Utah Millionaire Interview

Millionaire #13

Lucky #13 is a good one.  Lots of nuggets here!



2.3 Million

Net Worth





Davis County


Executive (C-Level)

Job Title

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

We are a healthcare roll-up company. I work closely with potential acquisitions and manage a small but very talented team. My income varies by year and is usually between 300-400K. My wife and I own a portfolio of rental properties that provides side income. We don't carry any debt outside of the mortgages for our home and rental properties.

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

I imagine it was in my late 30's sometime. I've actually never really thought about it since we live well below our means. Our wealth is all in real estate and Wallstreet assets and not in my checking account. We made it happen by moving up the corporate ladder, jumping companies, investing more than 50% of our after-tax income in real estate and stocks. We don't have the biggest house or the nicest of everything. We try to stay right in the middle buying quality stuff that will last. My wife of 20 years is frugal, gorgeous, fun, smart and 100% dedicated to retiring early and with a bunch of passive real estate. We normally acquire 1-2 new rentals each year although it's becoming very difficult as of late. We prefer to buy single-family homes that need lots of work is solid neighborhoods. I have a close friend in Real Estate that finds these for me.

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

I married the right person and didn't get divorced. (pretty simple) Can you imagine taking a 50% hit to your investments and then getting hit with alimony for a bunch of years. Second to that would be investing instead of consuming. Don't get me wrong, we love to travel and do fun things as a family. We simply don't use debt for vacations, recreational toys or anything really. Our kids both have part-time jobs and came with good budgeting skills. Probably my good wife's work, not mine.

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

Our real estate book is worth around 1.5 million conservatively.  (probably a bit more)  We have a little over 600K in my 401K.  I got out of the stock market in November of 2019 when the markets started breaking records.  I plan to buy a property with the cash we are sitting on. (200K) Some guys at work give me a hard time about some additional market appreciation.  I’m fairly certain I will get the last laugh as the economy begins to slow and the government stops printing money.  This cannot last much longer.

I have a policy of sticking to investments I understand.

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

I didn't start investing until my early 30's. I was making six figures at 25 years old but it took me a while to understand money. I saw the book, "richest man in Babalon" on this Utah millionaire site. As the book describes, money fleeth from him that does not know how to control it. I've had the chance to invest in my company several times. We have grown and I should have. I may do that in 2020.

What are the primary tax strategies you follow?

Take the 24K standard deduction, donate to my church, get the DI slips, make sure my tax guy knows how to depreciate my properties.  Real Estate is my best tax strategy.

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

not really

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

My properties are in an LLC. A basic estate plan for my wife and kids.

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


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

Max your Roth 401K out as taxes will absolutely go up in the future. Save and invest but live your life having fun along the way. Real estate or owning a business seems to be the theme among millionaires being interviewed.

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


What does a typical day look like for you?

I'm in the office between 9-4 pm. My work is flexible if I need to check on a property or hit the bank. I work out, coach my kid's sports and make sure to take my wife to dinner weekly.

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

Go to a good college, network early, family is everything, work on personal development. (MBA, books, smart people)

Any books you would recommend on money?

The richest man in Babalon, all the books on this site.

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

Yes, as early as possible. I will call it a day as soon as the real estate kicks off 200K or so per year. We don't leverage the properties and plow all the cash flow into the debt right now.

Favorite restaurants in Utah?

We love old school pizza joints as a family. We are strange and go sit down at these fine establishments.

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

ST. George, California

Favorite things to do in Utah?

hiking, camping, sports, Jazz games, snow activities.

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