How Do I Become a Millionaire in My 30’s?

Our question of the month comes in from Whitney from California:


Andy,

I’ve been enjoying your show for the past few months. Your message of financial empowerment is really motivating me lately to clean up my family’s debt and grow our wealth.

I have a question that I think could be fun for you and informative for me.

With all of the millionaires you’ve had on your show, what are the top three things you’ve learned so far? I’m in my early 30’s and I’d love to become a millionaire before I’m 40.

Keep up the excellent work on the podcast, Andy!

Whitney


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How to Increase Your Salary and Become a Millionaire in your 30’s – with Liz Gendreau

One the best ways to build wealth is through a career with progressive levels of advancement. With consistent salary increases and a high savings rate, you’ll set yourself up for a high future net worth and definite millionaire status.

To demonstrate this type of success, I’ve invited Liz Gendreau on the show today. Through her 15-year career, she’s been able to increase her salary from $22,000 to the six-figure level by exceeding expectations and going above and beyond for her employer.

Liz works full-time in the Tech Industry for a Fortune 100 company. By having a savers mindset and growing her income steadily, she has helped her family reach millionaire status in her 30’s.

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5 Compelling Reasons You Should Start a Podcast Today

18 months ago, I decided to start a podcast called Marriage, Kids and Money. I was looking for a creative outlet and thought I’d try something completely new to shake up my daily routine. The “diapers, work, sleep, repeat” repetitiveness of young fatherhood wasn’t quite doing it for me at the time.

In the beginning, my main podcast goal was to increase my personal finance savvy by connecting with other like-minded individuals who were winning for their families. Since my wife and I had some personal finance success in our 20’s and 30’s, I thought that I could share some of that knowledge through the podcast as well.

Never in my wildest dreams would I have expected the results that came from producing this little weekly podcast. I’ve grown personally, professionally and really tested myself as an entrepreneur.

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How to Become the Multi-Millionaire Next Door – with John from ESI Money

John from ESI Money joins me to talk us about how we can earn, save and invest our way to financial independence and millionaire status.

John is a former marketing executive, a real estate investor and now the owner of Rockstar Finance. He has built up his net worth to the multi-million dollar level through the principles we discuss on the show today.

He’s a family man too! John is a father of two and he’s been married to his wife for over 20 years.

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Do I Really Need a Financial Advisor? – with Joe Saul-Sehy

Taking advantage of the stock market is an incredible way to build wealth for your family. By investing in the market, you are forcing your money to work for you. Your money starts to make you more money!

But … Where do we start?

Can we do this ourselves?

Should we turn to a financial advisor?

How do I know a good advisor from one that’s just trying to sell me financial products that only benefit them?

Our guest today, Joe Saul-Sehy is going to help us with this exact conundrum.

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Building a Million Dollar Blog in Your 20’s – with Michelle Schroeder-Gardner

In 2011, Michelle Schroeder-Gardner started a blog called Making Sense of Cents as a fun hobby. After finding some early financial success with sponsored posts and affiliate marketing, she decided her little blog could actually become a viable business. 

Fast forward to today, Michelle now makes over $1.5 million per year from her blog and continues to see massive success with her overall online-based business. Not only has she gone from $0 to $1.5 million incredibly fast, but she’s done it all in her 20’s.

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How Do I Find the Best Financial Advisor?

Our question of the month comes in from Ryan from Pittsburgh. He wants to know how to find the best financial advisor:


Ryan:

Hey Andy,

I’ve been listening to your show for the past few months. I like the way that you and Nicole partner together to meet your financial goals. It’s inspiring me and my wife (who is also coincidently also named Nicole) to do the same.

We’ve been following the Dave Ramsey baby steps and recently paid off our last debt. When we got focused, it really only took us about 2 years to pay off our $60,000 in debt. We both had car loans, student loans and a little bit of credit card debt.

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10 Pillars of Financial Independence – with Jonathan Mendonsa

Popularized by extreme frugality rock stars like Mr. Money Mustache, the Mad Fientist and Jacob from Early Retirement Extreme, the Financial Independence or FIRE community has grown in popularity over the past 5-10 years.

This is a subset of the personal finance world that encourages earning a solid income early in your life, saving a boat load of cash and retiring earlier than most of your peers.

For a frugal guy like me, this concept makes a ton of sense. Work hard, save and invest early so you can enjoy the majority of your life doing what you love.

But what happens when you’ve retired early? You still need something. You need a purpose or a goal to work toward.

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How to Increase Your Net Worth by $700,000 in 7 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

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Is Debt Freedom Impossible in a High Cost of Living Area?

This week’s question comes from Michelle in response to an article I wrote about paying off our mortgage early:


MICHELLE:

Hi Andy,

I find myself in a unique position.  I understand the steps you’ve outlined in your mortgage pay off article. I’ve read a few books on that process by Dave Ramsey.  

What advice would you give to someone who lives in a very high cost area?  

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