Optimal Finance Daily - Financial Independence and Money Advice 3246: [Part 1] The Five Biggest Millionaire Regrets by ESI on How to Build Wealth and Investing Advice
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Aug 13, 2025 High-net-worth individuals reveal their biggest regrets about money and career choices. They stress the importance of saving early and investing wisely, emphasizing that time is a crucial factor in building wealth. Listeners will learn how loyalty to ungrateful companies can hinder financial growth, and discover valuable lessons from those who wish they had taken smarter paths sooner. Personal stories and honest reflections provide a blueprint for avoiding common pitfalls in the pursuit of financial independence.
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Start Saving And Investing Early
- Save as much as possible starting immediately after college or your first job.
- Use tax-advantaged accounts and index funds to harness compounding early.
Use IRAs Early And Often
- Max out Roth IRAs and IRAs as soon as you qualify, even small early contributions compound massively.
- Prioritize tax-advantaged accounts before large taxable allocations when possible.
Hobby Costs Can Erode Wealth
- One millionaire admitted a pricey flying hobby reduced potential wealth but remained a passion.
- They later recruited co-owners for aircraft to share costs and limit future drain on savings.