Summary

In this episode Jace and Stacey reflect on the highlights of 2024, discussing the impressive net worth of guests, the impact of inflation on wealth, and the diverse stories of millionaires. Jace emphasizes the importance of financial planning, the various paths to wealth, and the shifts in asset allocation among millionaires. The conversation provides valuable insights into personal finance and investment strategies for listeners. The collective net worth of all the guests this year hit was $862 million. 

In this conversation, Jace discusses various aspects of financial planning and investment strategies, emphasizing the importance of maximizing financial opportunities, learning from mistakes, and the evolving perspectives on wealth and lifestyle. He highlights the significance of having a solid financial plan, the need for regular portfolio assessments, and the value of experiences over material possessions as wealth grows. The discussion also touches on the surprising trends in healthcare savings accounts and personal investment strategies, culminating in reflections on the importance of intentional living and planning for the future.

Takeaways

*The total net worth of guests reached $862.2 million.
*71% of millionaires interviewed had a net worth under $5 million.
*The Delta between earnings and spending is crucial for wealth building.
*It's never too late to start investing and saving.
*Inflation has significantly impacted the average net worth of individuals.
*There are multiple paths to becoming a millionaire, not just one.
*Supplemental income sources are on the rise among millionaires.
*Successful millionaires have a clear financial plan.
*Risk assessment is essential in financial planning. A lot of people leave money on the table by not shopping for better insurance rates.
*Investing in tax-advantaged accounts is crucial, but many forget to actually invest the money.
*Regularly changing passwords and using two-factor authentication is essential for financial security.
*Portfolio adjustments should be made in response to life events and changing financial goals.
*Many millionaires overlook updating their estate plans and trusts.
*Financial planning is a long-term process that evolves over time.
*Learning from financial mistakes is a common experience among millionaires.
*Surprisingly, no guests have reported having $500,000 or more in their HSA accounts.
*Experiences, such as travel and premium events, are prioritized by millionaires as they grow their wealth.
*Investing in personal health and well-being becomes more important as wealth increases.

Sponsored by:

www.shopify.com/unveiled