Pod Insights Money Guy Show Are You On Track to Become a Multi-Millionaire? (2025 Edition) About this episode What does real financial progress look like? In this episode, we break down the 7 key milestones on the road to financial independence from reaching a net worth of zero, to saving your first $100K, to becoming a liquid millionaire. Whether you're just starting out or nearing retirement, these benchmarks will help you measure, motivate, and master your money.
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0:56 Brian Preston? These are the money milestones you need to hit for financial independence.
1:00 Speaker 03 Brian, I am so excited about this because we love giving folks money milestones to track the progress on their wealth building journey. So what we've done is we've taken what we believe are the crucial checkpoints that you need to hit on your way to financial independence, and we're going to share them all with you today.
1:17 Brian Preston? These will also help you to know whether you're ahead of the curve, behind the curve, or right where you need to be. But remember, these are not milestones you need to hit by a certain time to be successful. These are goals to hit along the way as you build your great, big, beautiful tomorrow.
1:38 Brian Preston? So milestone number one is going to surprise some people because it's just reaching the simple goal of being at zero.
1:44 Speaker 03 Yeah, this may seem counterintuitive. You may be thinking, okay, well, no, we're talking about financial milestones on my path to financial independence, but you're talking about being dead broke. But what we're actually saying here is reaching zero is kind of exciting because what it means is you are not negative. You are not on the other side of the net worth equation. So just getting to a solid starting point is an amazing milestone for folks to hit.
2:10 Brian Preston? And to make the point, Credit Karma actually did some, some research and they found out that 31% of Americans have a net worth of zero or below. And by the way, if you're younger, it's even worse.
2:20 Speaker 03 Yeah, Gen Z's, 41% of Gen Z's have a negative net worth and 38% of millennials. So there are a lot of folks that are following this camp of not actually being at zero that need to work towards this first net worth milestone.
2:35 Brian Preston? Now, there's good reasons here. I don't want to, because I don't think we're throwing shade because I get it, especially for younger people. There is a why to this. If you think about for younger generations, they just don't have a lot of assets.
2:46 Speaker 03 That's right.
2:46 Brian Preston? If anything, they've, they've got things working against them with like not having a lot of time as well.
2:52 Speaker 03 Yeah, the average first time home buyer now is 38 years old. So a lot of folks who are early in Gen Z or even millennials have not had time to buy the assets that a lot of people use for building wealth. So they don't have those assets. They don't have the time that they've had those assets or their money working for them so far.
3:12 Brian Preston? And if you want to know how valuable time is to this whole wealth building process, we thought a good case study where we could take young Yolanda, who's 25 years of age, and then we did Wise Wanda, who's 45 years of age. But here's the good news. They both started saving and investing at a very young age, a hundred dollars a month since age 25. I'd be curious to see what happens.
3:34 Speaker 03 Yeah. So let's assume that young Yolanda is now age 30. So she started.
3:38 Brian Preston? I was off by five years.
3:39 Speaker 03 She started saving at 25 and she saved until age 30. And then you have Wise Wanda, who started saving at 25 and is now age 45. And let's assume that they both earn the exact same rate of return. They both earn an 8% rate of return on their investments. Well, what you recognize at each of their ages, young Yolanda's been doing it for five years. She's saved about $6,000. Well, Wise Wanda, as you would expect, has saved $24,000. She's been saving for longer, but that's only part of the story. The real amazing thing is when you actually look at what their money has done. Young Yolanda's portfolio has turned into about $7,300, but Wise Wanda,
4:19 Speaker 03 hers has turned into almost $59,000. Even though Wanda had four times the savings, she actually had eight times the portfolio value because of time.
4:32 Brian Preston? Guys, that's why if you're young watching this, don't give up in those first five to 10 years because that's what there's gonna be a lot of. You'll notice that for Yolanda, the contribution and the market value are almost combined. You're like, why am I even doing this? Do not give up because as Wise Wanda shows you, time is your friend. While you're a billionaire of time, put that money to work and you're going to see that spread of what compounding growth can do for you is really going to build some amazing things.
4:58 Speaker 03 Yeah. So not only are people not able to build assets at early ages and not only have they not had a lot of time, but there are also another headwind. There is a lot of debt, especially for younger people, millennial generation and Gen Z's. They're coming out with more debt than their older counterparts.
5:15 Brian Preston? Well, this makes sense because you know, education has gotten expensive. So you've got student loan debt and then for a lot of people, I even fell into this, is that when you're building your first wealth building thing, which is your job, you're going to need transportation and a lot of you don't have cash to go buy a car with cash. So you end up using, even if you're being responsible, like using 238 in our guidelines, you're going to probably run up some car loan debt as well.
5:40 Speaker 03 So the math equation is pretty simple. If you have a small amount of assets and you have a lot of liabilities, you're going to have a negative net worth. So if this describes you and you're someone who's in this situation, how do you stay motivated? How do you get excited about actually being negative and working towards zero? Well, the very first thing is give it time. It's okay if your network is negative. What we care about is progression. What we care about is process towards a goal. So even though you might not be where you want to be right now, if you begin making the necessary decisions that you should be making, over time, you'll begin to watch your financial situation improve.
6:19 Brian Preston? Also, and this is, this is a heavy one for, for young people is. Focus on what you can control. Look, I get it. There is so much social pressure to go out there and live your best life. Buy the nicest car you can do is because they want you to essentially fake it until you make it. But as I've shared many times on the show, it's so much better to be rich than to look rich. So actually make good decisions. Be very selective on how much debt you're going to take on. If you're not scared when you take on debt, you're using this tool wrong. And then I want you to also optimize if you can, the decisions you make, if you choose a moderate car. If you, if you make sure when you're in college that you're choosing, you know, a degree or major so that you don't run up student loan debt that exceeds your first year salary.
7:05 Brian Preston? Optimizing these decisions can lead you to not only pay off the debt that much sooner, but hopefully start building wealth that much sooner as well.
7:14 Speaker 03 And then another thing that you can do that will really help you stay motivated is actually track your net worth. And I know it may, again, it may seem counterintuitive. Guys, I have a negative net worth. Why would I ever want to see that? Well, if you don't know where you are today, how will you be able to assess next year or two years or five years from now if you've made appropriate progress? So if you're not tracking it, start doing it. And what's amazing is this magical thing will happen in your mind where you will awaken the invisible hand of sound financial decision making and you'll be slowly start to watch, okay, I was negative now. Okay, but because of the decision I made, now I'm a little bit less negative, a little bit less negative, a little bit less negative to where then I finally hit zero and I can start working towards the second milestone.
7:56 Brian Preston? And that leads to milestone number two. And this one, not to steal Bo's thunder in his line. I get so excited about the first hundred thousand dollars. Now, it's not going to be easy. This is actually, because like I said, there's a lot of quit along the road. You see a lot of people who will start saving and investing. They'll get motivated, but then they stop. This first hundred thousand dollars is hard.
8:16 Speaker 03 And I want to be clear, we're talking about hundred thousand dollars of liquid investment. So this would be like IRAs, 401Ks, taxable brokerage account, HSAs, those types of things. We want this first hundred, this milestone to be where you've actually got a hundred thousand dollars. Working for you. And so the question may be, okay, well, guys, why is this significant? Why is this important? Well, behaviorally, it shows that you've actually begun to master behavior. No one gets to $100,000 of investable assets by accident. It's not just something that you trip and fall into. It likely took some work to get there.
8:54 Brian Preston? Yeah, it is. And like I said, you this is not, you're not hitting mastery of your money at this point, but you're definitely showing some signs that your behavior and your good things are starting to reach not a critical mass, but a point of where you're getting traction. And we actually have a case study or an illustration to make our point on this on why $100,000 is so important.
9:14 Speaker 03 Yeah, it's wild. If you think about, okay, if you're someone who's going to save $10,000 a year, and you're going to save $833 each month, and again, let's assume that you can make 8%. It will take you about 7.6 years, a little right at seven and a half years to build that first $100,000. But if you can stay consistent, you can continue doing that, it'll actually take you about 28 years to build to a million dollars. So again, this is just $833 a month. That first $100,000 took seven and a half years, 28 years to get to a million. Do you realize that path from 500 to a million took the exact same amount of time that it took you to go from zero to 100,000?
9:57 Brian Preston? That's the part, and this is, this is something from a behavioral as well as getting affirmations that this is all worth it along the way. That 7.6 years is going to feel like a long time. But look at the good news. The second 100,000, meaning going from 100 to 200, was 4.7 years. We almost cut it in half. And then it was three, then it was a little, you know, a little under three, then it was two. And that's what the part that just shows the power of compounding growth. And when you do hit some form of critical mass where your money is working harder than you do, more to come on that. The fact that it can grow from 500,000 to a million in less time than it took to get that first 100,000, that's the stuff that gets you excited. Just don't fall off
10:38 Brian Preston? the road to success, because you get distracted by consumption decisions and all the other things when you're young. It seems like you have so many Americans that fall off.
10:47 Speaker 03 Now, wealth building can be a slow process, but there are things that you can actually do to speed it up. And one of the biggest things you can do is your behavior, how you save, how you build. I mean, we already said that if you save $10,000 a year, $833 a month, it'd take you about seven and a half years to get to $100,000. But do you realize if you can save $1,000 a month, you can drop that time to 6.4 years to get to 100,000? If you can save $1,500 a month, now you can get to 100,000 in four and a half years? And if you can save $2,000 a month, starting right now, it would only take you three and a half years to build up to 100,000. So if you can put in the hard work, you actually
11:31 Speaker 03 have the ability to influence how fast your money grows.
11:34 Brian Preston? Now, remember, we've kind of, there's a, there's a theme here. Sticking with it and being consistent is gonna be a big part, but then also remembering that your savings rate is more important than even what your rate of return is in the beginning. So if you can focus on, once again, what you can control, which is your savings rate and your behavior of sticking with it, you'll be that much better for it.
11:55 Speaker 03 And one of the things that will let you stick with it, again, is tracking. Are you doing an annual net worth statement? We have a tool that you can use at it, learn.moneyguy.com, that you can literally fill out for last year, for this year, and for all the years moving forward, so that you can track your progress. So you can see, okay, how far am I from that 100,000? How quickly can I get there? What things can I change to move there even faster? So that once I hit 100,000, then I can move on to milestone number three.
12:23 Brian Preston? This is one of those, I call it a healthy habit. I'll even say, for some of us, it turns into a healthy addiction, is if you actually do these positive behaviors, you're going to see these small wins start to stack, stack, stack, and then one day you're gonna look back and go, how the heck did I get here? Trust me, this works. We have a whole client base of people who can give you, and when we do our wealth surveys, it shows this stuff works, you just have to stick with it.
12:50 Speaker 03 All right. So milestone number one was getting to zero. Milestone number two was getting to 100,000. Now let's talk about milestone three, and this isn't a specific dollar figure, but it's more what your money can do. Cause at milestone number three, your money is actually saving harder than you do. For example, if you save $5,000 this year, but your portfolio makes $6,000, your portfolio has added more to the pot in a given year than you did.
13:19 Brian Preston? Yeah, this is, I'll just tell you from, from a behavioral standpoint, like I said, we know that in the beginning it feels hard because you're just not getting a lot of feedback that what you're doing is actually going to pay off. But there will, you do this long enough, it is amazing. You'll get that quarterly statement and you'll say, wait a minute. I just noticed the change in value and the income combined is more than what I saved. It's going to feel really good. And I'm going to even say, and more to come on this. When you start comparing that then to what you make and you're like, oh my gosh, I see how money as a tool can be so valuable. So we want to just kind of give you some feedback on what are the numbers that's going to allow you to kind of have as a goal so that you can replace even what your savings rate is.
14:02 Speaker 03 Yeah. If you think about this, if you have a portfolio worth $87,500 and you make 8% on that portfolio, you will have made $7,000 a year. That's enough to max out your Roth IRA. So an $87,500 portfolio could max out your Roth IRA every year. If you have a portfolio that has $294,000 in it and it makes 8%, well, that's enough to max out your 401k at $23,500. So what's really fun is as you're tracking that net worth statement every year, you know exactly what you're saving. You know what your 25% is, but then when you see that your portfolio starts knocking off some of those big milestones as well, it gets super, super exciting.
14:45 Brian Preston? Also, I think it's important. This doesn't mean you stop. I mean, because that's the thing. I don't want you getting excited in your twenties when you're, you start to reach some traction and it's exceeding your Roth. And I don't want you to quit when your, your, your money is making more than you put in your 401k. Supposed to be almost like a virtual high five where you look at your army of dollars and be like, we're in this together. It's not just me and my discipline anymore. It's now the traction point where the money is starting to work. And if you want to actually do this for yourself, because it's fun to see these illustrations, but you're like, well, where's that point actually that happened for me? We've got something pretty exciting. We've actually been working really hard behind the scenes. The content team's been working. We have a compound interest calculator. You gotta go play with this thing. And what I like about it is it's going to motivate you,
15:27 Brian Preston? because if you go to moneyguy.com/resources, you're going to put in the variables. But then what's cool is when it gives you the feedback and calculates, it's going to say, hey, but you know, if you do a little bit more, look at what this does for you. It just gives you some, some little nudges to keep you motivated, to keep you on point. So you reach your great big beautiful tomorrow that much sooner.
15:47 Speaker 03 That's exactly right. Remember, this is a path. This is a journey that you're on. And we're talking about milestones. And so the time between when your money starts saving harder than you do, and milestone number four, might be a decent chunk of time. So you want to make sure you're doing things to keep yourself motivated, like using the tools at moneyguy.com/resources, because milestone number four, I think is the one that gets the most press. This is the one that everyone talks about. This is the one that books have been written about. And it's when your net worth hits two comma land, when it crosses over $1 million.
16:23 Brian Preston? Now, net worth is a big thing, because net worth includes your investments, which we get super excited about, but it also includes use assets. Like your, your home equity, you know, if you think about what your home is worth, subtract out what you have in a mortgage, you probably have some equity there. So it includes that, includes your use assets, like your vehicles, all those type of things. And it is something definitely to be celebrated that you cross into seven figure status. Because this is what's interesting to me. When I saw this stat, only 9% of Americans are millionaires. So if you stack up you with 100 people, there's only going to be nine people out of that 100 that are likely going to cross into millionaire status.
17:01 Speaker 03 Yeah, it is pretty elite and pretty prestigious company. But there is something we want to make you aware of, because there is something that has happened. Over these past couple of years, there was some great data that came out from the Federal Reserve that showed, okay, how has net worth increased across from 1989 all the way till 2022? And then what did financial assets, so basically net worth excluding home values? How much did that increase? And what you can see is a lot of the increase that we've seen in the late 20 teens and early 2020s is from housing prices increasing. It's not so much because people are saving more and building more.
17:41 Speaker 03 A lot of people are now hitting net worth millionaire status simply because the value of their homes have gone up so substantially.
17:48 Brian Preston? Well, I felt like this needed a reminder. I remember when this data point came to me and the headline was the tip, net worth for Americans is up like 35%. And I was like, hot diggity dog. All this hard work is paying off. People are doing what they're supposed to. And then I saw this stat and as you look at the financial assets, that line is actually flat.
18:09 Speaker 03 Fairly flat.
18:09 Brian Preston? And I was like, oh my gosh. So people aren't actually saving and investing more. It's just because we went through this inflationary period, their houses went up in value. That's a problem, guys. So we said, hey, we need to kind of educate you on the pros and the cons of your home equity. It's a good thing. Look, I'm proud of you for having that net worth increase because of home equity, but you should go into it with your eyes open so you don't get a false sense of security.
18:36 Speaker 03 Yeah, so what are the benefits or the pros? Well, one, if your home equity has caused you to be a millionaire, congratulations, you are a millionaire. It is something worth celebrating and in reality, you could access that equity. Maybe you could take out a home equity line or you could do some sort of cash out refinance. So it is there and it very well could be a great planning tool. If at some point in your financial journey, you plan on downsizing. So there are opportunities where you can realize the value of an appreciated primary residence. Those are the benefits, but it's not all benefits. There is a downside to being a net worth millionaire with a majority of that being in your home.
19:16 Brian Preston? Yeah, I mean, here's the cons. You get to retirement and you're Seven-figure net worth, but you can't, you'd have to sell the house to use the equity in the house. So it turns out that you're now captured by this being a use asset because it doesn't feed you unless you take on debt or all these other bad decisions. And that's why I say, and I've already kind of alluded to this, it's the second con, is that it can give you a false sense of financial security. How many people do I hear in their 30s and 40s, like, "I'm a millionaire." Now, you're like, "Okay, you're great. Congratulations." How much of that's in your 401K, your IRA, and your brokerage accounts so that when you retire, you can actually have something that pays the bills? If all of that is because
20:00 Brian Preston? your house is appreciated because of this inflationary period, that's something that ought to concern you a little bit. It's great. It's gonna look good on your net worth statement, but it's not necessarily, not necessarily something that's gonna feed the family.
20:12 Speaker 01 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required compatibility and availability varies 18+. This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get
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21:07 Speaker 03 Then, as you think about moving through your milestones, that's why we want you to move from just being a net worth millionaire to milestone number five, where you are actually a liquid millionaire. This means when you add up all of your investment accounts, this is your IRAs, your Roth IRAs, your 401Ks, your HSA, your emergency fund, all the liquid assets you have available to you, you add Those up and they get into the seven figure point. Now you've done something pretty stinking powerful.
21:36 Brian Preston? As Bo just said, this is not your home equity. This is not your business assets. This is how much, how much you have in these liquid investments. And this leads to our favorite thing, because I can't say bowling point. We call it the bowling point. God, they sound the exact same. I am, that is a speech problem. If you've ever seen, if they had me in elementary school, they'd pull me aside right now. But look at this, if you had a portfolio with a thousand dollars and it has a 10% gain, it's going to make a hundred dollars. Now that's, that's cool, but it doesn't really change anything. But if you go into, this is why, once again, a hundred thousand dollars, you, you, you make 10% on a hundred thousand, 10,000, that's probably replacing a lot of your labor at that point. That's pretty exciting stuff.
22:19 Brian Preston? And then you can imagine you reached seven figure status with a million dollars. It makes 10%, a hundred thousand dollars. That's starting to feel really good. And this is why liquid net worth, where assets are growing in the background, and you can actually use and consume this to replace your labor, super exciting stuff.
22:37 Speaker 03 Now, I can already hear the trolls out there saying, hey, guys, guys, guys, no, no, no. A million dollars is not enough. Oh, a million dollars is nothing. Well, you know what? You gotta get to one million before you get to two million, before you get to three million, before you get to four million. So a million dollars is still something worth celebrating. What I think is so exciting is how aggressively you want to pursue this goal is up to you. Cause just like we said, you can influence how quickly you move to a hundred thousand dollars. You can also influence how quickly you move to a million dollars. If you invest a thousand dollars a month, starting from zero, it'll take you about 25 and a half years to get to a million dollars. That's a, a long, steady path to millionaire status. But if you can double that and you save $2,000 a month,
23:22 Speaker 03 you can hit millionaire status in 18.4 years. If you can invest $3,000 a month, you can hit millionaire status in 14 and a half years. And if you can invest $4,000 a month, even starting at zero, you can actually hit millionaire liquid status in just over 12 years.
23:39 Brian Preston? I, I think this is a Perfect illustration in the fact that we heard historically, it takes the typical millionaire 28 years. They reach it around age 49 years of age. But when we've had generational warfare in our content room, you know, because we do have Gen X represented. I'm not a boomer guys, I'm Gen X. We've got millennials and then of course we've got Gen Z. Gen Z seems to be really going at it. I mean, for, for being as young as they are, a lot of them want to get there even faster. And I think it's amazing that if you can be as aggressive as saving four to $5,000 a month, you can cut the edge. Instead of it being 28 years, if you're doing $4,000 a month, it's going to be 12 years. So you are in control.
24:19 Brian Preston? If you are one of those people that's really fortunate, you've made some good decisions, you've landed some great opportunities. You can actually exploit, not only are you young and have time on your side, but you can actually build that bowling point that much faster.
24:32 Speaker 03 I love that bowling point. I love it. So, you know, we're, okay, so some of these milestones we've talked about, some of them have been dollar specific. You know, $0, $100,000, $1 million. And some of them have been more, okay, what can your money do? Well, milestone number six is another, what can your money do? We've already talked about in your financial journey, you hit this milestone where your portfolio is actually able to save more than you do. It actually puts more into the pot than you do from your savings behavior. Well, milestone number six gets really, really exciting because this is the point where your money actually works harder than you do. It can actually generate more return than you can in income.
25:14 Brian Preston? Now, look, I do want to make sure we clarify, this is not financial independence.
25:18 Speaker 03 Nope.
25:19 Brian Preston? This is because financial independence means that you're in a such, and we'll cover this in a second. It means you're in such a good situation, good, bad, you're going to be okay. But it is worth noting that in milestone number six, you're going to go through some periods where you have a good quarter, a good year. Well, all of a sudden you're going to realize, wowzer. This is what these guys are talking about with this critical mass point is I am making more money from my investments than I do from working. And that's something to be celebrated and we actually want to put together a case study so you can see what we're talking about.
25:51 Speaker 03 Yeah, think, think about these numbers. If you, at your job, you earn $60,000 a year. Well, if you had a $750,000 portfolio and over the course of a year, that portfolio had an 8% rate of return. Your portfolio would have made $60,000, literally while you were sleeping. It earned just as much as you. If you make $90,000 a year, you would need a portfolio of about 1.125 million dollars earning 8% to replace that income. If you make $120,000 a year, once your portfolio hits a million and a half bucks at an 8% rate of return, it can grow each year more than you earn in your wages.
26:33 Speaker 03 And you've already said this, Brian, this is not financial independence necessarily, but it's close and it's pretty exciting. You know, the way that you're going to know this is happening? You know how you're going to recognize that you've hit this milestone? By tracking your net worth statement every single year, making sure that you actually see what your dollars are doing on your journey to financial independence.
26:54 Brian Preston? Yeah, just not to be the, but I'm the old man on the porch, so it's okay. But sequence of returns risk is there. Inflation is definitely floating around out there. And look, but I'll say something positive. We used 8%. There are years where you might make 12 to even 15%. And that's why it will come even faster with less portfolio value. But that's why you have to understand what that number is actually showing you when you celebrate it. But then no, no, there's one more milestone I need to understand because I know that market returns are not always up. There's definitely going to be some volatility in my future. And that's milestone number seven, financial independence. What, Bo, if we're talking about the whole enchilada here of making sure somebody can
27:38 Brian Preston? actually walk through that threshold of now counting on their portfolio to replace their wages and their work, what does that look like?
27:47 Speaker 03 Yeah, this is the point where your portfolio has reached the stage where you no longer have to go out and work anymore. You don't have to use your brain or your hands or your back to go out and generate wealth. You have done the hard work of building a nest egg that can now provide for you not just this year, not just next year, but for the rest of your life. You have a portfolio of assets that can work for you so that you
28:14 Speaker 03 Don't have to work anymore. This is the point where you now get to own your time. You get to do what you want, when you want, the way you want, on your terms, because you've reached that critical mass.
28:27 Brian Preston? Well, that's what a lot of people, because we want to give some benchmarks. It's just fun from a mathematical perspective, safe withdrawal rates.
28:33 Speaker 03 Sure.
28:34 Brian Preston? And look, we chose 4%. I know some of you in the comments will be like, we could have done 4.5%. You know, there's all kinds of variables that you can change, but we felt like it was still a cool exercise, kind of napkin financial planning of saying, hey, what if we use the 4% rule of thumb? Because historically, that's a pretty good indicator you're going to be okay through volatility. If you need $50,000, a $1.2 million portfolio is going to protect you. You'll be okay. $100,000 portfolio, $2.5 million, $150,000 is what you need in retirement? Close to $3.7 million. Pretty incredible stuff.
29:11 Speaker 03 Yeah, I think it's wild that these numbers, you see them like, okay, guys, is it really that easy? Okay, okay. So as soon as I hit 1.25 and I make, that's where I can check out? Well, maybe. I mean, 4% is, is really helpful and it's good back of the napkin math. But when it comes to your personal situation, we would argue that back of the napkin math is not good enough. You need to actually stress test your financial plan. You need to say, okay, how much am I going to have in living expenses and what is my travel budget going to look like? And when am I going to take social security and what's that social security benefit going to look like? And how many weddings am I going to have to pay for? And how often do I replace my cars and what's my healthcare going to look like? And where am I going to park the RV?
29:54 Speaker 03 And all of these unique financial questions, specific to you. 4% withdrawal rate is a great rule of thumb for generally coming up with an idea of where you ought to be. But when it comes time for you to actually make the assessment, am I at financial independence? Have I reached the milestone? You will do that. Once you've actually stress tested your plan and you have a high level of confidence, no matter what unknown unknowns come my way, I've accounted for all the variables that I can and I've controlled the controllables and I have a high level of confidence. I can now enter into this phase of life, knowing that my portfolio can provide for me for the remainder of my life.
30:33 Brian Preston? Finance, when he gets to this level, is definitely personal finance. Every one of us is going to have different goals, different things. Nobody gets all like fingerprints and it comes to us. And I see everybody has different structures, they have different goals. And that's why I love running a stress test, because it's a custom plan to you. And here's the other part, that even super brilliant, because you're financial mutants, we know the threshold is so high for people who are consuming our content, is that even if you are brilliant, this is your first retirement. You've only gone through this once. Why wouldn't you get with somebody who's done this hundreds, if not thousands of times, with success for their clients? Because it's just going to protect you so you don't have that learning curve.
31:16 Brian Preston? Because you are the CEO of a multiple seven-figure enterprise. Is it worth taking the risk that you can run this thing aground? You just don't know what you don't know. And that's why I'd encourage you, go to moneyguy.com slash become a client. Just go to moneyguy.com, you'll see all of our resources. You'll see the become a client link. That way you can even watch the video where we kind of walk you through what we think the benefits are. The big thing is, is that I realize that a lot of people get so busy, you're successful. I love partnering with, because for a lot of times, it's not no, it's yes, and. What can we help you fulfill on your goals and give you permission?
31:58 Brian Preston? Help you feel like you can walk away from, because it's so hard to go from savor and being so disciplined to now you're going to be a consumer, when in your entire life, you've been told that's the worst thing to do. So it's hard for mutants to kind of let go. We're going to leave the porch light on and help you work through those decisions. So go, make sure you're taking advantage of all the free stuff, but then complete the drill and fulfill the abundance cycle. I'm your host, Brian Preston, Mr. Bo Hanson, Money Guy team, out.
32:27 Speaker 03 The Money Guy Show is hosted by Brian Preston and Bo Hanson. Brian and Bo are partners with Abound Wealth Management. 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, may not be suitable for all investors, and does not constitute financial, tax, investment, or legal advice. All investments involve a degree of risk, including the risk of loss.
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