Utah Millionaire Interview

You are going to love this one.  This millionaire shows us the power of real estate when generating wealth!

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

I'm in Commercial real estate. I have a few different businesses and buckets of income which I am working hard to grow.

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

I think around age 30. I worked hard in the business since I was 24 and had some good years relatively early in my career.

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

Haven’t had one single home run investment, just grinding out a lot of singles.

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

My money is invested in real estate and businesses. I also have a managed investment account. I have a LOT of debt as part of my real estate holdings. No consumer debt, just cash flowing real estate.

1. Real Estate
2. Businesses
3. Investment account

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

Letting family expenses get out of control. Sometimes I fear I have created a monster.

What are the primary tax strategies you follow?

I really haven’t paid much of any taxes for the last 5-6 years since I have been owning real estate and businesses. Taking depreciation and losses from properties help offset my income

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

No. It’s a good thought but no.

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

I use really good attorneys, accountants etc. that help me but a lot of the actions I have taken I have learned from others in similar businesses.

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

Not really. I use a big bank for the management of my investment account and make sure I have a few lines of credit available. I track building ownership through a detailed spreadsheet and now its accounted for on personal balance sheet/P&L’s that I have done twice a year.

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

Just starting – become really good at something. Focus less on making money early and more about what it takes to be the best. Selling a business – its ok to pause a minute before jumping into investment deals. My first investments came a few years after I thought I was ready and I had reviewed many opportunities before jumping into the first one. Also, invest in real estate.

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

Be cautious about who are your business partners as they reflect on you. People will question your judgment if your partners are not the best.

What does a typical day look like for you?

Workout every morning between 5:30-7:30 am. I usually help get kids to school then am working until 5:30-6 pm. I try to be home for dinner and to help with kid's activities and finish up work from 9-10 pm as needed. My workday is 50% in the office and 50% out meeting with clients, investors, touring buildings, etc.

Any books you would recommend on money?

I really liked Rich Dad Poor Dad when I read it in college and it has helped shape my career path. I currently listen to 3-4 books a month on all topics when I’m running or biking in the morning.

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

I don’t plan to retire but plan to shed tasks and obligations that I don’t want to do. I have a net worth goal that I would like to achieve before I die but don’t see an end.

Favorite restaurants in Utah?

Royal India, Buds, Wasabi, Alamexo

Favorite golf courses in Utah?

Victory Ranch, Willow Creek, Hidden Valley

Favorite ski resort?

Brighton

Favorite Hotel in Utah?

Grand America

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

St. George and Park City. Outside of Utah would be England

Favorite things to do in Utah?

If you live in Utah and do participate in Mountain activities you are missing the point. Mountain Biking, Skiing, Trail Running, etc