The Personal Finance Podcast - The 7 Factors of a Typical Millionaire (How you Can Become one too!)

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Starting point is 00:00:54 BetMGM operates pursuant to an operating agreement with Eye Gaming Ontario. On this episode of the podcast of the podcast, personal finance podcast. We're going to talk about the seven factors of a typical millionaire. What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of mastermoney.com. And today on the personal finance podcast, we're going to be talking about the seven factors of a typical millionaire.

Starting point is 00:01:41 If you have any questions, hit me up on Instagram at Master Money Co. That's Master Money, C. and follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to this podcast tune. If you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. Spotify has ratings and reviews now, so you can check that out on Spotify as well.

Starting point is 00:02:05 And don't forget to check us out on YouTube, where we are putting out two videos every single week with additional content on personal finance, money, building wealth, how to become a millionaire, investing, all of these topics, on our YouTube channel as well. So make sure you're checking that out. Now today, we are going to be talking about the seven factors of a typical millionaire.

Starting point is 00:02:28 And why this is extremely important to understand is because if you read studies and you look at research of millionaires, all of the studies show that most of them have these seven traits. And we pulled these seven factors from the book, The Millionaire Next Storm. If you haven't read that book, it's one of my top books to read on personal finance.

Starting point is 00:02:48 If you're looking for some new books to read, I would definitely check that one out. And I'll leave a link below to the book in the show notes. And in addition, I'll leave a link to the rest of the books we recommend in personal finance as well. So you can check those out because that book is an absolute game changer when it comes to your mindset. And the million year next door was actually a light bulb moment for me.

Starting point is 00:03:08 When I read that book the first time, it literally changed my life. It literally changed the way I saw money because I used to think that really wealthy people who drove the Ferraris or the Lamborghinis or had the mansions or had whatever clothes or shoes or whatever else they wanted. But instead, what I realized was it was people who actually built up assets and started to build wealth. And a lot of millionaires are people you don't even know are millionaires and the people who look rich to you are usually broke. Here's the thing because you could be a person who's driving a fancy car, has a fancy house, send your kids to fancy private schools. and then another person that lives down the street for you in a smaller house,

Starting point is 00:03:45 drives a standard car and sends their kids to public school, is actually much more well off than you are. Why? Because they started buying assets with the extra money they had instead of spending them extra money that they have. And that's kind of what the millionaire next door talks about. And after I read that book, I started to kind of figure out and notice who was potentially a millionaire next door. And I would start to talk to people and say, hey, what kind of assets do you have?

Starting point is 00:04:08 See, I have no fear when it comes to money. I talk about money all day long. to them and say, hey, how did you get to the point where you are where you're about to retire and you're about 50 years old? And they would tell me. And all of a sudden they would open up and you'd realize, wow, this person is extremely wealthy and they don't look it at all. And that's what the millionaire next door talks about a lot. Now, another great book that studies millionaires is Everyday Millionaires by Chris Hogan. And that's another great one that has similar studies.

Starting point is 00:04:32 And they found similar results. And if you want to look at another fantastic one, it's called Rich Habits by Tom Corley. And those three books are great to look into deep dive studies of millionaires and how they actually behave. So it's extremely important to understand this stuff because you have to know how millionaires behave and you have to know what is the next step for me. What is the next thing that I need to be doing in order to stay on the millionaire track? Now a million dollars is not what it used to be. I don't want the inflation hounds coming out and attacking me here. I understand that.

Starting point is 00:05:02 But our goal is to get to that first million because a million dollars just in the last two years, if you would invested it in the S&P 500 would have turned into $1.6 million. And as we know, investing and getting to our first $100,000 is so incredibly important so that compound interest can start working for us. And that million dollars is going to really start to catapult us to the next level of wealth. So you have to understand how can I get to that point? What are the things I need to be doing consistently every single day for decades so that I can get to this point?

Starting point is 00:05:34 Well, today, we're going to talk about those seven factors of a typical. millionaire. So let's get into it. All right. So the first factor is they live well below their means. So we talk about on this podcast living below your means a lot. And the way we spend our money is we spend our money on things that brings us value, but it's got to be below your means so you have some money left over to invest. So here's how we talk about this. We talk about the gap, which is the difference between your income and your expenses. If you think about it for a second, think about your income and then think about your expenses.

Starting point is 00:06:08 And whatever is left over in between is the gap. And what you want to do is grow that gap as large as you possibly can. Because what the gap is there for, that is what's going to build your wealth. That is the fuel to your fire. That is the coal that you're shoveling into the fire to make your fire larger. And the gap is so incredibly important because that is the money you're going to utilize for your buffer account, for your emergency funds, for your additional cash that you want to save on hand.

Starting point is 00:06:39 In addition, you're going to invest those dollars as well. And the gap is what is going to take you and propel you to the next level. And if you're not investing your money right now, you are not going to be on the path to becoming a millionaire or a millionaire next door or whatever else your goal is because you have to invest those dollars

Starting point is 00:06:56 for a number of different reasons. One of which is, as of this year, the big thing we've been talking about a lot is inflation rates up to almost 7%. Whereas the S&P 500 returned almost 30%. So you have to be investing those dollars to really beat out inflation. Otherwise, your money is going to be losing value every single day. Now, how do you increase this gap?

Starting point is 00:07:15 How do you make sure that your gap gets larger every single year and that you're on pace to becoming a millionaire? Well, the first thing is to focus on the big three first. Now, what is the big three? It's housing, food, and transportation. You want to keep your housing below 30% of your income. You want to keep food somewhere around 15% or less, depending on where you live.

Starting point is 00:07:36 and you want to keep transportation at least 20% or less. That's where we're going to keep our money there. Now, if you want to work a little bit longer, you can bump transportation up to 25%, but that's going to be a high car note. And instead, if you can invest that 5% difference, it's going to make a massive difference for you in your long-term wealth-building journey.

Starting point is 00:07:53 So that's the first thing, is to focus on the big three because those big three expenses, the reason why we talked about that so much, is they make the greatest impact on your money. Imagine trying to cut out lattes a couple times a week or instead reducing your house payment by $500. Which one is going to be the bigger impact on your money? That is what the difference maker here is, is the big three expenses.

Starting point is 00:08:15 Focus on the big three expenses first, then you can cut out the small stuff if you want to optimize efficiently. The next one is to avoid luxury purchases that are outside of your budget. Now, we talk about spending money all the time on things that bring you value. If you like luxury stuff, there's nothing wrong with that. But make sure it's within the parameters of your budget, and that you're allocating dollars towards those luxury items instead of spending like crazy on luxury items.

Starting point is 00:08:42 The reason why is that when it comes to luxury, things can get way out of hand if you're overspending, whether it's cars, whether it's closed. It doesn't matter what it is, but overspending is what usually happens in luxury. And so you have to make sure that you maintain some sort of parameters if you're buying that stuff. The third one is to cut out everything that does not bring you value. So to cut out everything that does not bring you value, all you have to do is find a value proposition here. So you're looking at everything here and you're saying, hey, what am I

Starting point is 00:09:09 spending money on that I really do not care about and I'm just throwing money away? Maybe it's multiple extra Amazon purchases every single month. I know I'm guilty of that where I would just click the buy now button and it's flying to my door within 30 seconds. Maybe you do that too and you want to cut those out because that could save you hundreds of dollars a month depending on how many times you do that a month. Maybe you're just spending a ton of money going out to eat and you really don't care about going out to eat. You're sick of it. You'd rather cook meals at home. You want to get healthy, well maybe that's something that you can look at cutting you. Maybe it's a bunch of subscriptions that you don't want anymore.

Starting point is 00:09:40 You don't even watch HBO and Netflix anymore. You want to cut those at it depends on what it is. But look for those things that you're spending money on that don't bring you value, joy, happiness, or improve your life. And if you want to figure out how to spend money on things that bring you value, we have an episode on that. So check that out. I'll link it up in the show notes as well.

Starting point is 00:09:58 So you could check out how to figure out, well, what does bring me value. And then the fourth one is to increase your income at your day. job and then go ahead and side hustle. So increasing your income is the biggest catapult to building wealth. It's the way to get to the next level with your wealth. And it's going to change your life if you can figure out how to increase your income year over year. Maybe you want multiple streams of income so you start a small business on the side or maybe

Starting point is 00:10:22 you want to flip some items on Craigslist. Or maybe you figure out how to negotiate your salary at your job every year so that you can get promotions and work your butt off to get to that next level. But this is the propeller. This is the biggest proponent to building wealth is. increasing your income. It's going to absolutely change everything for you if you can figure out how to do it the right way.

Starting point is 00:10:42 We have a bunch of episodes talking about how to increase your income. It's a skill that anybody can master. Don't think that if you're an introvert or something else along those lines, that you can't build up this skill and master it because you absolutely can. And so this is something that you want to make sure that you're doing so that you can get to the next level with your wealth.

Starting point is 00:11:01 So lately, I've been noticing how fast things are changing at home. The kids are growing like crazy. Clothes don't fit anymore and routines are changing. And it just hits you. Life is expanding. And when your life grows, your responsibility grows with it. That's something I've been thinking about more this spring, making sure the safety net we have in place actually matches the life that we're building.

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Starting point is 00:14:08 Number two is millionaires allocate their time, energy, and money efficiently in ways conducive to building wealth. So this is actually a skill. And building up time management so that you're putting as many activities as possible towards building wealth if that's what you want to do is extremely important. Now, you can do the bare minimum. the list is very small on what you actually have to do to build up a multi-million dollar portfolio. We're going to have a course coming out called Money Made Simple,

Starting point is 00:14:38 and I'm going to show you the bare bones minimum stuff that you have to do in order to build well and get to that point on autopilot. It's going to be completely on autopilot where you don't have to do anything but just set up these systems and check in once a year and you're done. You can absolutely do that. But allocating extra time towards learning and doing all these additional things is going to change the trajectory of your wealth. So there's a bunch of things that you can do

Starting point is 00:15:03 to set yourself apart. And one of the first things you want to do is do it at your day job. So when you're at work, actually work and work really hard because what that does is it separates you from your coworkers. This is extremely important to understand

Starting point is 00:15:16 because it is very easy to beat out your coworkers at work and if you can beat them out and get those big promotions, that's going to be an amazing difference in how much money you have towards the end of your retirement and how much money somebody else has who does not work hard. So stop scrolling through the gram, stop scrolling through TikTok,

Starting point is 00:15:34 get to work, take on extra projects and extra work without asking for anything else, and get to the point where you can get those promotions. And strategically figure out how to get those promotions and work through that. Now check out our how to ask for a raise ebook, and we have a system which is about a six-month-long system where you can talk it through with your boss to figure out, how can I get those promotions and how can I get those raises is to make sure you're both on the same page

Starting point is 00:15:57 because that is going to be extremely beneficial for you when you're doing this. The next one is to spend money on education. So when you want to allocate your time, energy, and money efficiently, spending money on education so that you can learn more and understand everything around you is extremely important. In the book rich habits, Tom Corley found that people

Starting point is 00:16:15 who are wealthy spend on average at least 30 minutes per day on personal development. And most of them would read nonfiction books within their industry, but you can do this with a number of different things. Now, we've talked about how to read a book per week on this podcast a number of times. And it's very simple. What you're going to do is you're going to take a book. If you want to read a book per week, you're going to divide the number of pages by seven and read that many pages every single day. It's a very simple system. And if you want to start

Starting point is 00:16:39 learning more, I would start reading more or listening to audiobooks. Now with kids and things like that, I'm starting to listen to more audio books than I am reading physical books because of time constraints. But you can do either or if you want to start to read more. The next one is to take courses. You can also take courses which will fast track the way that you can get information. See, a lot of courses out there, all that stuff is out there for free, but people pack it into one package so that you don't have to go out and find it for months on end. And that's what you're trying to do is have it all in one package, serve to you on a plate so you can save time so that you can start implementing what is in those courses instead

Starting point is 00:17:14 of trying to find it and put it all together yourself. So that's why it's extremely important. And I love the fact that you could take courses and get out there from different people and get different perspectives so that you can put together what works for you. The next one is to listen to educational podcasts.

Starting point is 00:17:28 You're already doing that if you're listening to other educational podcasts maybe in your industry and what you're working on or whatever you're interested in that you want to build up a business or you want to do side hustles or anything else that you want to do

Starting point is 00:17:41 when listening to multiple podcasts per week is going to definitely help you in pursuing your goals in the future. I've learned so many things from podcasts that's absolutely incredible. There's a bunch of great ones out there. So make sure you're listening to educational podcasts and figuring out exactly what path you want to take

Starting point is 00:17:57 to get to the next level. Or you could be spending money on certifications to advance your career. So maybe you're someone who's a nurse or you're in a field where if you get additional certifications, you're going to make more money. And so maybe that's worth spending your time and money on to get those certifications so that you can increase your income.

Starting point is 00:18:15 I know it's not fun in the moment to go through those certification processes. I have more certifications in different fields than you could even imagine. And it's not fun to have to go through the schooling and the process and the studying and all that kind of stuff. But at the same time,

Starting point is 00:18:27 if it's going to increase your income, it's definitely worth doing. Now, how else can you do this? How else can you allocate your time and energy and money efficiently? You can spend time understanding how to invest. So you can think of things. If you want to get into real estate,

Starting point is 00:18:38 understanding how to invest in real estate is extremely important. You have to know what you're doing because you can't just go in and start buying properties without knowing how to work with tenants or contractors, without knowing how to figure out

Starting point is 00:18:50 which houses are going to, flip well. All of this is extremely important. Or maybe you want to get into stock investing. Well, figuring out do I want to be a passive investor and invest in index funds? Or do I want to buy growth stocks? Or do I want to get into dividend investing? Or do I want to get in value investing? All of these have different strategies. You need to understand the structure of what you're going to do. Now, if you're just getting started investing, passive investing into index funds or ETFs is one of the best ways to do it because you don't have to think about it. You just allocate a sum of money every single month into those funds. And next week we're going to have an episode.

Starting point is 00:19:21 on how to become a millionaire by age. And what we're going to be talking about, and we're going to tell you exactly how much money you have to invest every single month to become a millionaire by age. It's going to be a really cool episode, so make sure you're subscribed to check that out or following to check that out as well.

Starting point is 00:19:36 Or maybe you want to invest into businesses, and businesses are an extremely important thing that you can invest in small businesses, but you have to understand how businesses work. You have to understand how to optimize businesses and bring more value into those businesses so that you can increase revenue and in the end profit. And another thing that I would spend some time learning is just learning about taxes and learning about tax

Starting point is 00:19:55 code. Now, you don't have to be a tax expert. You don't want to be an accountant or anything like that. But just have a broad base of knowledge of the things that you can do to avoid paying extra taxes. Now, if you don't want to do this, you should be paying a tax professional. But if you want to do it yourself, then understanding, hey, what deductions do I have or how can I avoid paying taxes or should I be putting in a 401k or an IRA? Or how should I be doing this? Just having a basic understanding of that is going to save you hundreds of thousands of dollars. over the course of your career if you're going to work a 30 year career. It's going to be a massive difference for you.

Starting point is 00:20:25 So make sure you understand that because it's a six-figure knowledge base. And as you get your knowledge stack, figuring out what is going to make you the most money is the priority and the order that you should put those things in. And then another way to allocate your time, energy, and money efficiently is to focus your time on building those additional income streams. So I know it's tough if you're working full time to start building income streams, but that's what I did. I started to build additional income streams while working full time.

Starting point is 00:20:53 I would get in the office at 8 o'clock in the morning. I wouldn't leave the office until 6.30 at night. Then I would come home and I would start to work on my businesses. That's just how it works. And it's difficult. It's hard. I understand that. But making extra money is worth it in the end if you can get those businesses running.

Starting point is 00:21:07 And then one last thing to just understand is knowing how to budget your time is a skill. So a lot of people are going to say they don't have time to do all this stuff. You have work. You have kids. You have a spouse. And you can hardly keep up with anything as it is. but figuring out time management, time blocking, if you don't know what that is, look it up. But time blocking is one of the best things for me.

Starting point is 00:21:24 It's one of the things that has helped me the most that can help you propel yourself forward and go after your goals each and every day. Because I get it. I know how difficult it is. I know how difficult it is to find any time at all. It's one of the hardest things to do. So mastering the skill of time management is going to make you a lot more money if you can figure out how to master that skill and get to that next level.

Starting point is 00:21:46 It's going to change the way your life runs if you figure out time management. And understanding that this is a skill and knowing out a budget, your time is a skill, is something that you can master and work out every single day is something you should start working on coming up this year. The third factor of a typical millionaire is they believe that financial independence is more important than displaying high social status. So we here at the personal finance podcasts are all about the fire movement in financial independence. And financial independence, put very simply, if you don't know, what it is, means that you have enough money in your bank account and enough investments that will spit off enough cash so you don't have to work anymore. And people who are trying to build

Starting point is 00:22:25 wealth, this is typically what they're going for is financial independence. Now, if you love your job or you love your business, you want to do that thing forever, that's great. But even pursuing financial independence and having the freedom to walk away whenever you want is extremely powerful. And social status by far is the enemy of wealth building, keeping up with the Joneses, lifestyle creep, all of these things that we've talked about in the past. And not letting yourself fall prey to this is extremely important. And this is what millionaires do. They don't fall prey to keeping up with the Joneses.

Starting point is 00:22:54 Well, your neighbor got a brand new car, so you want to get a brand new car. Your neighbor got a brand new pool, so you want to get a brand new pool. Not falling victim to this is extremely important. Now, if it's in your budget to be able to do that, then absolutely go for it. But if it's not in your budget, say you have one income, then it's absolutely not worth doing that. But if it's not in your budget, say you have one income. coming you're just getting by, then it's absolutely not worth trying to keep up with the Joneses

Starting point is 00:23:19 because you want to increase that gap so you can invest more dollars. So you have to make a choice here. Which one's more important to you? Financial independence or a high social status? Is having freedom with your time more important to you or slaving away and working every single day more important to you? And there's so many different incredible paths to financial independence from building up a business and selling that business. A lot of people have gone through this path where they built up a business over the course of 10 or 12 years and sold it for a couple million dollars and now they can live off that couple million dollars

Starting point is 00:23:47 for the rest of their life and pursue whatever else they want. Or there's coast fire. We'll talk about this next week as well, where you get to a point where you have enough money where you can kind of coast to retirement if you want to and not have to save up any more dollars and you'll hit your financial goal. Or there's fat fire.

Starting point is 00:24:02 Where if you want a lot of money in retirement you want to live off $60,000 a month. I know that sounds crazy for a lot of people, but there's people with that goal, then you can check out Fat Fire and figure out how to do that by building up businesses and selling them for large multiples.

Starting point is 00:24:15 Or there's barista fire, which is one we've had an entire episode on on this podcast, talking about how you can quit earlier than you think and just work a part-time job in something that you enjoy and be able to retire earlier and have a job one to two days a week

Starting point is 00:24:30 where you're just working and making a little extra money to fill in the gap, but you're doing something that you enjoy every single day instead of working in a cubicle. Or there's frugal fire, which is the traditional method

Starting point is 00:24:38 where a lot of people save a bunch of money for 10 or 12 or 15 years. They live really frugally, and then they're financially free, and they can live off that money for the rest of their life. And then there's things like real estate where you can buy up 5, 6, 7, 10 properties, live off the cash flow from those properties as well if you're buying one or two properties a year. There's so many different paths. We have an episode talking about the nine different paths that we like here at the personal finance podcast that you can check out as well because it's incredibly important to pick a path,

Starting point is 00:25:05 go after it, and not waver from that goal. Number four, their parents did not provide economic outpatient care. So statistics show that the more financial assistance an adult child of a fluent parent receives, the less likely it is that the adult child will become wealthy. Let me say that again. So statistics show that the more financial assistance that an adult child receives from their parents, the less likely that adult child will be becoming wealthy. Now, I'm not saying succeed.

Starting point is 00:25:36 I'm saying wealthy. So what they're talking about here is if you get assistance on typical bills or various things like that, maybe your parents are paying for your kids private school or they're paying for your home remodel or they're paying for your down payment on your new house. Well, all of these things are starting to be something that the child will start to depend on. And if this is happening for you, if you have the opportunity to have this luxury, understand that this is a gift and it's not something where you can just start to coast and expect your parents to start to pay for everything. If you have this privilege, which is what it is, it's a privilege, then make sure you're optimizing that money.

Starting point is 00:26:13 If someone's handing you money, invest those dollars. If someone's handing you money, put it towards your emergency fund or put it towards assets. But doing that and using that money to spend frivolously is not something that you want to be doing. Because statistics show that people who get this money usually spend it frivolously. And what it leads to is it leads to increased consumption. Instead of using it towards assets or something like that, they just consume the money. Why? because it's much easier to spend someone else's money than your own.

Starting point is 00:26:40 It just is. It flat out is. So it's something that if you didn't work for the money, you're much more likely to just spend frivolously. And so making sure that you have a system in place if you're going to give to your kids in the future and if you're getting money to make sure that you're using it wisely. Now, if you don't have that privilege,

Starting point is 00:26:57 don't worry because the next one we're going to talk about is going to show you why that privilege is not always the best thing in the world for you. Because number five, their adult children are economic, self-sufficient. So I've talked about this in the past, but 80% of millionaires that were surveyed did not receive an inheritance or help from their parents whatsoever. Why is this amazing for most of us? Why is this absolutely fantastic? Because it shows that anybody can become a millionaire. 80% of millionaires never got an inheritance, never got a gift. They did it on their own. And that's why this podcast was created because I believe you can be a millionaire.

Starting point is 00:27:32 I believe the person next to you can be a millionaire. I believe your parents can be a millionaire, I believe your friends can be a millionaire. But understanding the simple things that you have to do with your money and putting your money in the right places, that's why we have the stairway to wealth to show you the order to put your money is extremely important. But you can do this and anybody else can do this as well. Because studies have shown adult children who receive money or expect money from their parents will not be as successful as those who are working for it. And the study found a bunch of things. Cash gifts to adult children do one of two things. They act to increase a child's dependence on their parents for continuing financial support,

Starting point is 00:28:07 and they continuously deplete the parent's financial position. So if your parents aren't in the best financial position and they have to keep bailing you out, well, you're putting them in a worse position as well. So making sure that you get your money in order so that you don't have parents bailing you out, or if you're a parent, making sure you teach your kids how to manage money. It's so incredibly important. Teaching your kids how to manage money will absolutely change their life. Instead of giving them fish, teach them how to fish.

Starting point is 00:28:33 It's incredibly powerful to watch that happen and watch it go. And we'll have episodes coming up on how to teach your kids on how to manage money. We have one on 14 ways to set your kids up financially. And we'll have a bunch more on how to teach your kids on how to manage money as well. We have some cool projects coming up that might be beneficial as well. Number six, the wealthy and millionaires are proficient in targeting market opportunities. So when opportunity comes to knocking, it's still. time for you to figure out when to take advantage of it.

Starting point is 00:29:03 Now first, let me lay the groundwork here because if you don't have cash on hand, we talk about this in the emergency fund episode, and we talk about it in the stairway to wealth, you need cash on hand to take advantage of opportunities. That's part of the power of having an emergency fund and cash on hand is to take advantage of opportunities when they arise. So if you've been doing the things that we talk about in the stairway to wealth, or you've been doing the things to get to the next level, you should be able to see that you're starting to build up cash buffers, and then you're starting to build up an emergency

Starting point is 00:29:28 fund, then you're building up additional cash reserves in case there's an investment opportunity that you want to take advantage of. And these market opportunities can be a number of things. It's something like the stock market takes a dip. So you want to buy stocks on sale. Because when the market takes a dip, stocks are what? On sale. You get a stock on sale.

Starting point is 00:29:46 You get a stock on sale. Everybody gets a stock on sale. Instead, what a lot of people do is they start to panic. But if you buy stocks on sale, you're looking at a very good opportunity right in front of you. The same goes for real estate. Now, real estate is at an all-time red-hot high as I'm recording this podcast. Quite frankly, it's a supply problem where in the past we've had 2.5 million homes on the market, and right now we have about a million homes in the market.

Starting point is 00:30:09 There's a very huge supply problem going on right now. And so real estate is red-hot. Finding opportunities in real estate markets right now is a little more difficult. We'll be talking to some real estate experts coming up on how they find market opportunities in these red-hot markets. but if real estate takes a dip, that may be an opportunity for you to take some cash and buy some properties

Starting point is 00:30:30 if you're interested in real estate. Or if you can find deals now, maybe you're finding sellers off market that want to sell, that's the best way to find stuff in this market right now. Maybe you're finding small business opportunities that you can take advantage of where you want to buy a small business with cash or someone wants to sell their distress

Starting point is 00:30:46 and you can help them out by buying their business. And then there's career opportunities. So making sure that you're figuring out what opportunities are available in my career that I can go after, I can take advantage of, maybe you even have to take it to motion to get to a higher level.

Starting point is 00:31:01 Because sometimes that's what has to happen is you have to go slightly backwards because there's more advancement opportunity in another department. So think through those things, what type of opportunities do you see, target those market opportunities and figure out how can I take

Starting point is 00:31:16 as many of these advantages as I possibly can. And then number seven, they choose the right occupation. So this is over and over, over and over something that just talked about before. Now, does your occupation need to be part of your passion? I believe it does not need to be part of your passion. It's not something you have to be passionate about,

Starting point is 00:31:33 although it helps a lot to be passionate about it, but looking for things that also make the highest level of income, especially if you want to retire within like 10 years, then just maximizing income is going to be extremely beneficial. Because if you can make $100,000 at one job, but $50,000 at a job you're passionate about, you're going to be able to retire twice as fast, and actually the math works out to even more than twice as fast,

Starting point is 00:31:52 if you take the $100,000 job instead of the $50,000 job. So there's profitable industries all over the place, but making sure you choose the right career path, and I know that's tough depending on what your degree is, but you can figure out, hey, how can I get my foot in the door on some of these other career paths so that I can make more money? So here's some of the highest paid jobs with a bachelor's degree

Starting point is 00:32:11 is a systems manager, which makes $151,000, an engineering manager, $149,000, a marketing manager, $141,000, Natural science manager, 137,000. Petroleum engineer, 137,000. A financial manager, 134,000. Sales manager, 132,000. And an airline pilot, which this is going to be recurring in a second, $130,000.

Starting point is 00:32:34 So here is the highest paid without a degree, where you don't even have to have a degree to be able to get these jobs. Commercial pilot, again, $130,000. Transportation, storage, or distribution managers, $94,000. First line supervisors with the police. lease or detectives, $91,000. Power plant operators and distributors, $85,000. Elevator repairers, $84,000. First line supervisors of firefighting and prevention workers, $77,000. Postmasters and male superintendent, $75,000. And all of those are without having a degree. Oh, we have makeup

Starting point is 00:33:13 artists, theatrical performance, $75,000 as well. So all of those are without having a degree that you can go out and get a higher paid job where you can start making more money. And so looking at this and figuring out, hey, what career path do I want to take? Which one of these kind of interests me where I can have a little bit of passion mixed in there? But I want to make the highest amount of money that I possibly can so that I can retire as fast as humanly possible. So that is something incredible that you can look into as well and check out some lists. There's a bunch of lists online where you can say, hey, I have a bachelor's degree. How can I make the most money?

Starting point is 00:33:46 What can I do? And then look up the list and see what would fit your criteria and your resume. And so what's next? After we went to these seven steps, what's next? Well, check out the stairway to wealth. If you haven't heard of that, we'll leave a link to the episode in the show notes as well. So that you could check that out because that is the order to put your money in. And that's the order we talk about, the exact order to start building wealth where you

Starting point is 00:34:05 can check out the stairway to wealth and make sure that you're doing the right things every single day to become one of these millionaires. Now next week we're going to be talking about how to become a millionaire by age where I'm going to give you the numbers on how much you need to save, how much money you should already have invested, all of that kind of. all of that kind of stuff. So make sure you're following this podcast to check out that episode as well. And if you have any questions, hit me up on Instagram at Master Money Cohen. Follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast.

Starting point is 00:34:34 And if you want to how about the show, leave a five-star rating and review on Apple Podcasts. And don't forget to check us out on YouTube as well. Thank you guys so much for listening and we will see you on the next episode. lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo. The online casino with all the latest slot and live casino games. What you win is yours to keep with no wagering requirements, instant payouts, and no minimum withdraws.

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The Personal Finance Podcast - The 7 Factors of a Typical Millionaire (How you Can Become one too!)

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