Here’s our newest conversation with a millionaire as we aim to gain insights from those who have achieved significant wealth.
If you’re interested in being considered for an interview, send me a message and we can discuss the details.
This interview occurred in October.
My questions are highlighted in bold italics, and their answers are presented in black.
Let’s dive in…
OVERVIEW
What is your age (and your spouse’s if applicable, along with how long you’ve been married)?
I’m 64 years old, and my wonderful wife is 63. To illustrate our approach to finances, we knew we’d need to afford our wedding 37 years ago, so we decided to elope and flew to Las Vegas for the ceremony!!
We invested the funds we would have used for the wedding as a down payment on our first home. After settling in, we welcomed family and friends to our new place for a celebration.
Do you have children or family (if so, what are their ages)?
We’ve been blessed to raise 2 intelligent and driven daughters. The eldest is now 34 (married), while the youngest is 31.
We planned and covered the costs of both their undergraduate college educations, while our daughters financed their Graduate degrees by working part-time and taking out student loans (which they have since repaid).
Both are now homeowners and hold professional positions in their fields, and we are very proud of what they’ve accomplished. They live 15 and 30 minutes away, so we frequently gather for dinner, games, and chatting.
No grandchildren, and it doesn’t seem likely in the future.
I have a sister in another state, while my wife has 3 brothers and 4 sisters in the area. Both of our parents have passed away.
Among our siblings, we are by far the most financially secure.
Which region of the country do you reside in (and is it urban or rural)?
We live in the sunny Southwest, in the fifth-largest city in the US by population. We previously resided in a spacious 2-story home on a lovely golf course in a peaceful suburban environment for 20 years.
Once our daughters completed their education and moved out, we downsized 5 years ago into a high-rise condo downtown with a stunning view of the bustling city below.
It may not be suitable for everyone – it’s noisy and lively with numerous nearby events and restaurants we can easily walk to. I absolutely love it!
Our building is adjacent to a light rail station that allows us to travel further around the city or to the airport. Most importantly, we’ve formed great friendships with new neighbors in the building, and we travel together, dine out, or just relax by the pool with some drinks.
Lastly, the building features 24/7 Security, making it an excellent option for a lock-and-leave lifestyle when we travel.
What is your current net worth?
Our current net worth stands at $4.5 million.
What are the primary assets that constitute your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets a portion of these?
- Investment accounts:
- Roth accounts $240K
- Brokerage $350K
- IRA accounts $1,665K
- H.S.A. account $20K
- Cash $125K
- Real estate investments (condos/townhomes) $1,600K
- Condo (current residence) $500K
We carry no debt. We use credit cards for ALL possible purchases, and balances are settled in full each month.