties maybe, and early fifties, and you're not ready to retire, there's nothing wrong with using a safe withdrawal rate. So you hear people talk about the 4% rule or the safe withdrawal rate of 4%.

What if you can get your living expenses? This is why it's not only an income, but it's also what your consumption is. But if you need $50,000 using a 4% safe withdrawal rate, you can use the rule of thumb or do the napkin financial plan to see a $1.2 million portfolio can likely get you there. And look, this is based off of research studies that said throughout, you know, 30 year retirements, 50 year retirement, you know, looking out all the way back into the mid 19 hundreds, there was not a time period where a portfolio well constructed and diversified would not have been able to provide at least $50,000 a year. So it is suggesting that if you have $1.25 million, 4% should be able to sustain, or was able to sustain a large majority of historical market performances.

Yeah, the other numbers just kind of close this out. $100,000.02 and a half million dollars. 150,003.7 million. But here's the thing. Do we want to be playing horseshoes with our retirement?

Or do we want to actually make sure that we can walk through this threshold, which is probably your peak earning years, and know that, man, I am actually going to be in a great place. And that's a scary, scary thing. Especially if you're a financial mutant and you've been building your whole life to the threshold of saying, now, I'm at the point of consuming what I've been saving, and I'll probably never be able to earn the money that I have again. We always say you probably, since you've only got one retirement, you probably want to talk to somebody who's done hundreds of retirements. And that's why, you know, we always say, stress tests your retirement plan.

Bo Hanson
Yeah, we think that personal finance is indeed personal. It's about you and your unique situation. So rather than a back of the napkin, loose withdrawal rate rule of thumb, we want you to have a retirement plan that's custom built for you, that says, hey, I need to live off of this level of living expenses. I don't have this much pension income. And here's what's going to happen with Social Security.

And here's the other income sources. And by the way, I think I might want to move. And, oh, I'm also going to have to pay for a wedding. And I've got a few kids that have to finish up college. And all of the different variables that could come into play, we want you to know that you've built up a pot of assets, that with all of those variables, all those goals that you have, all those achievements you want to make in retirement, that even if you have above average market performance, you're good.

Average market performance, you're good. Below average market performance, you are still good because a really great financial plan should be great before stuff goes sideways while stuff is going sideways and should continue to be great even after stuff is going sideways. Well, the only way that you're going to know that is if you actually stress test your customized plan to match your unique goals and your unique circumstances. I think it's funny. You just did the commercial that I see.

Brian Preston
The financial planners all do. You did the wedding, you did the retirement, all the celebratory goals. Financial planning is even beyond that. I want to cause, by the way, when you retire, let me go ahead and ruin it for you. You're going to all of a sudden learn, like you get around Medicare age, you're going to be like, Medicare.

And who's earning do I do Medicare advantage? And they go, Irma, wait a minute. What I earn, what my earning, what I make, meaning for my investments and all the things your taxable income is going to impact my Medicare premiums. And then you start thinking about, well, wait a minute, require minimum distributions, qualified charitable distributions. And then you're like, oh, wait a minute, roth conversions, these are all the things that don't make the commercial.

But in this taxability of Social Security, I mean, all these things kind of build in there. And that's why I tell you guys, we love what we do. And I try to love on you. Me and Beau really put our heart and soul into giving the abundance cycle of giving you as much free information. And look, I know there's a group of you out there.

You're new on your journey and you're like, why would I want a financial planner? You don't need a financial planner if you're having those questions. Stay on the course. Let us love on you with all of our free resources. Go to moneyguy.com resources.

Take all the free content you want. Because here's the reality. It's not like you're watching the movie the cartoon monster, you know, Monsters, Inc. Or anything like that, but it is one of those things where success will create complexity. And it's.

It's not gonna come out from under the bed or closet, but one day you're gonna wake up and go, whoa, when did I get it? Where. Why do my taxes have this much complexity, man? It's so complex. Even my CPA is missing stuff.

I would love to have somebody kind of look over their shoulder and make sure everything's reported right. And then, holy cow, I have so much in retirement assets. When do I get to convert this again? Oh, oh. This is these type of things you're going to one day, and then you're going to say, hey, man, I have been making six figures for this long, and now I'm about to consume six figures a year.

Am I on good ground? That's when all of these things will come to a head at the same time. And we'll be waiting for you. We'll leave the lights on, and I hope you will come through that threshold. But don't, don't push it if you don't feel like you're there.

We're okay with the abundance cycle does not have an expiration date. We're going to be here for decades. We'll wait for it to happen, and we're going to keep loving on you with tons of content. Like I said, take advantage of the free stuff. Moneyguy.com resources if you want to accelerate because maybe you need a little bit more, you can go to learn moneyguy.

And then, of course, when you get to that complexity, reach out to us with the work with us. And here's the other thing I've put up. A tip on the spear now is that I have written a book called Millionaire Mission. If you go to moneyguy.com millionaire Mission, I would encourage you go check out this book. It's going to change your life.

I've tried to help you. No matter where you are. If you're at the beginning, you're in the catch up or you're already there, I'm going to give you some tips and tricks that are going to maximize your opportunity. There is a better way to do money. I'm your host, Brian Preston.

Bo Hanson. Money Guy team out. The Money Guy show is hosted by Brian Preston. Abound Wealth Management is a registered investment advisory firm regulated by the securities and Exchange Commission in accordance and compliance with the securities laws and regulations. Abound wealth management does not render or offer to render personalized investment or tax advice through the money guy show.

The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.