Utah Millionaire Interview

Millionaire #8

Another super-talented Millionaire winning with a simple offense.  Study up UTAH.




Net Worth








Job Title

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

I'm the CEO of a marketing company. Salary + quarterly bonuses. My wife and I own rental properties and my wife has her own small business.

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

When I was 32. The threshold was passed with a mix of annual income from my job at the time, (VP of sales at a tech firm) my wife's small business and from property acquisitions.

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

We bought some rental properties in Utah county near BYU for 83K in 2014. The place was a wreck and falling apart. We bought the property cash and put 20K into it. We cash flow $1400 dollars per month from that property.

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

We’re pretty well diversified.  Our investments by size:

Real property- rental properties and a residential lot

Business Equity- marketing company, small business, other passive investments in businesses

IRA’s / 401K

Real Estate Trust

We have zero debt-  We made the decision early in our marriage that we would get out of debt as fast as we could

We plan to continue growing both businesses and acquire more properties.

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

A few years ago we sold a rental property that was income-producing in order to buy a lot that was not income producing. Big mistake in hindsight.

What are the primary tax strategies you follow?

We use s-corps and LLC’s to structure our taxes appropriately for our goals.

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

We don't have a set budget (although we should probably think about doing that) We've been careful in our spending for years and feel like my wife and I both have a good understanding of our financial goals and the sacrifice it takes to get there. We're willing to pay the price now to be able to retire early (if desired) and be financially independent. My wife and I review our finances every week during our weekly goal check-in. This helps to keep us on track to hit our goals.

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

We have gone through the process of getting a will and trust set up to give us some peace of mind that everything is protected.

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

We have a financial planner, accountant, and attorney that we use regularly. It has been invaluable for us. The reason we don't do it ourselves is that we have diversified our assets in many different places and it is complex. It's easier now to leave that up to professionals who have the time and expertise to do that.

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

The absolute best advice I could give anyone just starting out is, decide now to delay gratification and it will pay off spades over the years. So many people feel like they need to keep up with the Jones's. The reality is that the Jones's are typically leveraged to the max and are slaves to their jobs to pay for the things they feel they need to "have." Break free of that by saving, being frugal and paying for everything you can in cash. If you do have to get a mortgage or loan, make a plan to pay it off as fast as you can. During our firsts years of marriage, my wife and I saved 80% of the money we made to pay off our mortgage in 5 years. It changed our lives in so many ways.

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

If I could do it all over again, I would make sure I had a better understanding of the value of time and leverage. I would spend more time reading, learning and maximizing my time efficiency to do better financially.

What does a typical day look like for you?

I head to CrossFit at 5:30 am and workout till 7 am. I spend 30 minutes in my home office thinking through my day, looking at my calendar and making sure my time is prioritized appropriately. I head into the office each day around 8:30 am. My workday is filled with strategy meetings, employee meetings, and making sure the business is running smoothly. I get home around 5:30 pm every night and spend the night running kids from activity to activity. I make sure to spend time with my wife around 9:30 after all the kids are in bed.

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

Spend time early in your professional career getting experience in the field you have the most passion for. Do nothing but learn and know where your talents and skills can provide value to your employer. Once you become an asset to your employer, you will be able to climb the ladder quickly and get paid more. Be honest with your effort and don't be complacent. Another piece of advice I wish someone shared with me when I was young is to look at everything through the lens of time. Time is the only resource you can't get more of. It's fleeting always. Ask yourself often, "Is what I am doing right now the most valuable use of my time given my goals?" Adjust according to the answer.

Any books you would recommend on money?

I don't have any books on money or investing. I think someone needs to write a simple finance book titled, "Common sense finances." A lot of financial success can be boiled down to using common sense. Should I spend more money that I make? (no) Should I invest all my money in one place? (no)

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

Our retirement goal is simple. Acquire 20+ rental properties by the age of 50, have them paid off and generating at least $1,000 per unit each month. Always keep things simple. My only concern right now is my six kids and what that will cost me as they get older. Can we continue to invest in properties to hit my goals in 10 years? It will be fun to try.

Favorite restaurants in Utah?

Asado in Orem

Favorite golf courses in Utah?

Spanish Oaks....virtually no sand and water. My scores look amazing there :)

Favorite ski resort?

Sundance (Robert Redford in my homeboy)

Favorite Hotel in Utah?

Homestead in Midway

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

In Utah, our favorite spot is Lake Powell hands down. One of our favorite places on earth! Outside of Utah, it's easily Hopetown Bahamas. It's a hidden Gem. Unfortunately, it just got hit hard by a hurricane and demolished. Can't wait to get back there to help them recover.

Favorite things to do in Utah?

Skiing, golfing, boating, hiking, hunting.

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