3min chapter

Millionaires Unveiled cover image

374: Net Worth Of $1.05M - I Allow Money To Be A Tool I Use, But I Don't Let It Possess Me

Millionaires Unveiled

CHAPTER

Navigating Wealth: Productivity, Retirement, and Responsible Giving

This chapter examines how individuals view money in relation to their lifestyle and productivity while discussing the concept of retiring to meaningful pursuits. It highlights the importance of responsible wealth distribution and the psychological effects of wealth on personal fulfillment and societal contributions.

00:00
Speaker 1
You
Speaker 2
should know what that is. That's the best kind of notification. That's the sound of another sale on Shopify. And the moment another business dream reality comes true. Shopify is ecommerce platform revolutionizing millions of businesses worldwide. In fact, I use it for several businesses that I have and my wife has. We love Shopify. Shopify simplifies selling online, and you can focus successfully growing your business. Shopify covers every sales channel from in-person POS system to all-in ecommerce, and even lets you sell across social media marketplaces like TikTok, Facebook, and Instagram. Hacked with industry-leading tools ready to ignite your growth, Shopify gives you the comfort of your business and your brand without having to learn new skills or design new code. And thanks to 24-7 Help and an Extensive Business Course Library, Shopify is there to help you have success every step of the way. Sign up for a $1 per month trial period at shopify.com/unveil lowercase. Go to shopify.com/unveiled to take your business to the next level. Once again, that's shopify.com/unveil. Thanks again to Shopify for sponsoring today's
Speaker 1
episode.
Speaker 2
Do you think that five million dollar mark provides you enough to live in and live on in perpetuity?
Speaker 1
Yes.
Speaker 2
Would you actually mentally, do you think you'd be able to walk away from work or want to walk away from work when you hit that?
Speaker 1
No, probably not. It's not healthy for people to not be productive. My boss here been working in the financial industry, helping people retire for years, and he commonly tells people, you shouldn't retire from something, you should retire to something. You just need something productive. However, and maybe your job and accumulating money and doing whatever you're doing is the most productive use of your time. But if that's the case, you still don't necessarily have to... Sometimes it's hard for people to move from an accumulating asset point to a deaccumulation. And what's the point of dying and leaving 50 million to your kids? Like, I want to leave my kids well set up, but I don't want to leave them everything, right? You want to leave your kids enough money that they feel they can do anything in the world, but not enough that they don't have to do anything. And so I think if I at that point, I need to give more to causes I care about, if I whatever the case is, I might still be working and bringing in revenue, but I need to start making sure that that's going out. And there's not there's not a lot of need in my mind for me personally to go up beyond that. If you live in Fairbanks, Alaska, you can't spend much more than that. I know guys here now are many times more than that, but they hide it from their neighbors. They drive the same truck side I drive. They wear the same clothes. They live in the same day for months. This isn't any happen.
Speaker 2
Well, yeah.

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