Utah Millionaire Interview

This millionaire is living life to the fullest.  A great perspective here!

What type of employment do you have and what does your comp plan look like? Any side income?

I run a marketing team for a software company based in Salt Lake. I salary at 90K but make around 100K all in. My company reimburses for healthcare and does a 3% match on my 401K. I can walk to work which saves me in automobile expenses. I have no other side income.

When did you cross the million dollar mark and how did that happen?

Much of my net worth come from a Trust account set up by my grandfather and parents. I was given access when I turned 35 which is technically when the money became mine. This Trust also paid for all my education which was a blessing. I've worked hard, earned multiple degrees and invested my income wisely throughout my career. The combined value of all assets is a little over 2.2 million.

What was the single best thing you have done with your investments?

I have kept my expenses very low and invest more than 50% of my income since I graduated college. I resisted the temptation to significantly raise my standard of living as my salary has increased. Because I don't have debt and minimal expenses, I've been able to travel to 30 different countries over the past 15 years.

Where do you have your money invested and what are your debts? (account balances) Whats next?

Trust account 1.250 million (Equities, bonds, cash)

Investment account- 185K

High yield Savings account- 150K

Checking account- 35K

Vacation account- 5K

HSA- $8,250

Retirement accounts (IRA/401K)- 655K

What is the biggest pitfall or mistake you have made with your money?

I have wrestled with the decision to buy a condo or townhome for many years. I currently rent a nice apartment for $1600. I've saved significant money in carrying costs, property taxes and furniture but lost some potential appreciation and the tax benefits of owning. I've had roommates over the years which could have helped me pay down the mortgage as well. I have no regrets and don't worry about money at all. Most people don't realize the abundance that comes so easily here in Utah and America. I plan to move overseas in the future as my money will last much longer depending on where I choose to live/retire.

What are the primary tax strategies you follow?

I work with a firm my family has used for many years.  They help me identify all the tax savings for which I am eligible.

Do you follow a budget and how's that going?

I don't spend much and have never needed to budget. I automatically move money to certain accounts each month and live very comfortably on $2500 a month.

What steps have you taken to protect your money? (estate planning, trusts etc)

I have some money in a trust but no other protections are in place. I'm not sure it's needed as I'm single with no children. I have siblings with families that would get my money should I die unexpectantly.

Do you use a financial planner or software to track your assets?

My trust and brokerage account are managed by a financial advisor. I pay 1.25% happily so I don't need to worry about the accounts. I have my accounts set up online with two banks. I don't need an app or software to show me my balances.

What's your best money advice for someone who is just starting out?

I'll speak to those in situations like mine. Living well below your means allows you to pursue your passions whatever those may be. Work hard, show up, ask for more work, impress your team so you income moves up as fast as possible. Invest 40-50% of your after-tax dollars and have fun with the rest. Besides travel, none of my hobbies are expensive and I love my life.

If you could do it all over, what would you do different?

I believe my path has been exactly how it's supposed to be. I have a wonderful family, my health, my hobbies, and financial happiness. I don't have time to worry about the past and look forward to my next adventures.

What does a typical day look like for you?

coffee, meditation, work, exercise, dinner, reading, tv. Sometimes I switch it up and spend time with loved ones. I've involved with several important causes that take my nights and weekends.

Any advice on life you can share? (school, career, family, personal development)

Work hard at school and spend time with your professors. Choose a career you love and the money will come. You may need to move around if your company gives only small raises each year. Find someone to build your life with but don't worry if it doesn't happen right away. Enjoy the journey, love, explore, be kind, don't judge and do what makes you happy.

Any books you would recommend on money?

Lots of books but not money on money. Not my passion.

Do you have a retirement goal? What are your plans? Concerns?

yes, yes, yes! I plan to work two more years and then travel full time. I will eventually get bored and work for non-profits until the last chapter of my life begins. I love Europe, Africa, and Asia. I am a cancer survivor so taking care of my health is always a priority and a concern.

Favorite restaurants in Utah?

There is a little Vietnamese restaurant near my house that is like family to me. Somi

Favorite ski resort?

Alta

Where is your favorite Utah vacation destination? Outside of Utah destination?

Park City, Thailand

Favorite things to do in Utah?

Anything in the mountains, biking, theaters, art scene, Jazz music, Utah Jazz. I belong to a yoga studio and love my yoga family.