1
00:00:00,000 --> 00:00:01,960
Welcome back to the deep dive.

2
00:00:01,960 --> 00:00:03,920
You guys seem really interested in this idea

3
00:00:03,920 --> 00:00:05,040
of retiring a millionaire,

4
00:00:05,040 --> 00:00:07,120
even if you're on like a modest income.

5
00:00:07,120 --> 00:00:08,640
Yeah, it's definitely something

6
00:00:08,640 --> 00:00:10,080
a lot of people are thinking about.

7
00:00:10,080 --> 00:00:10,920
For sure.

8
00:00:10,920 --> 00:00:13,800
So we're gonna kind of dig into that today.

9
00:00:13,800 --> 00:00:17,000
And you guys sent in some good resources for this deep dive.

10
00:00:17,000 --> 00:00:18,440
Yeah.

11
00:00:18,440 --> 00:00:20,200
We're gonna be looking at this YouTube video

12
00:00:20,200 --> 00:00:22,040
by Joshua Mayo called,

13
00:00:22,040 --> 00:00:25,440
How to retire a millionaire on a low salary?

14
00:00:25,440 --> 00:00:26,280
Oh.

15
00:00:27,280 --> 00:00:28,640
Key title.

16
00:00:28,640 --> 00:00:29,720
Yeah.

17
00:00:29,720 --> 00:00:31,920
And then also we'll be looking at this

18
00:00:31,920 --> 00:00:35,280
just fascinating story of Ronald Reed.

19
00:00:35,280 --> 00:00:36,320
Yeah, I love that story.

20
00:00:36,320 --> 00:00:39,720
This guy was a janitor and a gas station attendant.

21
00:00:39,720 --> 00:00:43,200
And secretly amassed an $8 million fortune.

22
00:00:43,200 --> 00:00:44,320
Yeah, it's crazy.

23
00:00:44,320 --> 00:00:45,960
So we're gonna kind of look at all of that today.

24
00:00:45,960 --> 00:00:47,520
So buckle up, it should be a fun one.

25
00:00:47,520 --> 00:00:48,360
That's good.

26
00:00:48,360 --> 00:00:49,680
Okay, so let's start with this Ronald Reed guy

27
00:00:49,680 --> 00:00:52,360
because his story is just like mind blowing.

28
00:00:52,360 --> 00:00:53,200
Yeah.

29
00:00:53,200 --> 00:00:54,280
So this guy, like I said, was a janitor.

30
00:00:54,280 --> 00:00:56,120
He was a gas station attendant.

31
00:00:56,120 --> 00:00:56,960
Right.

32
00:00:56,960 --> 00:00:59,920
And he lived a super modest life in Vermont.

33
00:00:59,920 --> 00:01:01,240
Like how modest are we talking?

34
00:01:01,240 --> 00:01:04,960
Like collecting stamps, driving a used Toyota Yaris,

35
00:01:04,960 --> 00:01:07,640
having breakfast at Friendly's, kind of modest.

36
00:01:07,640 --> 00:01:08,480
Wow.

37
00:01:08,480 --> 00:01:10,160
And when he passed away at 92.

38
00:01:10,160 --> 00:01:11,120
Okay.

39
00:01:11,120 --> 00:01:12,320
His friends and family discovered

40
00:01:12,320 --> 00:01:14,720
that he had an $8 million fortune.

41
00:01:14,720 --> 00:01:16,920
I mean, that's just unbelievable.

42
00:01:16,920 --> 00:01:18,480
How is that even possible?

43
00:01:18,480 --> 00:01:19,840
Right, it really is.

44
00:01:19,840 --> 00:01:22,160
So I mean, I guess the first question is how did he do it?

45
00:01:22,160 --> 00:01:24,640
Well, it really just comes down to the power

46
00:01:24,640 --> 00:01:27,480
of long-term investing and compound growth.

47
00:01:27,480 --> 00:01:28,320
Okay.

48
00:01:28,320 --> 00:01:29,640
Like it's this kind of hidden superpower

49
00:01:29,640 --> 00:01:31,720
most people don't even realize they have.

50
00:01:31,720 --> 00:01:33,560
So he wasn't like winning the lottery or anything?

51
00:01:33,560 --> 00:01:34,400
Oh no, no, no, no.

52
00:01:34,400 --> 00:01:37,560
It was smart, consistent investing over decades.

53
00:01:37,560 --> 00:01:38,400
Wow.

54
00:01:38,400 --> 00:01:40,360
Like he really understood that slow and steady

55
00:01:40,360 --> 00:01:42,840
wins the race when it comes to building wealth.

56
00:01:42,840 --> 00:01:43,680
That's incredible.

57
00:01:43,680 --> 00:01:46,080
I mean, it really makes you think about like

58
00:01:46,080 --> 00:01:48,440
the potential we all have if we make the right choices.

59
00:01:48,440 --> 00:01:49,280
Absolutely.

60
00:01:49,280 --> 00:01:51,560
And that's where Joshua Mayo's blueprint comes in, I think.

61
00:01:51,560 --> 00:01:55,440
He lays out this clear three-part plan for anyone

62
00:01:55,440 --> 00:01:58,680
looking to retire a millionaire even on a low salary.

63
00:01:58,680 --> 00:01:59,520
Perfect.

64
00:01:59,520 --> 00:02:01,600
Okay, let's dive into that blueprint then.

65
00:02:01,600 --> 00:02:02,440
Sounds cool.

66
00:02:02,440 --> 00:02:03,600
So part one is save.

67
00:02:03,600 --> 00:02:04,440
Yeah.

68
00:02:04,440 --> 00:02:05,800
Which seems pretty straightforward.

69
00:02:05,800 --> 00:02:06,640
Yeah.

70
00:02:06,640 --> 00:02:08,520
But what makes Mayo's approach different?

71
00:02:08,520 --> 00:02:10,760
Well, he really emphasizes the importance

72
00:02:10,760 --> 00:02:13,280
of automating your savings.

73
00:02:13,280 --> 00:02:14,560
You know, just take the emotion

74
00:02:14,560 --> 00:02:16,040
and the decision-making out of it.

75
00:02:16,040 --> 00:02:16,880
Yeah.

76
00:02:16,880 --> 00:02:18,040
Or basically paying yourself first

77
00:02:18,040 --> 00:02:20,440
before you even have a chance to spend the money.

78
00:02:20,440 --> 00:02:22,320
So it's more about like building a system

79
00:02:22,320 --> 00:02:24,480
than relying on willpower.

80
00:02:24,480 --> 00:02:25,320
Exactly.

81
00:02:25,320 --> 00:02:27,800
Willpower is, you know, it's limited.

82
00:02:27,800 --> 00:02:28,640
Right.

83
00:02:28,640 --> 00:02:29,480
We're all human.

84
00:02:29,480 --> 00:02:30,320
Holy.

85
00:02:30,320 --> 00:02:32,920
It's easy to get tempted to spend our money, you know.

86
00:02:32,920 --> 00:02:35,120
So automating your savings just kind of takes

87
00:02:35,120 --> 00:02:36,680
that temptation away.

88
00:02:36,680 --> 00:02:37,640
That makes a lot of sense.

89
00:02:37,640 --> 00:02:38,480
Yeah.

90
00:02:38,480 --> 00:02:42,200
So Mayo provides this table in his video breaking down

91
00:02:42,200 --> 00:02:46,160
these weekly savings targets by age to reach

92
00:02:46,160 --> 00:02:47,480
that million dollar goal.

93
00:02:47,480 --> 00:02:48,320
Yeah.

94
00:02:48,320 --> 00:02:50,320
And some of these amounts are surprisingly achievable.

95
00:02:50,320 --> 00:02:51,160
They are, yeah.

96
00:02:51,160 --> 00:02:52,560
Like for example, he says that if you're

97
00:02:52,560 --> 00:02:54,160
in your early 30s,

98
00:02:54,160 --> 00:02:58,640
if you invest just $25 per week,

99
00:02:58,640 --> 00:03:01,960
you could be on track to hit a million by retirement.

100
00:03:01,960 --> 00:03:04,000
It's pretty amazing when you see it laid out like that.

101
00:03:04,000 --> 00:03:05,240
Yeah, $25 a week.

102
00:03:05,240 --> 00:03:07,240
That's less than like a daily latte

103
00:03:07,240 --> 00:03:09,320
at some of these fancy coffee shops.

104
00:03:09,320 --> 00:03:10,600
Exactly right.

105
00:03:10,600 --> 00:03:14,120
Small, consistent contributions can add up big time.

106
00:03:14,120 --> 00:03:16,720
Especially I imagine when you factor in this compounding

107
00:03:16,720 --> 00:03:17,800
thing we're gonna talk about later.

108
00:03:17,800 --> 00:03:18,640
Exactly.

109
00:03:18,640 --> 00:03:19,600
Compounding is key.

110
00:03:19,600 --> 00:03:21,160
But it's important to note obviously, right?

111
00:03:21,160 --> 00:03:23,000
This is like a simplified example.

112
00:03:23,000 --> 00:03:23,840
Sure.

113
00:03:23,840 --> 00:03:25,640
Like market returns can fluctuate, right?

114
00:03:25,640 --> 00:03:26,480
Oh, absolutely.

115
00:03:26,480 --> 00:03:28,480
There's no guarantees when it comes to investing.

116
00:03:28,480 --> 00:03:29,320
Right.

117
00:03:29,320 --> 00:03:30,320
It's not like a guaranteed outcome or anything.

118
00:03:30,320 --> 00:03:31,160
Right.

119
00:03:31,160 --> 00:03:33,360
But I mean still, it does like paint a picture

120
00:03:33,360 --> 00:03:34,360
of what's possible.

121
00:03:34,360 --> 00:03:35,200
For sure.

122
00:03:35,200 --> 00:03:36,440
It gives you a framework to think about.

123
00:03:36,440 --> 00:03:37,280
Yeah, exactly.

124
00:03:37,280 --> 00:03:39,520
And it highlights the importance of starting early too.

125
00:03:39,520 --> 00:03:40,680
No, absolutely.

126
00:03:40,680 --> 00:03:42,680
The more time you have, the more that money can grow.

127
00:03:42,680 --> 00:03:43,680
The earlier the better.

128
00:03:43,680 --> 00:03:44,520
For sure.

129
00:03:44,520 --> 00:03:45,360
Okay.

130
00:03:45,360 --> 00:03:47,520
So let's move on to part two of Mayo's blueprint,

131
00:03:47,520 --> 00:03:50,000
which is invest tax advantaged.

132
00:03:50,000 --> 00:03:51,040
Okay.

133
00:03:51,040 --> 00:03:53,480
And he specifically talks about Roth IRAs.

134
00:03:53,480 --> 00:03:54,320
Yes.

135
00:03:54,320 --> 00:03:56,480
So can you maybe explain why he favors those?

136
00:03:56,480 --> 00:03:57,320
Well, imagine this.

137
00:03:57,320 --> 00:04:00,720
You have this million dollar nest egg.

138
00:04:00,720 --> 00:04:01,560
Okay.

139
00:04:01,560 --> 00:04:03,440
And the IRS can't touch it.

140
00:04:03,440 --> 00:04:04,280
Whoa, okay.

141
00:04:04,280 --> 00:04:06,280
That's the magic of a Roth IRA.

142
00:04:06,280 --> 00:04:07,120
Okay.

143
00:04:07,120 --> 00:04:08,800
So you contribute after tax dollars

144
00:04:08,800 --> 00:04:11,080
and your earnings grow tax free.

145
00:04:11,080 --> 00:04:11,920
Great.

146
00:04:11,920 --> 00:04:14,520
Meaning all those gains are yours to keep in retirement.

147
00:04:14,520 --> 00:04:16,600
So you're not paying taxes on them when you withdraw?

148
00:04:16,600 --> 00:04:17,440
Exactly.

149
00:04:17,440 --> 00:04:19,080
You're not paying taxes on the money going in.

150
00:04:19,080 --> 00:04:19,920
Gotcha.

151
00:04:19,920 --> 00:04:20,760
Okay.

152
00:04:20,760 --> 00:04:21,600
That sounds pretty amazing,

153
00:04:21,600 --> 00:04:22,920
especially when you're talking about like

154
00:04:22,920 --> 00:04:25,280
potentially having a million dollars or more.

155
00:04:25,280 --> 00:04:26,120
Yeah.

156
00:04:26,120 --> 00:04:27,720
I can make a huge difference in the long run.

157
00:04:27,720 --> 00:04:30,960
What were some other key benefits of the Roth IRA?

158
00:04:30,960 --> 00:04:34,720
Well, unlike a traditional IRA,

159
00:04:34,720 --> 00:04:37,440
where you get a tax deduction upfront,

160
00:04:37,440 --> 00:04:40,720
but then you pay taxes on withdrawals in retirement.

161
00:04:40,720 --> 00:04:43,240
With a Roth, you pay taxes now.

162
00:04:43,240 --> 00:04:45,080
While your income is likely lower,

163
00:04:45,080 --> 00:04:48,480
and then you enjoy tax free withdrawals later on.

164
00:04:48,480 --> 00:04:51,360
So it's all about like shifting your tax burden

165
00:04:51,360 --> 00:04:54,000
to a time when you'll likely be in a lower tax bracket.

166
00:04:54,000 --> 00:04:54,840
You got it.

167
00:04:54,840 --> 00:04:56,000
That's brilliant.

168
00:04:56,000 --> 00:04:57,200
I mean, that's really smart.

169
00:04:57,200 --> 00:04:58,760
It's a powerful strategy.

170
00:04:58,760 --> 00:05:00,040
So we don't know the specifics

171
00:05:00,040 --> 00:05:02,160
of Ronald Reed's investment strategy,

172
00:05:02,160 --> 00:05:04,760
but it's probably safe to assume

173
00:05:04,760 --> 00:05:07,320
that smart tax efficient choices like this

174
00:05:07,320 --> 00:05:09,640
played a significant role in his success.

175
00:05:09,640 --> 00:05:10,480
Oh yeah.

176
00:05:10,480 --> 00:05:12,560
I would say that's a pretty safe bet.

177
00:05:12,560 --> 00:05:13,680
Okay.

178
00:05:13,680 --> 00:05:15,200
I'm starting to see how all these pieces

179
00:05:15,200 --> 00:05:16,080
kind of fit together.

180
00:05:16,080 --> 00:05:16,920
Yeah.

181
00:05:16,920 --> 00:05:19,960
Now I'm really intrigued by part three of the blueprint.

182
00:05:19,960 --> 00:05:20,800
Hi.

183
00:05:20,800 --> 00:05:22,640
Which is harness compounding.

184
00:05:22,640 --> 00:05:23,680
Ah, yes.

185
00:05:23,680 --> 00:05:25,400
The magic of compounding.

186
00:05:25,400 --> 00:05:26,600
I've heard the term before,

187
00:05:26,600 --> 00:05:29,120
but honestly it still feels a little bit mysterious.

188
00:05:29,120 --> 00:05:31,560
Yeah, it can be a little hard to grasp at first.

189
00:05:31,560 --> 00:05:32,960
So can you maybe break it down for me?

190
00:05:32,960 --> 00:05:34,040
Like what is it?

191
00:05:34,040 --> 00:05:34,880
Exactly.

192
00:05:34,880 --> 00:05:39,080
So think of it like a snowball rolling downhill gathering,

193
00:05:39,080 --> 00:05:40,760
more and more snow as it goes.

194
00:05:40,760 --> 00:05:41,600
Right.

195
00:05:41,600 --> 00:05:43,240
Compounding is essentially earning returns

196
00:05:43,240 --> 00:05:44,400
on your returns.

197
00:05:44,400 --> 00:05:45,240
Okay.

198
00:05:45,240 --> 00:05:46,720
So the money you invest earns interest

199
00:05:46,720 --> 00:05:48,240
and then that interest earns interest

200
00:05:48,240 --> 00:05:49,480
and so on and so forth,

201
00:05:49,480 --> 00:05:52,360
creating this exponential growth over time.

202
00:05:52,360 --> 00:05:55,080
Okay, so it's not just about how much you invest,

203
00:05:55,080 --> 00:05:56,600
but how long you let it grow.

204
00:05:56,600 --> 00:05:57,440
Exactly.

205
00:05:57,440 --> 00:06:00,000
Time is your biggest ally when it comes to compounding.

206
00:06:00,000 --> 00:06:00,840
Okay.

207
00:06:00,840 --> 00:06:02,080
Mayo actually illustrates this

208
00:06:02,080 --> 00:06:04,440
with a thought provoking question in his video.

209
00:06:04,440 --> 00:06:08,360
He asks, would you rather have $1 million today

210
00:06:08,360 --> 00:06:10,920
or a penny doubling every day for a month?

211
00:06:10,920 --> 00:06:11,760
Hmm.

212
00:06:12,680 --> 00:06:13,520
I don't know about you,

213
00:06:13,520 --> 00:06:15,640
but I'd probably take the million dollars upfront.

214
00:06:15,640 --> 00:06:17,200
Yeah, most people would, right?

215
00:06:17,200 --> 00:06:18,240
Seems like a no brainer.

216
00:06:18,240 --> 00:06:19,440
But here's the kicker,

217
00:06:19,440 --> 00:06:21,800
that penny doubling every day for just a month

218
00:06:21,800 --> 00:06:24,560
would actually result in over $5 million.

219
00:06:24,560 --> 00:06:25,600
Wait, seriously?

220
00:06:25,600 --> 00:06:26,480
It's true.

221
00:06:26,480 --> 00:06:28,040
The math is kind of mind blowing.

222
00:06:28,040 --> 00:06:28,880
It's crazy.

223
00:06:28,880 --> 00:06:29,720
It is.

224
00:06:29,720 --> 00:06:31,120
And that's the power of compounding.

225
00:06:31,120 --> 00:06:33,440
It might seem slow and steady at first,

226
00:06:33,440 --> 00:06:35,680
but the longer your money has to grow,

227
00:06:35,680 --> 00:06:37,720
the more dramatic the results become.

228
00:06:37,720 --> 00:06:39,280
Okay, I think I'm starting to get it.

229
00:06:39,280 --> 00:06:40,120
Good.

230
00:06:40,120 --> 00:06:42,680
What does this tie back to those weekly savings targets

231
00:06:42,680 --> 00:06:43,600
that we talked about earlier?

232
00:06:43,600 --> 00:06:44,440
Right.

233
00:06:44,440 --> 00:06:46,120
So remember that $25 a week example

234
00:06:46,120 --> 00:06:47,280
for someone in their 30s?

235
00:06:47,280 --> 00:06:48,120
Yes.

236
00:06:48,120 --> 00:06:49,320
Well over 40 years,

237
00:06:49,320 --> 00:06:52,120
with an average annual return of 12%,

238
00:06:52,120 --> 00:06:55,000
that consistent investment could potentially grow

239
00:06:55,000 --> 00:06:57,440
to over $1 million.

240
00:06:57,440 --> 00:06:58,240
That's incredible.

241
00:06:58,240 --> 00:07:01,080
So even small amounts consistently invested

242
00:07:01,080 --> 00:07:02,760
can lead to significant wealth

243
00:07:02,760 --> 00:07:04,520
thanks to the power of compounding.

244
00:07:04,520 --> 00:07:05,520
Precisely.

245
00:07:05,520 --> 00:07:09,040
And that's why starting early is so crucial.

246
00:07:09,040 --> 00:07:11,520
The sooner you start, the more time your money has

247
00:07:11,520 --> 00:07:12,880
to work its magic.

248
00:07:12,880 --> 00:07:14,320
Okay, that makes a lot of sense.

249
00:07:14,320 --> 00:07:15,160
Good.

250
00:07:15,160 --> 00:07:17,080
So we're starting to see how saving consistently

251
00:07:17,080 --> 00:07:18,640
in a tax advantaged account

252
00:07:18,640 --> 00:07:20,920
can really help you reach that million dollar goal.

253
00:07:20,920 --> 00:07:21,760
Exactly.

254
00:07:21,760 --> 00:07:22,720
It's all starting to come together.

255
00:07:22,720 --> 00:07:23,920
But now we need to talk about

256
00:07:23,920 --> 00:07:27,240
where to invest those savings to maximize that growth.

257
00:07:27,240 --> 00:07:28,080
Right.

258
00:07:28,080 --> 00:07:30,680
We need to figure out where to put that money to work.

259
00:07:30,680 --> 00:07:34,280
And Mayo is a big advocate for index funds and ETFs.

260
00:07:34,280 --> 00:07:35,120
Yes.

261
00:07:35,120 --> 00:07:37,400
The simple but powerful approach.

262
00:07:37,400 --> 00:07:39,200
So I've heard of these, but honestly,

263
00:07:39,200 --> 00:07:41,840
the whole world of investing can feel a bit intimidating.

264
00:07:41,840 --> 00:07:43,480
Yeah, it can be a lot to take in.

265
00:07:43,480 --> 00:07:46,000
So do I need to become like some kind of Wall Street guru

266
00:07:46,000 --> 00:07:46,920
to make this work?

267
00:07:46,920 --> 00:07:47,760
Not at all.

268
00:07:47,760 --> 00:07:50,640
That's the beauty of index funds and ETFs.

269
00:07:50,640 --> 00:07:53,040
They kind of take the guesswork out of stock picking.

270
00:07:53,040 --> 00:07:53,880
Okay.

271
00:07:53,880 --> 00:07:57,200
Instead of trying to pick individual winning stocks,

272
00:07:57,200 --> 00:08:00,160
you're essentially investing in a basket of stocks

273
00:08:00,160 --> 00:08:03,800
that track a specific market index like the S&P 500.

274
00:08:03,800 --> 00:08:04,640
Okay.

275
00:08:04,640 --> 00:08:05,800
You're not betting on one horse.

276
00:08:05,800 --> 00:08:08,960
You're spreading your bets across the entire field.

277
00:08:08,960 --> 00:08:09,800
Oh, okay.

278
00:08:09,800 --> 00:08:10,800
That makes sense.

279
00:08:10,800 --> 00:08:12,600
So instead of trying to pick winners and losers,

280
00:08:12,600 --> 00:08:14,600
I'm just riding the overall market growth.

281
00:08:14,600 --> 00:08:15,440
Exactly.

282
00:08:15,440 --> 00:08:16,280
Okay.

283
00:08:16,280 --> 00:08:17,100
So that sounds a lot less intimidating

284
00:08:17,100 --> 00:08:18,960
than like day trading or something.

285
00:08:18,960 --> 00:08:19,800
For sure.

286
00:08:19,800 --> 00:08:22,400
What are some other benefits of index funds and ETFs?

287
00:08:22,400 --> 00:08:24,880
Well, it's a built in diversification strategy.

288
00:08:24,880 --> 00:08:25,720
Okay.

289
00:08:25,720 --> 00:08:27,360
Which helps to reduce risk.

290
00:08:27,360 --> 00:08:28,960
Plus they tend to have lower fees

291
00:08:28,960 --> 00:08:30,800
compared to actively managed funds.

292
00:08:30,800 --> 00:08:31,640
Okay.

293
00:08:31,640 --> 00:08:32,960
So you keep more of your returns.

294
00:08:32,960 --> 00:08:35,440
So with index funds and ETFs,

295
00:08:35,440 --> 00:08:38,160
I can basically participate in the overall growth

296
00:08:38,160 --> 00:08:40,600
of the market without needing to become

297
00:08:40,600 --> 00:08:42,120
like a stock picking expert.

298
00:08:42,120 --> 00:08:42,960
Precisely.

299
00:08:42,960 --> 00:08:45,560
They're a great way to build a solid foundation

300
00:08:45,560 --> 00:08:46,840
for your portfolio.

301
00:08:46,840 --> 00:08:49,000
That's great because that was one of my biggest concerns.

302
00:08:49,000 --> 00:08:50,160
I understand.

303
00:08:50,160 --> 00:08:53,860
So we've talked about saving,

304
00:08:53,860 --> 00:08:56,540
consistently taking advantage of tax advantage accounts

305
00:08:56,540 --> 00:08:58,360
like the Roth IRA,

306
00:08:58,360 --> 00:09:00,520
and investing in index funds and ETFs

307
00:09:00,520 --> 00:09:01,920
to ride the market growth.

308
00:09:01,920 --> 00:09:02,920
Yeah.

309
00:09:02,920 --> 00:09:06,760
But amidst all this talk about returns and diversification,

310
00:09:06,760 --> 00:09:09,880
I think it's easy to lose sight of like the most crucial

311
00:09:09,880 --> 00:09:13,480
element that both Mayo and Ronald Reed's story highlight.

312
00:09:13,480 --> 00:09:14,320
Which is?

313
00:09:14,320 --> 00:09:15,160
Patience and discipline.

314
00:09:15,160 --> 00:09:16,100
Absolutely.

315
00:09:16,100 --> 00:09:18,520
So retiring a millionaire is not about chasing,

316
00:09:18,520 --> 00:09:19,840
get rich quick schemes.

317
00:09:19,840 --> 00:09:20,680
No.

318
00:09:20,680 --> 00:09:21,520
Or trying to time the market.

319
00:09:21,520 --> 00:09:22,360
No.

320
00:09:22,360 --> 00:09:25,200
It's about staying committed to a long term plan.

321
00:09:25,200 --> 00:09:27,240
Even when things get volatile.

322
00:09:27,240 --> 00:09:29,200
It's a marathon, not a sprint.

323
00:09:29,200 --> 00:09:30,040
Right.

324
00:09:30,040 --> 00:09:33,400
And Ronald Reed, who diligently saved and invested

325
00:09:33,400 --> 00:09:34,480
for decades.

326
00:09:34,480 --> 00:09:35,320
Yeah.

327
00:09:35,320 --> 00:09:37,800
We need to kind of trust the process and stay the course.

328
00:09:37,800 --> 00:09:38,640
You got it.

329
00:09:38,640 --> 00:09:40,440
And that's where a lot of people stumble.

330
00:09:40,440 --> 00:09:41,280
Really?

331
00:09:41,280 --> 00:09:42,120
Yeah.

332
00:09:42,120 --> 00:09:42,960
They get impatient.

333
00:09:42,960 --> 00:09:43,800
They chase short term gains,

334
00:09:43,800 --> 00:09:46,480
or they let fear and market fluctuations

335
00:09:46,480 --> 00:09:48,220
derail their long term plans.

336
00:09:48,220 --> 00:09:49,720
It's easy to get caught up in the hype

337
00:09:49,720 --> 00:09:50,800
when you see all those headlines

338
00:09:50,800 --> 00:09:52,080
about market swings and stuff.

339
00:09:52,080 --> 00:09:52,920
Oh, for sure.

340
00:09:52,920 --> 00:09:55,320
It's hard to stay focused when everyone else is panicking.

341
00:09:55,320 --> 00:09:56,160
Right.

342
00:09:56,160 --> 00:09:58,680
But staying disciplined and sticking to your plan is key.

343
00:09:58,680 --> 00:09:59,720
Absolutely.

344
00:09:59,720 --> 00:10:01,200
Your emotions are not your friend

345
00:10:01,200 --> 00:10:02,320
when it comes to investing.

346
00:10:02,320 --> 00:10:04,160
So what else should folks keep in mind

347
00:10:04,160 --> 00:10:05,840
when it comes to staying on track

348
00:10:05,840 --> 00:10:07,920
for long term investing success?

349
00:10:09,280 --> 00:10:11,240
One of the biggest mistakes I see

350
00:10:11,240 --> 00:10:14,840
is letting their emotions drive their investment decisions.

351
00:10:14,840 --> 00:10:15,680
Okay.

352
00:10:15,680 --> 00:10:18,480
Fear and greed can lead to impulsive choices

353
00:10:18,480 --> 00:10:20,840
that can really hurt their portfolio in the long run.

354
00:10:20,840 --> 00:10:21,680
Right.

355
00:10:21,680 --> 00:10:23,920
So having a solid plan helps you stay focused

356
00:10:23,920 --> 00:10:26,900
on your goals and avoid making rash decisions

357
00:10:26,900 --> 00:10:28,640
based on market noise.

358
00:10:28,640 --> 00:10:31,560
So it's all about creating a plan and trusting the process.

359
00:10:31,560 --> 00:10:32,400
Exactly.

360
00:10:32,400 --> 00:10:33,640
Even when things get a little bumpy.

361
00:10:33,640 --> 00:10:34,480
Yeah.

362
00:10:34,480 --> 00:10:36,600
It's about having that long term vision

363
00:10:36,600 --> 00:10:40,080
and understanding that slow and steady wins the race.

364
00:10:40,080 --> 00:10:41,800
Exactly like Ronald Reed.

365
00:10:41,800 --> 00:10:42,640
Exactly like Ronald Reed.

366
00:10:42,640 --> 00:10:43,480
It's inspiring.

367
00:10:43,480 --> 00:10:44,720
It's so inspiring.

368
00:10:44,720 --> 00:10:47,840
Just this ordinary guy living a modest life

369
00:10:47,840 --> 00:10:50,900
was able to achieve these extraordinary results

370
00:10:50,900 --> 00:10:53,760
through discipline and a long term mindset.

371
00:10:53,760 --> 00:10:54,600
It's really interesting.

372
00:10:54,600 --> 00:10:56,920
But the best part, anyone can do it.

373
00:10:56,920 --> 00:10:57,920
That's such a good point.

374
00:10:57,920 --> 00:10:58,260
Yeah.

375
00:10:58,260 --> 00:11:00,960
It's not about luck or being like a financial genius.

376
00:11:00,960 --> 00:11:01,460
Right.

377
00:11:01,460 --> 00:11:04,120
It's about making informed choices

378
00:11:04,120 --> 00:11:05,720
and staying committed to your goals.

379
00:11:05,720 --> 00:11:06,440
Absolutely.

380
00:11:06,440 --> 00:11:08,160
Which brings us to a really important question.

381
00:11:08,160 --> 00:11:08,480
OK.

382
00:11:08,480 --> 00:11:09,040
Let's hear it.

383
00:11:09,040 --> 00:11:11,800
So what does all this mean for someone like you?

384
00:11:11,800 --> 00:11:14,680
You know someone who dreams of retiring a millionaire.

385
00:11:14,680 --> 00:11:14,880
Right.

386
00:11:14,880 --> 00:11:17,360
Because it's clearly not about winning the lottery

387
00:11:17,360 --> 00:11:18,960
or inheriting a fortune.

388
00:11:18,960 --> 00:11:19,240
No.

389
00:11:19,240 --> 00:11:22,120
It's not about luck or hitting the jackpot.

390
00:11:22,120 --> 00:11:22,360
Yeah.

391
00:11:22,360 --> 00:11:23,800
So what is it about then?

392
00:11:23,800 --> 00:11:26,440
It's about taking control of your financial future.

393
00:11:26,440 --> 00:11:26,720
OK.

394
00:11:26,720 --> 00:11:31,520
And making those seemingly small but consistent choices

395
00:11:31,520 --> 00:11:32,840
that add up over time.

396
00:11:32,840 --> 00:11:33,920
Like we've been talking about.

397
00:11:33,920 --> 00:11:34,480
Exactly.

398
00:11:34,480 --> 00:11:38,440
Harnessing the power of compounding, making smart, tax

399
00:11:38,440 --> 00:11:42,040
advantage investments, and sticking to a plan,

400
00:11:42,040 --> 00:11:44,080
even when the market throws you a curve ball.

401
00:11:44,080 --> 00:11:44,400
Right.

402
00:11:44,400 --> 00:11:45,880
It's about playing the long game.

403
00:11:45,880 --> 00:11:46,680
Exactly.

404
00:11:46,680 --> 00:11:49,640
And Robert Reed's story is proof that it's possible.

405
00:11:49,640 --> 00:11:50,140
Right.

406
00:11:50,140 --> 00:11:51,520
It's incredibly inspiring to know

407
00:11:51,520 --> 00:11:53,760
that someone living such a simple life

408
00:11:53,760 --> 00:11:56,400
could achieve that level of financial success.

409
00:11:56,400 --> 00:11:57,200
It really is.

410
00:11:57,200 --> 00:11:59,320
So where does someone even begin?

411
00:11:59,320 --> 00:11:59,840
Yeah.

412
00:11:59,840 --> 00:12:00,880
That's the big question.

413
00:12:00,880 --> 00:12:02,040
What's a good first step?

414
00:12:02,040 --> 00:12:04,760
Well, one of the most impactful things you can do

415
00:12:04,760 --> 00:12:08,880
is to automate a small weekly transfer to a Roth IRA.

416
00:12:08,880 --> 00:12:11,640
Even if it's just a small amount to start those consistent

417
00:12:11,640 --> 00:12:15,240
contributions can make a huge difference over time

418
00:12:15,240 --> 00:12:18,440
and then start exploring index funds in ETFs,

419
00:12:18,440 --> 00:12:20,920
especially after learning how they can make investing

420
00:12:20,920 --> 00:12:23,080
more accessible and less intimidating.

421
00:12:23,080 --> 00:12:23,400
Right.

422
00:12:23,400 --> 00:12:26,680
And if you're feeling overwhelmed, don't hesitate

423
00:12:26,680 --> 00:12:29,160
to seek guidance from a financial advisor.

424
00:12:29,160 --> 00:12:30,120
Oh, absolutely.

425
00:12:30,120 --> 00:12:31,760
There's no shame in asking for help.

426
00:12:31,760 --> 00:12:32,480
For sure.

427
00:12:32,480 --> 00:12:35,280
A financial advisor can help you create a personalized plan

428
00:12:35,280 --> 00:12:38,560
that aligns with your goals, your risk tolerance,

429
00:12:38,560 --> 00:12:40,640
your timeline, all of that.

430
00:12:40,640 --> 00:12:43,520
So as we wrap up this deep dive into retiring

431
00:12:43,520 --> 00:12:45,920
a millionaire on a low salary, I want

432
00:12:45,920 --> 00:12:48,280
to leave you with a final thought-provoking question.

433
00:12:48,280 --> 00:12:49,200
OK, I like it.

434
00:12:49,200 --> 00:12:50,680
What's your million-dollar dream?

435
00:12:50,680 --> 00:12:51,040
Yeah.

436
00:12:51,040 --> 00:12:52,640
What is it that financial freedom would

437
00:12:52,640 --> 00:12:53,480
allow you to do?

438
00:12:53,480 --> 00:12:54,880
Travel the world.

439
00:12:54,880 --> 00:12:56,200
Start your own business.

440
00:12:56,200 --> 00:12:58,000
Spend more time with loved ones.

441
00:12:58,000 --> 00:12:59,920
Imagine the possibilities.

442
00:12:59,920 --> 00:13:01,600
And then ask yourself, what small step

443
00:13:01,600 --> 00:13:04,560
can you take today to start making that dream a reality?

444
00:13:04,560 --> 00:13:05,680
Exactly.

445
00:13:05,680 --> 00:13:08,080
It could be as simple as setting up

446
00:13:08,080 --> 00:13:11,120
that automated transfer, reading a book about investing,

447
00:13:11,120 --> 00:13:12,840
or even just committing to learning more

448
00:13:12,840 --> 00:13:14,280
about personal finance.

449
00:13:14,280 --> 00:13:17,040
So this deep dive is just the beginning of your journey.

450
00:13:17,040 --> 00:13:20,200
The first step on the road to financial freedom.

451
00:13:20,200 --> 00:13:23,440
Remember, the power to achieve financial freedom

452
00:13:23,440 --> 00:13:25,160
is within your grasp.

453
00:13:25,160 --> 00:13:26,320
You have the tools.

454
00:13:26,320 --> 00:13:27,840
It starts with a single step.

455
00:13:27,840 --> 00:13:30,520
So take that first step, stay disciplined,

456
00:13:30,520 --> 00:13:33,920
and let the magic of compounding work its wonders.

457
00:13:33,920 --> 00:13:34,760
Who knows?

458
00:13:34,760 --> 00:13:37,240
Maybe someday we'll be sharing your story

459
00:13:37,240 --> 00:13:40,680
of achieving millionaire status on a modest income.

460
00:13:40,680 --> 00:13:43,040
Until next time, keep diving deep.

461
00:13:43,040 --> 00:13:45,200
It's a big question, but it's an important one.

462
00:13:45,200 --> 00:13:48,560
Right, so what does all this mean for someone like you?

463
00:13:48,560 --> 00:13:50,960
Someone who dreams of retiring a millionaire?

464
00:13:50,960 --> 00:13:53,520
Well, it's definitely not about winning the lottery.

465
00:13:53,520 --> 00:13:53,840
No.

466
00:13:53,840 --> 00:13:55,080
Or inheriting a fortune.

467
00:13:55,080 --> 00:13:56,320
Right, it's about taking control

468
00:13:56,320 --> 00:13:57,480
of your own financial future.

469
00:13:57,480 --> 00:13:57,960
Exactly.

470
00:13:57,960 --> 00:14:01,320
Making those small but consistent choices that

471
00:14:01,320 --> 00:14:03,040
can really add up over time.

472
00:14:03,040 --> 00:14:04,680
That's what we've been talking about, harnessing

473
00:14:04,680 --> 00:14:06,040
the power of compounding.

474
00:14:06,040 --> 00:14:06,560
Yes.

475
00:14:06,560 --> 00:14:10,760
Making those smart tax advantaged investments,

476
00:14:10,760 --> 00:14:13,920
and sticking to a plan even when the market gets a little crazy.

477
00:14:13,920 --> 00:14:14,440
You got it.

478
00:14:14,440 --> 00:14:16,120
It's about saying the course.

479
00:14:16,120 --> 00:14:18,320
Ronald Reed's story is a perfect example

480
00:14:18,320 --> 00:14:19,200
of how it's possible.

481
00:14:19,200 --> 00:14:21,240
Yeah, it's really inspiring, right?

482
00:14:21,240 --> 00:14:21,840
It really is.

483
00:14:21,840 --> 00:14:24,920
I mean, it's incredible to think that someone living

484
00:14:24,920 --> 00:14:27,800
such a simple life could achieve

485
00:14:27,800 --> 00:14:29,600
that level of financial success.

486
00:14:29,600 --> 00:14:32,120
Yeah, it really shows you that anyone can do it.

487
00:14:32,120 --> 00:14:34,960
So where does someone even begin?

488
00:14:34,960 --> 00:14:36,760
Well, that's the million dollar option.

489
00:14:36,760 --> 00:14:38,040
What's a good first step?

490
00:14:38,040 --> 00:14:40,360
One of the most impactful things you can do

491
00:14:40,360 --> 00:14:44,600
is automate a small weekly transfer to a Roth IRA.

492
00:14:44,600 --> 00:14:45,280
OK.

493
00:14:45,280 --> 00:14:47,760
Even if it's just a small amount to start,

494
00:14:47,760 --> 00:14:50,760
those consistent contributions can make a huge difference

495
00:14:50,760 --> 00:14:51,480
over time.

496
00:14:51,480 --> 00:14:52,480
Makes sense.

497
00:14:52,480 --> 00:14:55,320
And then maybe start exploring index funds in ETFs.

498
00:14:55,320 --> 00:14:56,000
Absolutely.

499
00:14:56,000 --> 00:14:56,280
Yeah.

500
00:14:56,280 --> 00:14:58,520
Especially after learning how they can make investing more

501
00:14:58,520 --> 00:15:00,400
accessible and less intimidating.

502
00:15:00,400 --> 00:15:00,800
Right.

503
00:15:00,800 --> 00:15:02,480
And if you're feeling overwhelmed,

504
00:15:02,480 --> 00:15:05,240
don't hesitate to seek guidance from a financial advisor.

505
00:15:05,240 --> 00:15:06,200
Oh, for sure.

506
00:15:06,200 --> 00:15:07,720
There's no shame in asking for help.

507
00:15:07,720 --> 00:15:10,560
A financial advisor can help you create a personalized plan.

508
00:15:10,560 --> 00:15:11,200
Exactly.

509
00:15:11,200 --> 00:15:14,280
That aligns with your goals, your risk tolerance,

510
00:15:14,280 --> 00:15:16,280
your timeline, all of that stuff.

511
00:15:16,280 --> 00:15:17,600
It's definitely worth considering.

512
00:15:17,600 --> 00:15:19,280
So as we wrap up this deep dive, I

513
00:15:19,280 --> 00:15:22,520
want to leave you with one final thought provoking question.

514
00:15:22,520 --> 00:15:23,000
OK.

515
00:15:23,000 --> 00:15:24,080
Hit me with it.

516
00:15:24,080 --> 00:15:25,800
What's your million dollar dream?

517
00:15:25,800 --> 00:15:26,320
Yeah.

518
00:15:26,320 --> 00:15:28,880
What would financial freedom allow you to do?

519
00:15:28,880 --> 00:15:30,040
Travel the world.

520
00:15:30,040 --> 00:15:31,400
Start your own business.

521
00:15:31,400 --> 00:15:33,040
Spend more time with your family.

522
00:15:33,040 --> 00:15:35,320
It's amazing to think about the possibilities.

523
00:15:35,320 --> 00:15:35,840
It is.

524
00:15:35,840 --> 00:15:40,400
And then ask yourself, what small step can you take today

525
00:15:40,400 --> 00:15:42,600
to start making that dream a reality?

526
00:15:42,600 --> 00:15:43,480
Exactly.

527
00:15:43,480 --> 00:15:46,600
It could be as simple as setting up that automated transfer.

528
00:15:46,600 --> 00:15:46,960
Yeah.

529
00:15:46,960 --> 00:15:48,720
Or maybe reading a book about investing.

530
00:15:48,720 --> 00:15:49,120
Totally.

531
00:15:49,120 --> 00:15:51,680
Or even just committing to learning more

532
00:15:51,680 --> 00:15:53,560
about personal finance.

533
00:15:53,560 --> 00:15:56,560
This deep dive is just the beginning of your journey.

534
00:15:56,560 --> 00:15:59,280
The first step on a very exciting path.

535
00:15:59,280 --> 00:16:03,120
Remember, the power to achieve financial freedom

536
00:16:03,120 --> 00:16:04,200
is within your grasp.

537
00:16:04,200 --> 00:16:04,920
It really is.

538
00:16:04,920 --> 00:16:06,640
You just have to take that first step.

539
00:16:06,640 --> 00:16:08,040
And stay disciplined.

540
00:16:08,040 --> 00:16:08,800
Absolutely.

541
00:16:08,800 --> 00:16:10,160
Consistency is key.

542
00:16:10,160 --> 00:16:11,640
So who knows?

543
00:16:11,640 --> 00:16:14,520
Maybe someday we'll be sharing your story

544
00:16:14,520 --> 00:16:16,080
of achieving millionaire status.

545
00:16:16,080 --> 00:16:16,840
That would be awesome.

546
00:16:16,840 --> 00:16:17,880
On a modest income.

547
00:16:17,880 --> 00:16:19,160
It's definitely possible.

548
00:16:19,160 --> 00:16:21,240
Until next time, keep diving deep.

549
00:16:21,240 --> 00:16:48,200
See you next time.