BiggerPockets Money Podcast

479: How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap

Dec 12, 2023

Tae Kim, the financial tortoise, shares the unsexy path to becoming a millionaire, avoiding the financial guru trap. He emphasizes the importance of slow, sustainable wealth building and highlights money mistakes to avoid. The episode also covers paying off six-figure debt, transitioning to financial freedom, and the benefits of self-education and genuine financial content.

49:05

Episode guests

Tae Kim

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Invest in simple, broad market index funds to minimize risk and consistently grow wealth.

Define personal goals and expectations to find contentment in what you already have, avoiding the constant pursuit of more.

Deep dives

The Importance of Simplicity in Investing

Tae Kim emphasizes the value of keeping investment strategies simple. He recommends investing in broad market index funds like VTSMX or S&P 500 funds and avoiding complex investment strategies. By focusing on simplicity, investors can minimize risk and consistently grow their wealth.

Introduction

2min

Becoming a Financial Content Creator and Empowering Financial Literacy

5min

The Importance of Self-Education and Slow Wealth Building

10min

Paying Off Student Loan Debt and Transitioning to Financial Freedom

6min

Transitioning to YouTube Full Time

25min

Wrap Up and Announcement of 2024 State of Real Estate Investing Report

2min

Don’t strive to become rich. Instead, become a “quiet” millionaire like Tae Kim, the “Financial Tortoise.” You’ve seen the flashy cars, fancy champagne, and private jets of the online financial “gurus.” Then, like clockwork, you see these same people lose their wealth, go bankrupt, or disappear from the online world entirely. What happened to them, and where did all the “riches” go?

In today’s show, we talk to Tae about the slow, steady, unsexy way to build wealth and become a millionaire that most Americans will never understand. It’s far less risky than gambling your money away, day trading, or going high-leverage on risky real estate. Instead, you can sleep like a baby every night, knowing you have hundreds of thousands in the bank, millions in investments, and enough money to chase your dreams IF you follow Tae’s advice.

Tae’s path to wealth wasn’t complicated, but he did make a handful of money mistakes you won’t want to repeat. Afterpaying off over six figures in debt, Tae now serves as the financial hero we need but don’t deserve, teaching EVERYONE why the slow, quiet way to wealth is the smartest, most sustainable way to truly become “rich.” If you want to quit your job, do what you love, and live every day on YOUR schedule, stick around!

In This Episode We Cover

The “quiet” millionaire and why you want to be wealthy, NOT rich

Money mistakes that you should avoid at ALL costs when on the journey to financial independence

How much money you should have in the bank BEFORE you quit your job

Why so many financial “gurus” go broke within a few years of acquiring their wealth

How to define your “enough” so you don’t end up working your life away

Tae’s unbelievably simple investment advice for those just starting out

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding