Episode 25 We have interviewed a number of 6 figure millennials over the last few months and we have learned so much. We wanted to take some time and recap the lessons we have learned from our guests.
We summed it up into 6 tips to succeed:
1. Your income isn’t as important as your habits.
2. Stay away from new vehicles.
3. Grow your new worth with investments.
4. Have open communication with your family.
5. Stay away from debt.
1:45 - Point 1 - Your income isn’t as important as your habits.
3:02 - If your habits aren’t in line with your goals you will never get there
5:14 - Point 2 - Drive Previously used vehicles
8:15 - $500 vehicle payment vs investing = $1.2 Million in investments after 40 years.
9:33 - Point 3 - All 6 figure millennials grew their net worth using investments - DON’T KEEP IT UNDER YOUR MATTRESS OR IN A SAVINGS ACCOUNT.
14:14 - The math on investments. $1500/month invested with an 8% return. After 25 years you will have made almost a million in interest.
18:15 - don’t try to keep up with the Jones’. Focus on what brings us happiness other than material items.
21:15 - Point 4 - Open communication with your spouse
23:30 - Talking finances within the family and with your kids
25:00 - Point 5 - Stay away from debt.
28:40 - Finances are meant to be a blessing not a point of stress.
33:10 - any mistake that you make isn’t so big that you can’t recover from it.
We interview guests all the time who share their financial stories. If you’re looking for more financial real life stories, we post episodes every Wednesday. If YOU have a story you would like to share with us please email us at financialclassroom@gmail.com It would also help us out a lot if you subscribe and leave a review on our various podcast platforms! EQ bank is offering 1.5% interest on their savings account! A great place to keep that emergency fund so that it grows WITH inflation! To sign up click on this link: https://api.fintelconnect.com/t/l/5fff1c608284ff001db5f305
