Summary of So You’re a Millionaire…Now What?

Main Financial Strategies:

Reassess Your "Why":
Understand the purpose behind your wealth. Money should be viewed as a tool, not a goal.
Identify Your Stage of Wealth:
Recognize which of the three stages of wealth you are in: Make Wealth, Maintain Wealth, or Multiply Wealth. This will inform your financial decisions and goals.
Aim for Simplicity:
As financial circumstances become more complex, strive to simplify your financial life. This can involve consolidating accounts and automating processes to reduce stress and manageability.
Reassess Risk:
Evaluate your risk tolerance and risk capacity, especially as your financial situation changes. Adjust your investment strategy accordingly to align with your current goals.
Optimize Tax Efficiency:
Use a three-bucket strategy for investments: tax-free (Roth accounts), tax-deferred (traditional IRAs and 401(k)s), and after-tax (brokerage accounts). This helps in managing tax implications effectively.

Methodology/Step-by-Step Guide:

Consolidate Accounts: Streamline your financial accounts to reduce complexity.
Automate Wealth Building: Set up automatic contributions to savings and investments.
Review Asset Allocation: Ensure your investment portfolio is diversified and aligned with your financial goals.
Reassess Insurance Needs: Evaluate the adequacy of life and disability insurance coverage.
Establish Emergency Reserves: Maintain a fully funded emergency fund to protect against unexpected expenses.

Conclusion:

The presenters, Brian Preston and Bo Hansen, encourage viewers to celebrate their financial achievements while remaining focused on future growth and management of their wealth. They highlight that reaching millionaire status is just the beginning of a more complex financial journey, and they offer resources to help individuals navigate this path effectively.

Presenters/Sources:

Notable Quotes

— 03:26 — « Security for yourself and your family is super important; that's a great why. »

— 03:39 — « If you can do this right and own your life that much sooner, you now get to control time. »

— 07:59 — « The goal is simplicity; even if you're not going to reach it fully, that should be the goal. »

— 31:20 — « Just like I know that first 100,000 might take 7 to 10 years to get there, but you're going to reach 500,000 and turn that into a million in less time. »

— 33:02 — « Don't forget to dance with the one that brought you. »