Russ Thornton is a fee-only financial advisor with over 25 years of experience delivering personal financial advice that helps his clients achieve comfort and confidence for the future while making the most of their lives today. On this episode of CFO at Home, Russ and Vince discuss achieving millionaire status in relation to marriage, income, frugality, and more.
Key Takeaways
- "Millionaire Next Door" stats
-
- 80% believe spouses are critical factors in their economic success. 86.3% said their parents were married and remained married until they were 18
-
- "Division of labor" plays a practical role in wealth building
- Remaining married allows you to avoid the "financial penalty" of divorce
-
- Median Income of of $250k, 93% have a college degree, 60% have a graduate degree
- HIgher incomes typically translate into more dollars available to invest, however, many achieve millionaire status without ever having earned 6 figure salaries.
- Saving/Investing early is key to building high net worth, particularly if you're not a high-earner
-
- 70% know how much they spend on food, clothing, and shelter each year, 59% have always been frugal, 60% consider frugality as a critical factor in their success. 70% said there parents were very frugal
- Frugality doesn't have to be a all or none proposition; at a minimum be frugal on things there are less important to you
- Being super frugal your whole life can make it more difficult to enjoy your money when the time comes
-
- Investing
- 70% say they know more about investing than most people
- ⅓ say they rely heavily on an investment advisor
- Nearly 40% have tried to time the market (mistake)
- Stats may be more indicative of investing 10+ years ago
- Today, arming yourself with basic broad knowledge of how markets work can be useful
Resources
Ways to contact/follow:
Contact the Host - vince@thecfoathome.com
