397: Net Worth Of $1.2M - Debt, Bowling & Concerts: How These Social Workers Became Millionaires

Feb 18, 2025

41:37

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Summary

In this conversation, Mike and Leanne share their financial journey, discussing their experiences in paying off their primary residence, managing student loans, and navigating the complexities of joint finances. They are social workers and have a net worth of $1.2 million. They dive into their investment strategies, aspirations for retirement, and the challenges they faced as landlords. Additionally, they reflect on their careers in social work and how it has shaped their financial decisions. The conversation highlights the importance of financial freedom and enjoying life after achieving financial goals.Mike shares insights into his spending habits, memorable experiences related to money, and the financial mindset shifts he has undergone since becoming a millionaire. He discusses the importance of enjoying life while being mindful of spending, the lessons learned from early jobs, and offers valuable advice for those starting their financial journey.

Takeaways

*They paid off their primary residence in nine years.

*Utilized the Ramsey snowball method for debt repayment.

*Investing became a way of life for them.

*They had significant student loan debt but paid it off aggressively.

*Transitioned from separate to joint finances for better management.

*Their first year as landlords was challenging but educational.

*They aim to retire by age 55 or 56.

*Social work provides a stable income and opportunities for side work.

*They prioritize experiences and travel after achieving financial goals.

*They have multiple bank accounts for different financial purposes.

*Mike enjoys spending on family vacations and concerts.

*He once spent $500 on ice cream for everyone at a park.

*His financial habits changed to be more comfortable with spending.

*He learned to accept help from others financially.

*Mike's first job was selling corn for a local farmer.

*He believes in the power of compounding interest for wealth.

*Mike emphasizes not spending more than you earn.