382: Net Worth Of $13.5M - Hitting 7 Figures In Several Different Asset Classes
Nov 4, 2024
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Olin Erickson, a digital marketing agency owner with a net worth of $13.5 million, shares his wealth-building journey. He discusses the necessity of diversifying investments across real estate, stocks, and cash. Olin emphasizes starting early in investing and the long-term benefits of indexing. He reveals how his father influenced his investment philosophy and the balance between distributing profits and reinvesting in his business. With plans for financial independence by 50, he shares insights on family dynamics and the joy of helping others succeed.
Olin attributes his success in wealth accumulation to a disciplined investment strategy focused on diversification across various asset classes.
He aims for financial independence by 50, balancing his lifestyle choices with rigorous saving and investment principles learned from his father.
Deep dives
Early Influence of Investing
The speaker attributes his early interest in investing to the influence of his father, who was an independent contractor that primarily built wealth through investments. Growing up, he learned about the stock market by observing his father's reactions to market fluctuations and understanding the importance of investing for the long term. His father instilled in him the philosophy of investing in quality companies and holding onto those investments, which has proven successful over the years. This foundational knowledge and family backdrop set the stage for the speaker's investment strategies and lifestyle choices.
Diversification Across Asset Classes
The speaker has achieved millionaire status across multiple asset classes—real estate, equities, retirement accounts, and business ownership—reflecting a well-rounded investment strategy. His net worth has been built through careful allocation of funds and diversification, which has provided stability and growth. He currently values his holdings in real estate and other investments, which he tracks meticulously to monitor performance and make informed decisions. This multi-faceted approach to wealth accumulation exemplifies how balancing investments can mitigate risks and enhance financial security.
Investment Mindset and Strategy
The speaker emphasizes the importance of a disciplined investment strategy, starting with setting aside a significant portion of earned income for investments before considering expenses. He utilizes a systematic drip approach, investing a set amount into a taxable investment account each month, while also maximizing contributions to retirement accounts. This strategy not only helps in growing wealth but also allows for tax loss harvesting opportunities that could offset future taxes from potential large gains. Such a methodical approach enhances clarity around his financial goals and allows for gradual wealth accumulation.
Long-Term Goals and Lifestyle
As the speaker approaches his 40s with a net worth exceeding $13 million, his focus shifts towards planning for a future where he may not have to depend on a paycheck. With a young family, he aspires to achieve financial freedom by 50, which will allow him to pursue passions outside of work while still maintaining market investments. He recognizes the importance of balanced living, as his lifestyle has evolved for more travel and higher quality living, but he remains grounded in saving and investment principles. The discussions about financial goals highlight the balance of enjoying current wealth while preparing for future stability.
Olin is 40 years old and has a net worth of $13.5 million. It is spread amongst market investments, real estate, cash and his business. He is a digital marketing agency owner and shares his journey of building wealth through various investments. He started his career in digital marketing and eventually started his own business. He became a millionaire in different asset classes at different stages of his life, with real estate being the most recent. Olin's goal is to be financially independent by the age of 50, but he also enjoys the competitive nature of building wealth. He credits his interest in investing to his father, who taught him the value of investing in good companies and holding onto them.
In this conversation, Olin Erickson discusses his approach to wealth accumulation and financial planning. He emphasizes the importance of investing in the stock market and diversifying assets. Olin also shares insights on family dynamics and how different individuals have varying financial perspectives. He discusses his target net worth and the balance between distributing profits and reinvesting in the business. Olin highlights the role of travel as a luxury and the enjoyment he derives from helping clients and employees succeed. He concludes with advice for those starting their financial journey: start early, invest in index funds, and avoid overthinking.
Sponsored by:
Indeed.com/unveiled
Shopify.com/unveiled
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