Proverbs 13 22 says a good man leaveth an inheritance for his children’s children. And the wealth of the sinner is laid up for the just.
John Wesley said, gain all you can save all you can give all you can.
Today we’re going to continue our conversation about becoming a millionaire and sharing our personal story. But this is part two, which means there’s a part one. And if you haven’t listened to part one, I’d encourage you to go back to last week’s watch part one.
They’ll make a little more sense and then come back and watch this one.
But just for a small recap in March of 2024, by the grace of God, Erica and I passed the seven-digit net worth figure and became millionaires.
And that’s what a millionaire is. A millionaire is not someone who makes a million dollars, although they could be a millionaire, but doesn’t necessarily mean you’re a millionaire. But having a million dollars, that’s what a millionaire is. A millionaire is a person who has a million dollars.
So, our net worth, our assets minus our liabilities passed the seven-digit mark back in March. Thanks again to my wife, whom I affectionately refer to as Mrs. Beautiful, but her name is Erica, for being willing to join me and share our story. And again, we’re doing this all with the idea of trying to help you, provide you with information, inspiration, and hope so that you too can successfully navigate financial decisions, intentionally build wealth, and retire with confidence.
And so now let’s pick up where we left off last week.
Not big spenders on jeans for sure. No, but one thing that one of us, one half of us is a big spender on is vehicles. So how many new cars have we, meaning you, bought? Yeah, so total transparency here. Car’s cars are a vice of a lot of people for sure and they were of, of us for a long time. When we went broke in 2007, when we went broke, we had You know, I had a work truck essentially that was used, and we had two brand new vehicles.
in our driveway, right? We had a Suburban, a three row Suburban very expensive, and a brand-new Toyota Sienna that we just bought before we kind of went broke. Before 30, I owned, we, well, we owned, I owned, we owned 30 different cars, if you can believe that. It’s crazy. That is kind of crazy. But since then, so we learned our lesson really for the most part and we all bought one brand new car that was in 2014.
So, when we moved to Nebraska, moved to Nebraska in 2013, we took with us four beaters. We had four different cars at the time just based upon kind of life circumstances, what we’re doing and commuting and living in the country and various things like that. So, we were able to kind of get rid of those.
And we bought one kind of newer car at that point. And that was a Toyota Sienna. That we had the money to pay cash for, but I let the guy, this is so, this is one of these, like, silly things. I let the guy talk me into zero financing. And upgrades. Like, spraying the underbody. A couple upgrades. Yeah, which is important in the Midwest, and we needed premium floor mats, which is also important in the Midwest when you have four kids.
But yeah, so we bought one brand new car then, but we drove, we drove the snot out of that car. 270, 000 miles. That thing went across the U. S. up to Canada and back. Yeah, and then sold it for almost like five thousand dollars towards the end. Yeah, so we like that. So that was the only new car that we bought during this time.
I think we’ve gotten a lot better now with cars. We don’t really, we buy used cars for the most part, and we keep them for a long time now. We don’t really, we’re not, the disease I think is cured. Yeah, the caritis disease is finally cured. Cause I recognize, you know, basically what it does to your, to your net worth and your wealth building stuff.
It’s just, exactly. It’s just transportation. It’s not, not status, not cool factor at all. So, but a lot of people do struggle with cars. So that’s why we’re sharing that there. So, here’s a good question. How did we, what were the things that we did? How did we get here? How did we build a net worth of a million dollars?
So, we started out budgeting. So, we budgeted every month and then almost every week we’d revisit our budget. The biggest thing for me when we started our getting out of debt journey was that he did a spreadsheet to show me how much we were sending out in payments to everybody and then if we had invested that what it would look like and it was insane.
And so, then I was like, I’m going to stop paying everybody else’s mortgage. And so, we did that. We worked a lot. We both got, even when I was a stay-at-home mom, had a part time job, babysitting, or I was in the reserves, or I worked at Target at night. And then you would clean offices in the afternoon after you worked and deliver newspapers in the morning.
And yeah, we’d go to thrift stores for the kids’ clothes. So, our kids are used to shopping at thrift stores now. So, they’re very frugal with their clothing for the most part. Yeah, I think hard work was a thing that played a part in it. Cause even, even like when you did your cyber study, you still didn’t have any reserves.
So, you still had a part time job. You know, I had business stuff here. So, we’ve always had multiple jobs. So hard work is a, is a one big thing into it. For sure. What do you think? What else? Yeah. So budgeting is obviously important. We, we still do that. You know, there’s times where we’re stricter than others for sure, but for the most part it’s been a constant theme really for, for all these years overall.
I think we; we had a lot of ups and downs. We’ll kind of get into that a little bit here later, but I think we were resilient resolving, you know, when different when life happened and life occurred, stuff like that. Yeah, like losing a job and then going full time, selling stuff on eBay, thanks Tammy and Tim for training us on how to do that, you guys helped us survive yeah.
Yeah, that was, yeah, that was, even that, yeah, so that was a, that was kind of a tough year for sure. Yeah, 2015. I think one thing too is having good insurance along the way, right? So, like you had your surgery, you know, 2013 Savannah had a couple surgeries here and there. So those would have been expensive blows if we weren’t properly insured.
So always making sure we had health insurance and good the time a kid drove a car into the garage, make sure we had good auto and homeowner’s insurance, right? That would have been a pretty lofty just because they give paper. Learner’s permit does not mean that they can drive a vehicle and stop in the driveway.
So being properly insured has paid out throughout the years. Obviously, we made a good income. Yeah, that did help, yeah. That helped along the way, for sure. Just finding opportunities and then following through with them. Yeah, that was good. And I think it was just you know, just kind of paying attention, right?
Just being engaged, making money kind of a, you know, a priority for sure in the beginning and but just a part of our everyday life. Now we talk about money frequently, I would say, but it’s not, it’s not the dominating aspect of our lives by any stretch, but it’s not anymore, not anymore, but it’s a thing that we have, we’ve talked about.
I think just the idea of having a plan, that was the most beneficial thing. If we knew what to do, step one, step two, step three, and just kind of continued. Yeah. Instead of fighting against each other, like coming up with a plan, but then he has one plan and then I secretly have another plan and we’re.
counterproductive to what we’re trying to accomplish. So, getting on the same page helped us. Working together for sure. Yep, good, good, good. Okay, so what setbacks or mistakes do we make? And I know it’s a lot. Yeah, setbacks and a lot. So, so kind of the thing that maybe hindered us to some degree was I don’t know that we work as consistent and regimented and structured as we could have been, right?
Yeah. But that’s how life happens. There are seasons where you’re more intense, there are seasons where you’re not, you know. Things, things happened a lot along the way. Yeah, and it can be overwhelming because we started out hard. Like the first two years, we were just working multiple jobs, putting all our money like, triple coupons at the shoppers.
Like, we were going hard. And it wears you down after a while, like no vacations. No eating out for the kids, no, you know, getting new clothes. So, after a while, it kind of wears you out and then it’s, then you’re like, oh, I really wish I could just go to like Chick fil A and get a number one combo with mac and cheese and a diet Dr.
Pepper and maybe a chocolate milkshake with the whipped cream and cherry on top and not have to worry about if I have enough money to pay for it or not because I spent everything in my envelope. So, we were less consistent after we got out of debt. So, but I think that’s natural for all people though because you can only go hard for so long and then Yeah, exactly.
Another mistake. I don’t know if it’s a mistake, but it’s just again, getting just kind of the rhythm of life. We’ve, we sold a couple of houses. We did. And we’ve moved a handful of times. A little unstable. So, I think I think I added up, I think I could be wrong, but I think we’ve owned to the, including the ones we have now, I think eight different houses.
And so that means we’ve sold six houses. And, and the challenge with that is. Is really every time you sell a house you just pay the realtor’s fees and property taxes and stuff like that. And so, you’re essentially losing about 20, 000 every time you sell a house. So no, that obviously those eight houses over a lifetime.
So, the first one was what? 2000 and 2001 is when we bought it. Yeah. So yeah. So, but even in the last couple of years, yeah, most houses, there’s only one house that we lost. 40, 000 lost money on. We gave them, we gave the bank a 40, 000 check at Merryfield, Virginia to get rid of that house when we were on our debt free journey.
That hurts. Yeah, that was back in that housing crisis time and subprime lending and all that kind of stuff. And that’s when we kind of hit bottom and that was a mess. Learn from us. Yeah, please. Yeah, so that was so another one that, you know, maybe you want to hear a financial advisor say, but just.
Being transparent here is one of the things that we’ve done along the way is we’ve cashed out retirement accounts a handful of times Yeah, so it was a You know, there’s seasons where the debt weighed more than others, right? And so, we wanted to get houses kind of paid for Like especially I think When we lost yeah, so we lost so that’s the other setback here.
Is that you know, You Nebraska contract changes were made basically, and I was kind of let go based upon some changes that were taking place. And so, I wanted our house paid for that way. I knew our, our family was okay. I’d rather have the money. You know, in a house per se, but structure and shelter rather than an investment account that will help us long term at the moment So, you know, but every time you do that, obviously you’re paying taxes and penalties and stuff So it feels good in the moment because you’re like, oh I got this payout but then tax time comes around Yeah, not too happy about that decision.
So, So I think that set us back. We would have more in retirement if we had done that. And so, and all that money in taxes and penalties that doesn’t pay off very well. So that, that set us back. What other things do you think maybe set us back? You can think of anything.
I think we ended up chasing a lot more things. Like once we got out of debt, then I, I think, I kind of started chasing more of a career and so that had impacts on our kids and on you and so I took orders overseas and then realized it was a mistake. So that kind of at the time our oldest was in college and our second oldest was getting ready to go to college and so that kind of She ended up, our second oldest, ended up having to have surgery while she’s in college and that was a forcing mechanism for us to realize like, hey, our family is more important than the money and chasing dreams.
And so, we ended up selling our house in Nebraska and buying another house or in Florida. And so that was a financial setback because we went from having to pay for a house to purchasing another house and the house was a more expensive house. So, I think me being selfish. Kind of made us expedited a financial mistake.
Yeah. Yeah. I wouldn’t say yourself this time, but yeah, that happens, right? So, and this is something I think I’ve learned. I’m trying to, and, and, and peddled onto clients now is the clear you can be on what you want in life. One, the easier life is because the path is clear, right? And, and it helps with money too.
And so, the more, you know, its life, it kind of goes like this, but the clearer you can be on, here’s where you are and here’s where you want to go. You know the path to get there. It’s a lot easier. But the reality is like people, a lot of people don’t know what they want. You should figure out how many people will tell you; I want to figure out what you want in my big job to be.
What do I want to do when I grow up? And they’re in their fifties, right? They’re trying to still figure it out. Trying to chase the American dream and listening to everybody else tell you what you should do instead of you figuring out what you really want to do. to do and what your calling is and then actually going after that.
Yeah, exactly. So, let me ask you this, so, do you think we could have done things, it took us, it essentially took us 14 years to become millionaires. From the time we got out of debt in 2010, October 2010, until March of 2024, it took us about 14 years to become millionaires. Do you think we could have done it faster?
Yes, I think so. But we would sacrifice other things. So, I think if I had gone back to work, instead of staying home with our kids and just doing the part time stuff, I think I would have had a larger income so we could have done it faster. I think if we had figured out what we really, like what God’s calling on our life was sooner, we wouldn’t have made so many moves or so many mistakes and buying property and selling property or just doing other stupid stuff with money because we felt like it.
Yeah, I think we could have, but like with, I think we get in our kids like a great foundation by you staying home and homeschooling and stuff like that. So, you know, so don’t make money the main thing, but don’t make it the last thing either. It’s, it’s a balance between all this, all this stuff. And so, it’s just a matter of kind of having, having a good plan and working it over time.
Yeah, I think the, the weaving in and out of stuff kind of set us back a little bit. We could do it a little bit faster, but at the same time, like we have memories, and we have opportunity, like, you know, we have a lot of good things as well. Non-financial things that, that I wouldn’t trade for by any stretch.
So, do you think it can be done by other people? Do you think other people can become millionaires? Yes, I do. I think other people could do this. Actually, I know other people can do this because we’ve had friends Firmly, we’ve had friends that have been friends with us for 20 plus years and we kind of Gave them like sat down and talked about what we’re doing and kind of showed them the plan and then kind of you know We’d they if they had questions They’d ask us questions and we’re kind of like accountability partners for a while and now That I I’m pretty sure they’re millionaires now They’re a little bit more private.
But I think, and they were just like us, his wife didn’t really work, and he was in the military and stuff like that. So, I, I think people can do it. Yeah. It just, you must be willing to sacrifice, and it must be like something that’s important to you. So, for us, it was important because we saw how like going into debt affected our kids and like him having to go back and work like two plus hours away from where the kids were and like.
At one point, us staying in Florida and him living in Virginia. So, we kind of wanted our kids to be able to have the option when they got older to do what they wanted to do and not live their life just for money. So, and they, for the most part, none of them are in debt. And for the most part, they might not make the most money, but they’re happy and they feel like they’re doing what God called them to do.
Yeah, I’ve heard Dave Ramsey say many, many times that money is more behavioral than it is math, right? Building wealth is 80 percent behavior, 20 percent math, right? You must know some math stuff, but most of its behavior. It’s just making good sound wise decisions. And it’s simple. Live on less than you make, have a budget, have a plan, get on debt.
If you’re in debt, avoid debt if you’re out on debt, have an emergency fund. Save and invest and give like it’s yeah and time will really take care of the rest and it gets easier too the more you do it the more you train yourself to do it gets easier so then like if you used to be really extravagant with what you buy like you actually take time more like to think about and be like do I really want that is that really worth it to me you know I think it changes your mindset on things yeah okay so I don’t know if this is our last question, but what would be the advice to the 23 year old version of us or you?
Yeah, 23-year-old Mike. So, 23-year-old Mike’s at the other end of this video camera. So, this one we talk about a lot because we have, we have 23-year-old kids, right? So, we, we kind of do this. So, she’s awesome. Our, our advice. You know, it’s to them and to the 23-year-old me and to our kids and really anyone is you know, so you must realize that money comes from work, right?
So that, that’s where money comes from. Money comes only two places. Once someone gives it to you, you know, either by willingly or you take it from them, that’s called stealing, right? Or you go earn it, right? So that providing value marketplace, you get rewarded with an income. So, you have, that’s where it comes from.
So, you must realize that hard work, where money comes from, right? And so that’s where you get your income and the better, more value you provide the marketplace, the more income you’ll get. Everybody starts, you know, minimum wage for the most part. We both did, I mean, everybody starts there and so there’s no, it’s not a shame of where you start.
It’s just a matter of where you finish. Right? So, you start somewhere. So, work hard, raise your income. I would say keep your expenses low in general, right? Don’t live beyond your means. You know, have a wedge. We talk about that from a financial planner, particularly have a wedge of income that you can then save and invest.
So like, yeah, just have margin in your life though. You know, don’t be on the edge all the time with money or time or relationships or stress or anything. I have margin in your life. You know, and then have savings. Invest over time and just continue to grow as a person, really, you know, professional development, personal development, things like that.
Yeah, the one thing we told our son because he’s in the Air Force now is that TSP, so that Force Savings Account, start doing it now. 20 years old, start putting money into it now, even if it’s only 100 a month, because it adds up. Guys. If you start later, you’re not going to have as much compound interest or the compound effect as you would, you know, as a 40 something year old, I’m not going to be able to save as much as my 20-year-old son if he actively every month puts that money away.
Yeah. So I would say make sure that even if you don’t make a ton of money, put some of it away so that you have something for when you retire because you can’t bank on, you know, A company’s pension because the pension, the company could go bankrupt and the pension’s gone and you can’t bank on social security always being around or a large amount.
Something might happen and it’s not there or you don’t get as much because you got disabled early on and so you can’t put as much money into the system. Yeah, I think that’s a good point. What you said was, you know, do something consistently. I think that’s the key just building good financial habits, right?
To just become an everyday rhythm, rhythm of life, right? You don’t have to go to extreme here and extreme there. Just, Good foundational habits, systematically do stuff, and the compounding effect will kind of kick in, so. It makes your life easier. And you get more peace, because then you’re not stressing about debt collectors calling you or having to pay your rent late because you don’t have enough money.
So, even if you’re not as comfortable, at least you have peace. So, and then over time you will get more comfortable. I think so. Well, thanks for doing this with me, Mrs. Beautiful. No problem. Thanks for not being ashamed to put me on your channel. Not ashamed of all. Glad you’re here. Hopefully you guys have gotten something out of this.
Again, the whole intent here is not to brag or boast or whatever. It’s just really to just kind of share our story of how we did it. Hopefully encourage you that you can also build wealth. you know, put yourself in a position to live the life that you want and, and money not be a struggle with that.
And maybe to become millionaires in the future. Cause I think you can do it. I mean, if we can do it, anybody can do it. Really. It’s nothing special. It’s just a matter of having good habits, working a plan, being consistent over time. So, thanks for watching this episode of the true health show. And until next time, we’ll have a great day.
Okay. Thanks again to my wife for joining us on this episode. Hope the information was helpful, encouraging, and beneficial to you. I’m very thankful to the Lord for everything that he’s done in our lives, for the help he’s provided, the abilities, the blessings, the teachings, The mind, the skills that we have if it was not for him, we wouldn’t have any of these things.
Obviously, anything can happen for us, but by the grace of God, to this point, we’ve been able to build a solid financial future. And I’m really excited about the, what the next stages of life are for us. One of my personal goals that I think I might’ve shared is the idea of giving over a million dollars away to churches, ministries, and missionaries over the next 30 years.
And from what I heard that stage of wealth building, that stage of wealth is more fun. So, your micro action for the week, make a commitment to follow a plan that will build wealth. It can be my plan, the path of financial success. It can be Dave Ramsey’s plan. It can be somebody else’s plan. I don’t care what it is but go find people who have gotten to where you’re trying to go and do what they did.
That’s the key. The key is acting. Knowledge alone, information alone will not move the needle. You must do this stuff. And so today we talked about what a millionaire is. We talked about our path of becoming one and hope this helps you on your financial journey. If you have any questions or comments, you can leave them below.
Additionally, you can send an email to mike@truewealth.show And until next time, I hope you have a great day.
