Ep. 73: Jerry is a millionaire and it doesn’t feel like he thought it would

 

M$D: On the path to his second million

Meet Jerry

Age: 48

Jerry’s main concerns, in his own words:

I have recently acquired a net worth of over $1 million after significant financial setbacks. This happened after realizing a $120k loss on a primary home sale in Phoenix in 2009 and an unexpected job loss in 2015. I know how this happened but didn’t really see it coming for 4-5 years. We have a solid 401k balance and three cash flowing rental properties. Both my wife and I have good jobs. However, I am not confident about our financial future and don’t feel like we are winning. What else can we be doing? When will I have $2 million? $3 million? At what age will I have financial freedom? I’m 48 / spouse 40. Kids age 11/9. $525k in retirement. $51k Non Retirement/Investment balance. $56k Cash/Emergency fund. $43k in college savings. $545k primary home. $578k value of rentals. ($320k) primary home mortgage, ($334k) rental home mortgages, ($23k) Heloc balance. 10% contribution to both 401ks (5% match on mine). Spouse has a public employee pension. What else can we be doing to get us closer to financial freedom? What does winning look/feel like?

What we cover in this episode:

  • How to prepare for college expenses now
  • Understanding that a high net worth doesn’t equal financial freedom

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