{"id":5329,"date":"2018-12-13T03:13:45","date_gmt":"2018-12-13T07:13:45","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?p=5329"},"modified":"2022-08-16T17:32:53","modified_gmt":"2022-08-16T21:32:53","slug":"how-to-become-a-millionaire-in-your-30s-interview-19-adam","status":"publish","type":"post","link":"https:\/\/marriagekidsandmoney.com\/how-to-become-a-millionaire-in-your-30s-interview-19-adam\/","title":{"rendered":"How to Become a Millionaire in your 30’s – Interview 19 (Adam)"},"content":{"rendered":"

A major step in becoming a young millionaire is tracking your net worth. On the other hand, wealth building is not all about the numbers.<\/p>\n

Our guest today, Adam from Minafi<\/a>, sees wealth building as a way to travel, explore the world and create lifelong memories with his wife. By securing solid financial footing in his 30's, Adam has been able to realize those dreams early in his life.<\/p>\n

Let's hear how Adam took advantage of the opportunities in his life and honored his family by pursuing a life of simplicity and stress-freedom. <\/p>\n

The Details<\/span><\/h2>\n

How old are you? If you have a family, tell us about them and their ages.<\/h2>\n

Hey there! I'm Adam, 36 years old. I met my wife 17 years ago in college (wow, it's been that long?). She's one year younger than me. We've decided not to have children, but do have an extremely cute pup that recently celebrated her 10th birthday.<\/p>\n

What part of the country do you live in? Do you own your home or rent?<\/h2>\n

I grew up in Florida, living there for 35 years. In the past year, we sold our home in Orlando and moved across the country to Salt Lake City. Both cities have almost the exact same cost of living and population size, which has made the move less disruptive than we expected (it helped that both Mrs. Minafi and I transferred with our existing jobs).<\/p>\n

We both grew up in homes owned by our parents. After college, we very quickly bought a house — in 2007. You can probably guess the rest of that story, but it doesn't end well. We sold that house 11 years later for a 20% loss. We're renting now and absolutely love how much less stressful life is.<\/p>\n

\"Adam<\/p>\n

When did you start tracking your net worth? What was it at that time?<\/h2>\n

One of the luckiest things that ever happened to me was that I didn't get into my top college (Carnegie Mellon). Instead, I ended up at UCF, the University of Central Florida. When I graduated (after 5 years) I had a net worth of $0.<\/p>\n

3 months later my mom passed away. What followed was the hardest year of my life. All of the sudden I had inherited $100,000, law school loans, a multi-unit property, and a deadbeat tenant.<\/p>\n

Over the next year, I sorted everything out, sold the house and started investing. It was right around that time that I started finally tracking my net worth. That sudden spike from $0 to about $250,000 (after selling the house) left me with a feeling of responsibility. I knew I wanted to grow that windfall, and tracking my net worth was a way to understand if I was moving in the right direction.<\/p>\n

What is your current net worth? What are your assets and what are your liabilities?<\/h2>\n

As of this moment my net worth is about $1.9 million<\/strong>. That's 100% in stocks. I've made personal decision not to accumulate debt or pursue real estate and instead focus on the stock side. Aside from a little money on credit cards which is paid off each month, we have no debt. Of that $1.9 million it breaks down to a few core stocks (rounding):<\/p>\n

    \n
  • $700k – Company stock (that I can sell at any time. I actually just received this stock TODAY, so I'm feeling kind of giddy right now).<\/li>\n
  • $600k – US Stocks, favoring $VTSAX, Vanguards Total US Stock Market Fund<\/li>\n
  • $250k – International, favoring $VTIAX, Vanguard International Fund<\/li>\n
  • $225k – Bonds, favoring Total Bond Market or Tax-efficient bonds.<\/li>\n
  • $50k – Vanguard REIT Fund, Real Estate Investment Trust<\/li>\n
  • $40k – Speculative investments. Currently, in some cryptocurrencies, I'll likely sell off soon.<\/li>\n
  • Cash for the rest<\/li>\n<\/ul>\n

    I'm still working out what I'll do with the company stock. Selling that much stock at once has drawbacks. For one, it jumps my tax-bracket. It also ties me in with the value at the current moment. I'm leaning towards dollar cost averaging it over some time while also spreading the sale over at least 2018 and 2019 taxes. More for me to determine there. If you were in my shoes, what would you do with it?<\/p>\n