The Clark Howard Podcast 02.18.25 Ask An Advisor With Wes Moss
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Feb 18, 2025 Wes Moss, a seasoned financial expert and CFP®, shares insights on building wealth and retirement planning. He highlights the rise of 'mini millionaires' and what sets them apart, such as financial independence and education. Wes also revisits the principles from "The Millionaire Next Door" and distills three key investment lessons from John Bogle, emphasizing long-term strategies and expense control. Additionally, he tackles listener questions on navigating aggressive savings and investment choices, providing valuable advice for aspiring millionaires.
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Rise of Mini-Millionaires
- The number of millionaires in America is increasing, with about 12% of the population now having a net worth of $1 million or more.
- Many of these "mini-millionaires" achieved this status through stock investments and homeownership, benefiting from market growth between 2019 and 2022.
Building a Financial Team
- Build a financial team with a Certified Financial Planner (CFP) as the quarterback, a CPA, and an estate planning attorney.
- Consider a probate attorney for complex situations like inheritances with various assets and beneficiaries.
Bonds vs. Money Market
- Favor bonds over money markets for long-term fixed income investments, even with volatility, due to historically higher returns.
- Bonds outperform cash over time and offer a balancing effect in a portfolio during market downturns.
