Here’s our most recent discussion with a millionaire as we aim to gain insights from individuals who have escalated their financial success to impressive levels. If you wish to be considered for an interview, send me a message and we can discuss details. This interview occurred in January.
My questions are in bold italics and their answers follow in black. Let’s begin…
### OVERVIEW
*What is your age (and your spouse’s if applicable, along with your duration of marriage)?*
I’m 52. My spouse is 49. We just marked our 20th wedding anniversary.
*Do you have children or family (if yes, what are their ages)?*
We have two incredible, energetic teenagers.
*Where in the country do you reside (is it urban or rural)?*
We reside in a high-cost-of-living suburb of a large Mid-Atlantic city.
*What is your current net worth?*
Overall, I would estimate it to be $4.3 million. However, my personal definition of “net worth” pertains to liquid net worth — in that context, we have just surpassed $3 million. While we hold home equity, we have no intention of selling or relocating. Additionally, I view our 529 college accounts as “pre-spent” and do not include them.
*What are the principal assets that constitute your net worth (stocks, real estate, business, home, retirement accounts, etc.) and what debts offset these?*
Investments:
– Brokerage account: $925,000
– Cash Balance Pension Plan: $955,000
– My 401k: $922,000
– Wife’s 401k: $72,000
– My Roth IRA: $150,000
– Wife’s Roth IRA: $157,000
– Home equity: $1,100,000 (according to Zillow estimate, which seems accurate)
– 529 accounts: $460,000
Debts:
– Mortgage: $394,000 (10 years remaining at 2.125%)
– Credit cards are paid off every month, and we own our cars outright.
### EARN
*What do you do for a living?*
I’m a writer and editor for a niche trade publication in the finance sector. I also pen books, consult on the side, and engage in some paid speaking. My wife works as a freelance consultant.
*What is your annual income?*
Our collective income last year was $475K. It’s quite variable — much hinges on whether I secure outside book or speaking revenue (which I did last year) and how much effort my wife puts in.
*Share your income performance over time. What was the entry salary of your first job, how did it increase from there (and what did you do to facilitate that growth), and where do you stand now?*
My initial job was delivering newspapers at the age of 12 for $50 a week, plus tips during Christmas (for those under 40: back in the day before the internet, news was delivered on folded paper by kids). I was immediately captivated by earning money and went on to work as a burger flipper, mover, car wash attendant, putt-putt golf worker, bar back, and waiter prior to graduating college and becoming a journalist.
Post-college, I relocated to the West and worked at various small newspapers and magazines. My first full-time position had a salary of $24,000. However, I soon realized I could supplement my income by writing freelance articles on the side, primarily for local alternative weeklies and business publications. Thus, I established a “side hustle” long before it was a common term, generating an additional $10,000 – $20,000 in income. Plus, I enjoyed it. Much of my writing for alt-weeklies involved profiling bands and reviewing concerts and CDs, allowing me free press passes to shows, and often the chance to mingle backstage afterward.
Music journalism tends to favor youth. In my twenties, I was single, living with friends, and adept at projecting professionalism while partying until dawn and still arriving at my day job on time. However, that lifestyle eventually catches up. It coincided with my meeting my wife, which was serendipitous. We moved east, I transitioned into a “normal” job as a magazine editor (earning approximately $60,000) and shifted my freelancing focus to writing for magazines, which paid better than alt-weeklies and didn’t require late nights in clubs. Probably a worthwhile tradeoff.
I switched jobs a couple of times to elevate my salary to $115,000, increased my freelance earnings to as high as $50,000 (in good years), and authored a book, which enhanced my reputation in the industry.