The Dark Side of Being an American Millionaire! (2023 Edition)

Being a millionaire isn't always sunshine and rainbows in 2023. In this episode, we'll discuss some common pitfalls and traps millionaires fall into, shock-and-awe stats, and how you can handle your money even better than a millionaire.

Let’s make sure you’re on the path to financial success - then help you stay there!
The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!

We can’t wait to see you accomplish your goals and reach financial freedom! New shows every week on YouTube and your favorite podcast app. Thanks for coming along on the journey with us.

[vongivongi]

I watch the Money Guy show often. This is by far their best episode. I'm an entrepreneur and have been doing well for several years now and all the warning signs are starting to show up in my life. I am now taking a step back to regroup. Thank you.

[Random-ldwg]

As Charlie Munger stated, the secret to happiness is to have low expectations.

[lc]

This is a powerful and an eye-opener episode. Sometimes we are so consumed by life, our retirement goals, our “legacy” that we easily lose sight of what is really important.

[bestservedchill]

I fake like I'm broke. I drive a 2002 Hyundai Santa Fe. I thrift shop. I pack a lunch everyday for work. My co-workers are always trying to buy me food or try to "help" me out. Little do they know, is that my wife and I have zero consumer debt, no student loans, we're about 4 years from paying off our house, and we're nearing $75, 000 in savings.

[Julie-keqn]

I loved my job and the attorneys I worked with, but management made it hard to go to work every day. I retired three months ago at 55. I had a little over $1 million in retirement savings, but currently have two mortgages (will breathe much easier once I sell my VA house). So thankful for the Rule of 55. I am moving closer to my family in the Midwest and plan on teaching at least parttime. I could not live in the DC area as a single parent and provide for my child and me teaching. I plan on volunteering to help people learn to budget and plan for retirement. I am so excited to actually do something that I have a passion for. Love your podcasts!

[ff]

Just hitting the " 2 comma club" was huge for me, but it made me feel like I could ensure my future by saving more not less. The thing to understand just having a lot doesn't mean " You have a lot."
Great episode!

[mecheckraise]

I have a multimillionaire next door swagger. I took a step back with Biden but still close to $3 million net worth. I have made 6 figures for years in IT. I can get a nice contract any time even if I quit today. I can even in 5 or 10 years of being out of work.

My most important success trait is problem solving and risk taking. My real wealth came with real estate investing with 31 paid doors grossing $20k+.

I am trying to surround myself with extra residences to help me enjoy the beach and fishing.

[michaelswami]

Regarding giving: are people happier because they give? Or do they give because they are happier?

[Luckyaau]

I got dragged down and lifted up on this one. My job is "eh, " a make a decent amount, always wishing I had more, occasionally move the goal posts, don't give enough money, but I do have a good work/life balance, am a good husband and dad, and I give my talent to play baseball by being a little league coach.

[getinthespace]

To be happy you need realistic expectations of your life and the people in it, that may mean low expectations for some people.
You also need purpose. Something that gets you out of bed excited every morning.
If you don't have that you need to find it asap.

[wencheurAntoin]

@themoneyguy I am listening to you from the Dominican Republic. I know I am not your target audience guys, but I wanna tell you that your work impacts me a lot. That was a great episode. Keep up the good work.

[rayanderson]

Oh, to be that carefree fisherman. I think the best part of getting to seven figures must be the recovery of time to do what matters most. It took over 20 years to get to the point where critical mass existed and we could ease off of the gas and start to relax. Unfortunately, it has been hard to "relearn" to relax after decades of work, work, work. Great episode.

[RocketRenee]

Moving the goalpost starts with the non-generic peanut butter. …which is fine as long as you remain aware.

[anniealexander]

I feel stressed because someone is always needing something from me. Being better off than the average person means everybody thinks you are rich and want you to pad their lifestyle. My kids live a higher lifestyle than myself.

I'm a single woman and I have guys always telling me we could have a good life together and be happy. But I'll always wonder if they would feel the same if I was broke.

[dfresh]

I want just one dollar every time Bo says “I’m so excited”

[Blueyoutoo]

Money is security and freedom. Happiness is a pursuit of purpose, alignment, and understanding how you relate to yourself and others. The latter can't be bought and takes just as much work as wealth. One does not substitute the other.

[Genericmember]

The type of content the world needs right now. Great video!

[educatedwanderer]

Giving time, money, compassion is acknowledging your humanity and being in touch with your self nobody can take from you. Money is just a tool, ask yourself what matters and how you can help lift others up. Start incrementally and hone your giving skills.

[RobWilliams]

I drank a ton of coffee when I went through my divorce. It was my Vice and it did affect my health. I still drink coffee but not as much and I don’t go to Starbucks but about once a month whereas before it was like 3 times a day (that is the latte factor!).

[Kevintendo]

Please clip the Jimmy John’s story as a separate post - EXACTLY what I needed to hear today! 🙌