Here’s our newest interview featuring a millionaire as we aim to gain insights from individuals who have significantly increased their wealth.
If you’re interested in being considered for an interview, send me a message and we can discuss details.
This interview occurred in June.
My questions are in bold italics, followed by their answers in black.
Let’s begin…
OVERVIEW
*How old are you (and spouse if applicable, plus how long you’ve been married)?*
Both my wife and I are 30 years old. We’ve been married for nearly three years and have been together for almost 15. Time truly flies when you’re enjoying yourself!
*Do you have kids/family (if so, how old are they)?*
We don’t have any children yet, but we hope to start a family in the next few years.
*What area of the country do you live in (and urban or rural)?*
We reside in a large city located in the Northeast.
*What is your current net worth?*
Our current net worth is approximately $1.65 million.
*What are the main assets that make up your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets part of these?*
Our net worth consists of:
– Cash: $50K
– 401(k)s: $670K
– Roth IRAs: $90K
– Brokerage accounts: $730K
– HSAs: $30K
– Crypto: $35K
– RSUs: $50K
We are currently debt-free and pay off our credit cards in full each month. We do not own any real estate yet.
EARN
*What is your job?*
I am employed in finance at a large bank, while my wife works as a recruiter at a law firm.
*What is your annual income?*
My total compensation (base + bonus) is $400K, and my wife earns $150K.
*Tell us about your income performance over time. What was the starting salary of your first job, how did it grow from there (and what you did to make it grow), and where are you now?*
I’ve been with the same firm since graduating from my undergraduate studies, consistently advancing through promotions and increased responsibilities. My initial total compensation was $85K, which has grown over time as follows:
$145K → $155K → $175K → $290K → $300K → $325K → $375K
Each raise was connected to promotions, enhanced performance, and a larger bonus component. I’m currently content in my position, though I acknowledge that switching companies could yield a compensation increase.
That being said, as the saying goes, the grass isn’t always greener on the other side.
My wife began at approximately $55K, and due to her dedication and a few strategic job changes, she raised her compensation to $125K within three years. She has maintained her earnings in the $150K range recently and can expect further growth in the coming years.
*What tips do you have for others who want to grow their career-related income?*
– Seek out strong mentors and observe their habits and strategies.
– Make your boss look good — be someone they can count on to complete tasks with high quality and minimal oversight.
– Volunteer for challenging assignments — those “above and beyond” moments can significantly impact your career.
– Under-promise and over-deliver.
– Effective time management and attention to detail are essential. The capacity to produce high-quality work efficiently sets you apart.
*What’s your work-life balance look like?*
It has improved considerably over time. In earlier years, I frequently worked 60 to 80 hours weekly. Nowadays, my average is closer to 55 hours, with some late nights during busy deals. I also travel quite often for client meetings. My wife puts in about 50 hours weekly as well.
That said, I utilize every single vacation day. My wife and I enjoy traveling, and I ensure I’ve worked diligently throughout the year to earn the right to enjoy life.
*Do you have any sources of income besides your career?*
Not at the moment, but we’re actively considering rental property investments. I’ve conducted significant research and am eager to learn from others in the MMM community who have successfully taken that step.
All our dividends are reinvested, so we don’t see them as disposable income currently.
SAVE
*What is your annual spending?*
Last year, we spent around $150K, which was our highest annual expenditure to date. Historically, we’ve kept our spending relatively low compared to our income and have strived to avoid lifestyle inflation. One of our guiding principles is to “invest until it hurts.” My wife jokes that we always feel financially strained because our funds are constantly flowing out of our checking accounts.