Who would have ever thought we’d make it to 300 millionaires interviewed?
When I started this process over five years ago, it was a concept that I had initially developed for another site.
I liked it, so I made millionaire interviews a part of ESI Money.
I figured we’d get to 50 or so and if things went really well maybe 100.
We’re now at three times that and more are coming.
It’s been an awesome ride. I love, love, love hearing from people who have actually become wealthy talking about how they did it (in contrast to the mainstream media where we often see people who have little to no wealth writing about how to become wealthy.)
These millionaires take significant time and effort to share their stories with us and for that I thank them.
The principles are almost always the same (as we’ll see), but their journeys are unique, which makes them interesting.
In today’s post, I’m going to detail the stats behind the 300 millionaires. I’m not going into a ton of learnings because, as you’ll see, they are the same as we’ve covered previously. That said, I am re-running the section where I listed the three big findings when I summarized 200 interviews. I bet you can guess what those three are. lol.
And to start a fun, new tradition each time we add another hundred millionaires, I’ll be giving away $300 in Amazon e-gift cards at the end of this post.
Not Much Change
I have summarized millionaire interviews in the past, so if you want to dig deep into what we’ve discovered, check out these:
- Findings from 100 Millionaire Interviews: The Numbers
- 13 Surprising Facts from 100 Millionaire Interviews and What We Can Learn from Them
- What I’ve Learned from 150 Millionaire Interviews
- What We’ve Learned from 200 Millionaire Interviews
I’m listing these as they contain all the information anyone will need to discover the habits and actions of millionaires.
When we completed 100 interviews, I did a pretty comprehensive analysis of millionaire financial habits.
After 200 interviews, the habits were simply reinforced — it was more of the same. So I didn’t go as deep.
And now after 300 I can see that it’s more of the same. So there’s no use in doing a new post when the findings are identical!
That said, I do want to document the basic facts/stats now that we have 300 completed, so let’s do that…
Just for the Record
As I’ve done throughout this process, let me make a few things clear. Here are my caveats/clarifications before we get started:
- The data I’ve collected is not scientific information. It was never meant to be. It is simply a series to learn from the wealthy how they became wealthy. The millionaires I’ve interviewed are not a random sample so we can’t extrapolate our findings and say they represent all millionaires.
- That said, having read The Millionaire Next Door, The Next Millionaire Next Door, and Everyday Millionaires, I can say that the findings from our 200 interviews are very, very similar to what large-scale, professional surveys have seen.
- The information I’ve gathered is directionally correct but not precise. People answer my questions in different ways. Plus sometimes there’s conflicting information within an interview (for instance, what interviewees give as their savings rates rarely matches the calculations when reviewing their spending and income.) Given this, I had to read between the lines many times and make some judgements about what’s actually going on. I’m fairly good at this and think I’ve come close to getting it right, through there is surely a margin for error here.
- Not every question is answered by every interviewee, so some of the numbers don’t line up perfectly. Sometimes interviewees forget a question or simply don’t want to answer it. And we’ve changed questions a few times over the series, so sometimes a question didn’t pop up until we were many interviews into the process. If there’s a discrepancy in reconciling some of the numbers, this is likely the cause.
- I won’t address every question every reader might have about the interviews. I focused on the questions/answers I thought were most meaningful and in which I was most interested. If you see something you’d like to know, feel free to plow through all 300 interviews and get the info. 🙂
- I’ll generally use median numbers throughout this review. Averages are almost always higher as a few very high individuals skew averages upward. That said, I’ll use the word “average” because it’s more common in English but the numbers are actually the medians. And in some cases I’ve listed the average numbers just for fun/perspective.
With that said, let’s get into the facts…
The Numbers from 300 Millionaire Interviews
It’s almost scary how closely the numbers for the 300 millionaires are identical to the numbers we saw when I summarized 100 millionaire interviews. They are almost identical.
Here are the averages/totals based on various measures from the 300 millionaire interviews:
- Age: 48.0
- Sex: 253 of 300 are men
- Married: 263 of 300 currently married (many were divorced and remarried)
- Children: 2.0
- Net worth: $2.4 million ($3.3 million average)
- Household Income: $240k ($345k average)
- Main income source: 280 of 300 worked a job/career (most of the others owned a business or invested in real estate)
- Over half had a side income of some sort with real estate being the top choice
- Annual spending: $90k ($111k average)
- 147 of 250 did not have a budget
- 105 of 247 reviewed their portfolios daily
- Age when they reached $1 million net worth: 40
- 147 of 232 most worried about healthcare in retirement
- 119 out of 237 named “travel” as their secret splurge
- Their favorite books remained the same
- When asked about the relative importance of earning, saving, and investing on their net worth, 41% said saving was most important, 33% said earning, 18% said investing, and 8% said all of them.
Some interesting stuff, huh?
Three Big Findings
After 100 millionaire interviews I posted 13 Surprising Facts from 100 Millionaire Interviews and What We Can Learn from Them.
Today I’m going to comment on three. The main three. We’ll do this in typical E-S-I fashion, focusing on what millionaires have taught us about earning, saving, and investing…then adding in other thoughts at the end.
1. Millionaires earn.
They not only earn, but they earn a lot and in multiple ways.
Most started their careers at the bottom, earning salaries most people would consider low.
But from there they applied themselves, worked hard, grew in skill and knowledge, and turned their careers into money making machines.
Then they added extra sources of income like real estate, side hustles, and dividend stocks to have multiple sources of income.
These all combine to produce large sources of income that allow them to live great lifestyles and still save and invest a ton.
2. Millionaires save.
Yes, millionaires save, but they aren’t exactly living a frugal existence.
Because they have high incomes, millionaires are able to save a large percentage of their incomes (over 50%) and still live a very nice lifestyle (spending $90k a year). Many of these have no debt at all, so $90k without a house payment is a very high level of spending indeed.
We have to step back a bit because someone (I know they are out there) will say something like “I can’t save 50% of my income so I guess I’ll never be wealthy!”
Just remember that the numbers these millionaires are reporting is where they stand now — not where they stood 30 years ago.
Most started out the same place I did. They had a decent (not great) job, watched their pennies and dollars, and saved whatever they could on a tight budget.
Then as time went on their incomes increased at a faster rate than their spending. That’s how they got where they are today. They didn’t start out earning or saving a ton. It was years of work and discipline that got them where they are now.
3. Millionaires invest.
Millionaires take the excess cash they have and invest it which…either grows or adds more income (or both) making them even wealthier.
Their preferred investments are index funds (for growth) and real estate (for growth and income). But they also invest in dividend stocks and have side hustles now and then (most don’t currently have side hustles since their careers are so lucrative).
These continue to compound over time to create a substantial level of wealth.
Is Anyone Surprised?
Regular readers should not be surprised at these findings.
After all, this is the framework for the entire site — earn, save, and invest. (For those of you who don’t know, that’s what “E-S-I” stands for).
I didn’t come up with the name by accident. I had two advantages when I started this site that helped me get the concept right:
- I was already a millionaire and had talked to enough wealthy people to know the “formula” for success.
- I had written about finances for 20 years and had sorted out the must-dos from the other noise.
This is how I came up with the site name and philosophy which we have all discussed throughout the years.
That’s why it’s no surprise (to me at least — and likely to many of you) that this is what the millionaires we interview did to become wealthy.
As we go past 300 interviews and work our way to 400, I don’t see much changing. The stories will all be different, but the principles are going to be consistent. Earning, saving, and investing (over time) is the tried and true path to wealth.
——————————-
Since gift cards always seem popular and Amazon is my most requested option among several past choices…
I have $300 in Amazon egift cards to give away today to celebrate 300 millionaire interviews!
I’m giving away six $50 egift cards from Amazon.
Here are the details of the giveaway:
- I’ll be giving away $300 in Amazon egift cards as noted above — one card per winner, total of 6 winners.
- To enter, all you need to do is leave a comment below telling me what you like best about the millionaire interviews or something you have learned from them
- Be sure to include your email address when you leave the comment so I will know where to send your prize if you win (the email address will not be visible to anyone other than me).
- The winners will be selected by me at random.
- The selection of winners will be held on Monday, April 25, 2022. I’ll list them as a comment on this post.
- I will email you an Amazon ecard if you win — to the email address you leave in your entry.
- As with most giveaways, there are rules. Here they are (the one difference here is that you don’t need to be a US resident since I can email these cards anywhere). 🙂
Good luck!!!!
Lisa Gorris says
Thanks for all you do!
My favorite take away is that compound interest is truly the 8 th wonder of the world!
Start early and often
Nancy Chu-Meyers says
I’ve gotten quite a few take aways from both your blog and the MMM forums, but here are the key ones:
1. I don’t need as much investment capital, as I originally thought — it is more about a multiple of what you spend (with post earner tax assumptions), rather than covering a percentage of your earnings — great sources for finding retirement calculators
2. I need to get a handle on the ‘fear’ that is driving my one more year procrastination — don’t wait too long, because you can’t get back the time you waste in a mediocre, uninspiring job.
3. I need to figuire out what I really want to retire to — what do I really want to do now.
The Wealthy Weasel says
Hey ESI, I have been reading the Millionaire Interviews since about day one. They have been quite inspiring, both in the similarities and in the different approaches that lead to the same path.
The interviews are great, as an education, but the real power is in MMM with the interaction between the Millionaires and Mentors/Mentees. I kinda got the basics down a long time ago, but I continue to learn helpful nuances about managing Social Security, different investment strategies actually in use by the people describing them, RE ownership and management (especially the part about not having too!)
I particularly have enjoyed the interaction with a few core members on my options trading journey. I think this will likely be my “side hustle” into retirement. Covered calls rock!
The group spans the political spectrum, but maintain civility in discourse. This alone is worth the price of admission.
Thanks for creating the blog and forum!
Cheers,
The Wealthy Weasel
aka Millionaire 246
John Andrews says
Many thanks for all the work you put into ESI. The stories are always interesting and I take something away from each of them. Actionable content is the best!
Cindy mazza says
Thanks for the reinforcement of basic financial principles… We have learned a lot and share your ideas often…
Lee Derr says
Reading how others have been able to reach a comfortable retirement gives me hope my wife and I can do the same soon also. I think seeing from the interviews I have read that multiple income streams is really important is the greatest takeaway for me. Thanks for all the effort you put in!
Bernd Doss says
First and foremost, thank you ESI,for an amazing website and for the opportunity to learn. Up and until 2017 my money habits were pitiful. I earned a basically, in my opinion,
a minimalistic but steady income. Had a 3 month emergency savings fund and no investments. And overall no interests except retirement at age 65. By reading these posts. I gained an education that was the catalyst for my current life of financial independence. No debt, two years income in emergency funds, investments in index funds, and continuing “good habits” that have ensured savings will sustain a great retirement life until I pass on. Not a millionaire, never intend to be, but completely content with the level of financial status that I now possess. Lessons learned, with gratitude, to you, your work, and the readers contributed information from your postings.
Debbie says
What I like best are the Millionaires that have regular salaries. Those Millionaires I can relate to more with my financial life. I know I can glean something from each interview but I just find people that have salaries closer to mine more personally inspiring. It all comes down to saving, investing in a quality index fund, sticking to one’s plan, and giving it time.
Jake says
“Over half had a side income of some sort with real estate being the top choice”
This is the reason why I ventured into real estate and started my own business last year. The best way to get to where the millionaires are is to emulate them. Thanks to your interviews, I pushed myself to invest in real estate and I was able to buy 1 rental property and flip another. My goal is to buy at least 1 rental property every year and double the sales of my business until I reach my personal milestones. I wouldn’t be where I am today if it wasn’t for these interviews! You’re basically compiling a cheat sheet on how to be successful in life! Thank you!
Lisa says
Many have learned that life is not measured by your net worth and have well rounded fulfilling careers and family life. I think choosing the right partner is also something that I have seen repeated many times.
Heidi says
Being divorced and being a low income earner, it has inspired me with the interviews from both men and women who have gone through divorce and other similar circumstances and still come out on the other side. I am regularly asked why do you read those? Because I am now debt-free. A feat I’ve been told my whole life is impossible. And I’m trying to stay ahead with the extra income possibilities I have throughout the year as it’s very cyclical. It has inspired me to keep going and reach for my goals despite all of the Debbie downers.:) I don’t talk about it much anymore because I don’t need the negative comments, although it secretly inspires me to keep doing what I am doing.:)
Emily says
I grew up in a loving, safe home that was not wealthy. My family was terrified of the stock market. I knew as I graduated and got a good job that there had to be a way to do this “right” and after doing my research I stumbled onto your site. I remember when the 100th millionaire interview came out. I have read every single interview in between and in the early days read the archive when I discovered them. I thought to myself, “if these people can do it so can I!” Since then my husband and I became millionaires ourselves, I was 30 years old. Thank you for making info accessible to normal people. While I have scaled my income considerably, in early days I loved seeing the interviews with people with normal (5 figure salaries) particularly.
Stephanie says
I look forward to my weekly millionaire interview reading time. I love that these interviews truly motivate me to change habits, continue investing and feel reassured that I’m on the right track.
David H says
What I like best about the interviews is the inspiration and roadmap I get from the detailed investment story/strategy that others have done.
Happy1 says
What I like best from the “Millionaire Interviews” stories most did not inherit or were not wealthy families. They earned above average salaries, used a portion of their earnings to make investments. I am happy to know that you can still start with a income and become a millionaire in this county.
Lisa says
One thing that I take away from reading these is that millionaires do not act or live like millionaires. They arent flaunting their wealth. They truly are the neighbor with much bigger bank/investment accounts than their neighbors or relatives know!
Sara says
I love the millionaire interviews. I don’t talk about Financials with any friends because I haven’t found any like minded people. Reading them gives me perspective on how I am progressing and insights on ways I can improve. It’s like hearing from a friend!
Big M says
What I learnt through reading the millionaire interviews is the important of consistency. And consistency applies equally to earning, saving and investing. There are very few “get rich quick” ideas that are utilized. Instead it is the application of basic principles consistently over time that gives exponential benefits. Compounding is a great example.
GS says
Love the interviews, thanks! My favorite thing is that they reinforce practical wealth building habits. ESI is not flashy and won’t make you rich overnight, but these millionaires show that it’s a proven way to grow your net worth. By seeing their successes and reading other ESI articles, I took the leap into real estate syndications over the last year and plan to continue to grow that part of my portfolio.
Scott says
Thanks for the give away. I enjoy the attitude of the millionaire writers. Sometimes inspiring and generous but often self serving. I like to see how many actually accumulate while being charitable and not just focusing on personal wealth. I also like to see the guy with a small salary who is able to come out ahead with being frugal not cheap.
Aileen says
Millionaire interviews are my favorite. I enjoy learning how regular people accumulate wealth throughout their lifetimes.
Ryan says
Long times reader and lurker. Love these for inspiration.
Wayne says
Reading ESI early in the morning is an addiction :-). Great job. Most enjoy reading about average income/mega-savers and how they invest.
m says
Since money is such a loaded topic, I actually like that these normal people, who are actually stealth wealthy get to brag. You can just feel how proud they are of their story and the lives they’re living.
Allen Carlson says
I’ve read “The Millionaire Next Door” and I like how ESI’s interview responses reinforce concepts in that book. It proves it really works!
Pearl says
Thank you for the giveaway! I like learning about the soft and hard career skills the ESI millionaires use at the jobs.
Sara B says
I like reading these stories because I get inspired by seeing how others are living, investing and saving their money.
Megan stokes says
I really enjoy being able to see myself in some interviews, learn from others – and think oh that’s not me yet from the rest!
Jules says
I love the idea that when I submit my millionaire interview I’ll be part of a small number of women. Like many of the others, I started my career from very humble beginnings and through hard work and persistence I have risen out of very difficult means. Thanks for providing these stories which have been a source of inspiration and education for me for the past five years. I heart you ESI!
Geoff says
I have learned to invest beyond only using mutual funds.
Jeff says
Thank you. I like reading about the different back stories of all the interviewees.
Landon Streit says
I think I’ve read almost all the millionaire interviews. The thing that stands out the most to me is how many of the interviewees mention the importance of their spouse and family on their journey.
Xrayvsn says
I think the most inspirational message from the millionaire interviews is that there are so many ways to become wealthy.
You do not need to be pigeon holed into the typical high paying jobs like being a physician, lawyer, dentist, etc.
Just applying ESI principals can make anyone wealthy over time.
TF says
I always look forward to the latest millionaire interview. What I like most is the wide range of professions, approaches, and struggles represented in the posts. I can relate to some, others seem like they’re in another universe which opens my eyes. Thanks for the series!
Jim Ruggieri says
Great site and summary. Congrats on $M Interview 300!
I have learned many things from the success of others: Simple Investment strategies (KISS), Health is Wealth, and the importance of giving back.
What’s great is that you can learn from each one – the mega millionaires and those who just surpassed the threshold.
Thanks
Matt says
I love hearing the challenges they’ve overcome on the way to becoming a millionaire. These articles have changed my life for the better!
Monica H says
I enjoy very much the millionaire interview because they have so much wisdom and it’s nice to learn about successful people that inspires all the time in my money journey
Thank you so much to all that did the interview: you are a real heroes!
CCof says
The Millionaire interviews motivate me to save more! We have the E and S parts down already!
CS says
Congrats to 300 ESI! I enjoy and have read every MI (some more than once). A lot of these discuss the same principles and highlight the importance of consistency over time. This is a great reminder when things don’t feel like they’re progressing and have plateaued. I’ve gained a lot of wisdom around basic finance principles, real estate investing and just simple life advice since stumbling upon your site a few years ago.
Thanks for creating a platform so we can continue to learn and I’m looking forward to 300 more!
Doug Friedrichsen says
Thanks for all the collective wisdom and habits you have uncovered and shared over the years. The main take away I have learned is that just paying attention and doing so diligently pays off in the end. Work hard and pay attention to your money…where it comes from and where it goes.
Thanks again.
Leigh says
I benefit from reading ESI millionaire interviews by using them as benchmark. Also, makes me think harder about side hussles
Kelly Greiner says
I’ve never missed reading one millionaire post! They give so much motivation to join the club and in fact that happened just over a year ago!
Ryan says
This series is inspiring! It helps reinforce that I am on the right path to retire.
Matt says
I really enjoy seeing the wide variety of careers people used to get wealthy.
I also like seeing the age at 1st million answers. This allows me to compare my progress to others (which I shouldn’t do). It’s fascinating to see how wealth snowballs after that 1st million.
I really enjoy the millionaire interview series. Please keep it up!
Kristi says
Thanks for sharing both the individual stories and the summaries! Most interesting to me is how similar the numbers are. I’ve thought about sharing my story, but it’s (mostly) similar to the themes you already have. However, as a woman with a mostly stay-at-home-husband, maybe my story is a bit different.
Nancy says
Love reading the interviews to get tips and to validate that I’m on the right path.
Mike says
Great job! I enjoy reading all the different stories…the formula certainly seems to be the same across the board but the way people get there is unique a lot of times.
David L. says
I like that a common theme is that most people accomplished their financial goals without large inheritances or other ‘found’ money. This is something most people can do with discipline.
BSue says
Besides the millionaire interviews themselves, I have always enjoyed the Comments that give alternative perspectives and insights. Of course, the comments have gone down a lot since the Millionaire Mentors has taken the most talkative folks into a private forum. Love reading these every morning anyway.
Phillip says
I don’t know if this is the case but I also noticed the volume of comments have gone down. Maybe it’s because folk have less insightful things to say since most of it has been said already. I’m not a MMM member (I guess I’m too cheap) but I also still enjoy the interviews despite the drop in comments.
Shiyan says
I am 39, below is an email that I wrote to myself and will receive in 10 years.
Today, you are 49, Happy Birthday.
If the prediction is right, you should be a millionaire now. So, congratulations! While it is a tremendous accomplishment, celebrate a little bit and let it go. I hope you have had a good Financial Independence journey in the past 10 years. I also hope that you have kept the following in mind and maybe have gained a few more thoughts over money and life.
1. 1,000,000 dollars is just a number for easy target
2. It is never about money, it is about freedom of choice
3. Have a purposeful and balanced life
4. Nothing is more important than family. Be there as a husband and a father
5. Relax and enjoy money by creating beautiful memories
6. Money is a resource of blessing to others. I hope you have been generous.
7. Leave a legacy, more than just money.
If you are not a millionaire, read this email again. Happy 49th birthday!
MI-94 says
Good idea, make yourself accountable, you know that email is coming in 10 years. Better make the most of your time between now and then! Good Luck!
John Guerrero says
Can I get that email so I can start a chain letter. Thanks
Tony says
I love that many of the interviews are with folks with modest starts to their career and salaries are not extravagant. It’s easier to relate to these folks and be able to gather ideas I can apply to my own journey.
Steve says
I’ve learned that our conservative, long term approach to building wealth through all 3: E,S & I, is the common thread across all 300 of your millionaire interviews!!
T. Graham says
Great article! I enjoy seeing the progress people have made over their careers and the many alternative paths people have taken to accumulate the wealth they’ve obtained. The other highlight for me is what people plan on doing from this point forward or even into retirement.
Josh Stein says
My biggest lesson learned is perseverance. Sometimes things don’t go right, but there’s not a lot of “giving up” in the millionaire interviews.
BW says
Love seeing average yearly spending since that is a very personal metric most people do not disclose…
Arnie Liati says
I love this series because the stories are real and unbiased. We read about what worked and what didn’t work. This kind of learning will not often happen sitting down with a financial advisor. Thank you for all you do!
TJ says
Thanks for sharing this! The thing I enjoy most about the interviews is when folks talk about their partner and how they work together financially. It’s helpful to see behind the curtain of how other HNW couples manage money together.
Jeff Campbell says
I appreciate the variety of avenues to achieve the target but still seeing the similar trends in how they arrive. It shows there are some commonalities that will hamper the effort if ignored, but there’s definitely not a single approach that must be followed.
Margaret says
My sister and I are nearing retirement age. She clued me in to your website. We talk about money and encourage one another in investing.
I like the post that shared the favorite books of millionaires. I’ve read 3 1/2 of the top 7. (“Think and Grow Rich” took the return trip to the library before I finished it, but I get the Napoleon Hill daily quote and find it encouraging.) “The Simple Plan” is my favorite. I recommend that and Bernstein’s “If You Can” to my young relatives.
Alan says
I like to read about the variety of ways people achieve financial independence. Also interesting to see how many overcome hurdles along the way to their wealth.
Ari says
What I enjoyed was to see real life examples how people become millionaires. Seeing the journey, including the struggles, is very motivating.
Amy Houssell says
I love the consistency. The tortoise and the hare approach. It is pretty straight forward. No need to be looking for get rich quick stuff.
Biggrey says
ESI, I want to offer you my congratulations and small does of envy. You have done what I wish I had thought of a few years ago. I may still do the Canadian version.
Without exaggeration, I think you have the finest broad, deep and directionally correct empirical data set about real millionaires in existence today for the US. The richness of the data, anecdotes and stories is unmatched. I do not think anyone else has what you have. I am very happy for you and and very happy for all your readers that you did it.
Vishal says
Very interesting learnings. My main takeaway is that the millionaire mindset regarding ESI remained consistent for all your survey respondents regardless of their net worth. One has to think like a millionaire before they become one.
G says
I really enjoy this series! When I’ve wanted to re read older millionare posts and they were easy to sort through and find before, when there were <100. Now, at 300, not so much! Congrats!
Paper Tiger (aka MI-27 & MIU-8) says
I’ve always felt delayed gratification was another key to success to go along with ESI. We stayed disciplined and avoided certain financial temptations so that we could have future security when we needed it most, (in retirement).
Melissa says
My husband & I read The Millionaire Next door in our late 20s. We are saving our way but have found a few new ideas from the interviews that we have implemented. I like to read the interviews to see how others achieved the status of millionaire. As my children are entering the workforce, I feel more confident in guiding them knowing the common ways others have increased their net worth.
Julia says
I love reading about all the different jobs that people have and how they established a plan that over time has worked. Time is the biggest thing — when there were mistakes made, they corrected and got back on course and allowed time to improve situations. I also like seeing that most millionaires don’t flaunt it. Looking rich is not the same as being rich. Thanks for the opportunity for the gift card.
Jane58 says
Household income of $240k is fairly hard to come by unless you have an education I would think . We rarely hit this number but based on the save philosophy and investments in real estate we got there. Thank you to all who have participated and ESI especially. I share this info with my kids!
Steveark says
One thing that occurs to me is that the bar keeps getting lower. When I started my career $250K had exactly the same purchasing power as one million dollars does now. Being a millionaire then was the same as being a four million dollar multimillionaire now. Similarly earning six figures back then was almost unheard of, while its quite common now. When I read interviews of 30 somethings raking in several hundred thousand a year and I think back to my starting salary of $18K as an engineer (which was the highest offer to any of the 3,000 people in my graduating class), it is a little difficult to compare where they are in life compared to my past path. I’m curious, what was the oldest age, when interviewed, of the 300, if you know? It might well have been me.
ESI says
The oldest (so far) at the time of interview was 81.
Phillip says
Isn’t $3M is the new $1M?
ESI says
Inflation gets everything. Hahaha.
According to a quick Google search, just under 7% of Americans are millionaires. So it’s not nearly exclusive of a club as it used to be several decades ago, but it is better than 93% of the country.
Connie Adachi says
I enjoy reading the Millionaire interviews for the reasons others have already cited. I was motivated to submit mine (295) because of the very few women (and zero GLBTQ, at least from what I had read) who have participated. After submitting mine, I got great feedback and supportive comments from others in this community, both GLBTQ and not.
And I echo others – when I started reading about five years ago, it pointed me to tools to help me determine that yes, my wife and I could retire early! And that there was a community out there. Very few of my peers here in Northern California have been able to retire early, or have chosen not to. I am so glad we did, and ESI principals and community made it seem possible.
Alex says
The biggest benefit from ESI millionaire interviews is seeing that they are willing to spend money on what they enjoy (for example, travel) instead of saving every penny they make
Eric Pare says
This is a great site, I have been following it for about 7 years now, and the core principles are reinforced every week with literal proof. It’s been great to have this community, I have contributed to scale interviews, BRING THOSE BACK! (I think they are great), for younger readers starting to implement the ESI principles. I am looking forward to the day our net worth hits 1 million, and look back at my first scale interview and see how long it took. Thanks for sharing all of the great stories and advice!
ESI says
I’m trying to bring them back!!! 😉
I have one in July but need more volunteers.
Alex C says
I’m curious to know if you have collected any geographic information about the millionaires in your sample. Is it easier to achieve a high net worth if you live in or near a big city on the East or West Coast, or are you better off far out in the suburbs in the Midwest? Do state income taxes play any role in achieving wealth?
ESI says
I have not…
Jess says
Thanks so much for all you do. I plan to submit my own millionaire interview soon as I have been so inspired by the others. What I like best about the interviews is learning about side hustles and the regular reinforcement they provide to avoid too much lifestyle creep and to keep my savings rate high!
Kathy says
No surprise that so many of your readers are willing to leave a comment for a chance at a $50 gift card, myself included! That has “ESI / Million Next Door” character trait written all over it. I love reading these and comparing my own situation and habits. Keeps me in check and is a constant reminder that flashy possessions do not equal wealth. Slow and consistent ESI growth works!
Dan M says
First and foremost I don’t want to be included for a GC, my motivation to comment is to express my enjoyment of the millionaire interviews you have posted over the years. It has been helpful in my journey towards FI to glean others experiences as well as confirm a lot of thoughts on the FI movement. Thank you.
Steveark says
I’d like to be entered into the drawing twice (using Dan’s entry and mine) . I’m the first person to ask so I think it’s only fair!
ESI says
Hahaha. Nice try!
Millionaire206 says
I love reading these interviews because it’s almost impossible to get access to this kind of information anywhere else. Most people just don’t talk openly about these topics. Even among my closest friends, I don’t know what they make, how they invest, how much they save, or what their networth is. I find it all very fascinating, mostly reassuring, and often very helpful/educational.
Rakesh Sridharan says
I have loved all the MI’s and I am also one of the MI. Although the numbers are more skewed to the male MI’s, I remember reading that a very high % of them said the best thing that ever happened was being married to their better half. This is an important factor. It is because of the hard work and sacrifices made by women who manage a healthy connected cohesive family that the man is able to achieve the career/financial success. I would love to have included questions regarding emotional quotient side because we know the logical IQ side typically high for MI’s. I think a high EQ makes a person even more of a millionaire in all respects. BTW – I am still working on my EQ !
Banks says
The anecdotal nature of the millionaire interviews allows for comparison to one’s own situation. Especially helpful when those situations are similar. Thanks for continuing them and the other interviews.
MI-98 says
I really enjoy reading about people that are average earners but disciplined savers. The diversity of how they save and invest, such as in the market, real estate or their professional development relevant to career growth.
This site and even more so, the Money Mentor forum provides valuable insight and information.
Many thanks
Jill says
I appreciate this site because I do not have access to the information in my personal life. It’s interesting to hear other perspectives and be able to learn from others.
MI-94 says
Mr. ESI – Sorry if I am being slow. At the risk of revealing myself as not too smart, I have to ask. In a few cases you present 2 numbers. What is the difference between these two numbers? For example: “Net worth: $2.4 million ($3.3 million average)”
$3.3M is the average of all 300 interviews, I think I get that. What does the $2.4M represent? I predict you will answer this and I will feel dumb for not figuring it out, but have to ask.
As usual a good read – enjoyed it.
Ben says
You must miss one point:
I’ll generally use median numbers throughout this review. Averages are almost always higher as a few very high individuals skew averages upward. That said, I’ll use the word “average” because it’s more common in English but the numbers are actually the medians. And in some cases I’ve listed the average numbers just for fun/perspective.
M22 says
M94 – ESI in the article says that the prime number is the Median (half above and half below), and the other number is the Average (in parenthesis)
MI-94 says
Thanks for clarification! Helpful.
Carlos says
Thank you for the community service you provide to us in the form of information, encouragement, how-to tips, and the reinforcement of a mindset that pays off in the end if you invest enough time into it.
The most important lesson I learned has been that I don’t have to continue playing the game if I already won the game! (At least I don’t need to play as hard … ;o) )
Thank you,
SF says
You had a similar giveaway in 2020 and I wasn’t a millionaire then. Happy to report that I joined the double comma club soon after 🙂
What I like the most about the interview series is the fact that I get a glimpse into the financials of wealthy people (like income, spend, etc).
Sask to AB says
I really appreciate all your hard work to provide these posts!
They are outstanding.
I enjoy reading about how important family and faith are to the many people you interview.
DC says
The stats are very interesting! I find the millionaire interviews inspirational, especially those from individuals of more humble/”normal” life situations. I *really* appreciate the takeaway that one need not resort to financial leverage (i.e., debt) in order to come out ahead. I am debt-averse, and although I understand leverage can be useful (on an intellectual level), I do not feel comfortable with it (on an emotional one). The interviewees show I am not undermining myself. And speaking of comfort, the lesson to recognize when you’ve already “won the game” is really useful and healthy. Thanks!
Guido says
From what I’ve read I think the concept of paying yourself first is one of the most important actions anyone can follow. If you pay yourself first and don’t see the income being automatically withdrawn and invested you really never miss it.
Maxing out your 401k (when possible) every year and using index funds to keep your investing expenses low is also extremely important.
Andrew Florence says
Love your site! I learned that most of the millionaires had regular jobs and saved. The magic is in the gap between earning and spending! Thanks,
Devin says
I am right on the edge of being able to do a millionaire interview. I love coming back to this site for motivation and ideas. Thanks!!
Barb says
One of the most important lessons I’ve learned from this series is everyone has a unique path to becoming a millionaire. It’s motivational because it means there’s no one key to success or one personality type, etc- anyone can achieve it. You follow basic principles of ESI of course, but the rest is your unique path.
I love this series! Thanks for all you do for this community!
Mark says
I enjoy reading real, honest stories. I also realize how statistically “average” I am.
MI 175 says
Thanks for all your great work ESI! This site is unique, instructive and fascinating.
I have learned that while my family is wealthy from my wife’s inheritance, we could (should?) have been much more wealthy if we had paid attention to better financial habits over time. For example, not making investing decisions on emotion, and not missing a golden opportunity 25 years ago to increase a pension (due to faulty financial logic). Spending beyond our job/investment incomes for years didn’t help either, but we have many wonderful travel memories. If we had practiced better financial prudence we would likely have increased our charitable giving substantially instead of spending more.
I should add that I also learned that my story is unlike almost every other story on ESI, for better or worse. I have never talked to anyone else who inherited a lot of money (nor has my wife), so I find it very interesting to learn about other wealthy peoples stories, even if different from mine.
MI-86 says
I love the summary, even though I fall on the low end 😉. Your site is a great boon for anyone to learn the simple truths about money – Earn, Save, Invest.
Carrie W says
I like seeing the diversity among the millionaires, as well as the common themes. There are multiple ways to get to the goal. I’m also always up for a good book recommendation!
Glen says
I have read every interview and marvel at the many ways to wealth and the constancy of purpose that the Millionaires have. A great learning experience and role models on display.
Shaun says
What I’ve learned is that a high income is not needed to end up a millionaire. It just takes consistent savings and investing.
Matt says
My two favorite parts of these interviews are hearing about missteps along the path to wealth (and how they recovered) and sometimes getting a new investment idea to look into.
Keep ’em coming!
Keith Kosbau says
I’d be curious to know what percentage of people who read this site are already millionaires. I think there are a lot more of them out there than you would think. They are just more private don’t want to provide an interview. May be you could do a quick survey some time. It would just be fun to have an approximate idea.
ESI says
I agree — I think there are way more millionaires who read the site than just those who do interviews.
We see this in the forums as well — lots of millionaires who just want to be members and don’t want to do interviews.
KM says
I have enjoyed the interviews immensely. They have confirmed my thoughts based on my experiences and opened my eyes to new ideas, some of which changed my plans. I do see alot of the same stories, and hope to submit an interview to add some diversity. Thank you for all your efforts!
Meimei Tsang says
It’s been very enjoyable reading about the millionaires and how they got there. Love the updates on the past millionaires showing growth even occurs during retirement or crazy times.
Bruce says
I look forward to reading the blog and the millionaire interviews. It does seem most of the people interviewed who have attained millionaire status are good savers and are good at living considerably below their means. They still enjoy activities and experiences but most of the time do not have expensive hobbies or interests. The interviews allow me to hear the stories of others who have attained millionaire status. Most millionaires I know don’t flaunt their wealth and you would never know they were wealthy.
ben says
I love seeing the different paths people take to become wealthy. It proves there are many ways to succeed financially, you just need to find what fits your strengths.
Brad says
The Millionaire interviews are inspirational, aspirational, and simply stated… people demonstrating that the American Dream is alive and well.
My biggest learning after reading virtually all interviews is how often “The Millionaire Next Door” book is mentioned. It’s a wonderful roadmap.
Phillip says
There is almost always new nuggets to learn with each new interview, whether it be a real-estate investement strategy twist, portfolio tweak idea, reference target savings amount for the kid’s college fund, learning about new financial pitfalls to be aware of, getting estate management thoughts, good blogs or books to read or something else. Looking forward to another 100 interviews.
Andreas says
Every time there is a new millionaire interview I hope to see that the person has had or currently has the same job as I have. This happended so far only once or twice. So I hope there are more coming before I have to give my interview in a few years.
MS says
I really appreciate seeing and hearing what other are doing as it continues to inspire me along my journey! Thank you!
MI 259 says
Love the millionaire interviews and the stories intertwined within the numbers. Proof that it is possible for people from so many backgrounds to hit such a seemingly difficult goal. There are many different paths to get there, but each include examples of perseverance and adaptability which can benefit anyone reading these interviews.
BLS says
I enjoy the millionaire interviews. I could not do an interview because I have no idea when I became a millionaire or what my savings rate has been. We never had a budget but we always saved the max in 403b and 457b plans and always discussed big purchases. One of the best things we did was have me take over the money management after about 10 years into our marriage since I had more of an interest even though I had less free time. We had a HELOC and I was thinking it must be paid off after 10 years but it was maxed out when I checked. My husband said he needed it to pay for schools and for vacations. I took it over and paid it off in no time. ( No money, no trip! We fortunately were still able to travel once the HELOC was paid off. ) In spite of Roth accounts not being available for most of our lives (due to income limits and owning large IRA’s) and FIRE not really being a concept, we have recently been able to retire after 35 years of working. It’s not FIRE, but it is awesome. Still adjusting to spending vs. saving. Very strange concept!
ESI says
You don’t have to know those things to do an interview — you just have to be a millionaire currently. 😉
GJ says
As a HENRY, I love the weekly reminder/ motivation that staying committed to daily frugal choices and avoiding lifestyle inflation will pay off in the long run. I also love that so many of the interviewees espouse Biblical principals, especially regarding giving. Last thing is it gives me inspiration to look for affordable ways to travel and create memories with my kids while they’re young. If even ESI founder would have spent more money on this in previous years, I can book them feeling confident I will not regret the memories made and modest amount of money well spent.
Maria says
I love your Millionaire Interviews series. There is so much wisdom to extract from each of these success stories. My personal favorite are from those people who made it to millionaire level on regular jobs (or small businesses) without huge salaries. Their accomplishments, it seems to me, rate higher than those other folks who already earn six figures a year and so would easily achieve millionaire status if they only try.
Thanks so much for doing these interviews. Wishing you continued success.
Scott C says
Love the interviews (working on mine now – thanks for the recent motivation) and the book “reviews” (really more of a summary). Keep it up and thanks for the kind gesture!
Melissa Clemons says
Thanks so much for the Millionaire Interviews and also, the Retirement Interviews. It’s a toss-up which I like the best! I’ve reached Millionaire status primarily due to maxing out 401K contributions and investing in the Stock Market. Several of the interviews point out ideas I wish I had tackled earlier in my career.
Kate says
Thank you for continuing these interviews, I find them fascinating and so interesting. I think my favorite aspect is the honesty of the “blunders” people make along the way – it reminds me that the path to millionaire status is a journey, not a destination. I only wish I’d had this kind of advice 25 years sooner!
Scooter says
Thank you for Millionaire Interviews, I have enjoyed reading about each person’s grew their wealth and motivates me to grow my side hustle of flipping items on Ebay. We are using that money to pay off our home early, as of this week we will be done in 2.5 years!
Elena says
Thank you for the interviews! I enjoy reading the different stories and how they got to that spot. Thank you.
Ann says
IT has been fun and informative to learn from such a wide variety of millionaires. thanks for providing this forum for financial learning!
Joe says
Hi Esi
Been reading from interview one. Such a motivation. Thanks again.
Jay says
I really enjoy reading each post, especially those that i can personally identify with in some manner. They provide motivation to continue learning, so that i may recognize opportunities to do better. One day, i hope to be included on your list of interviewees. Thank you for continuing to offer this service.
Diogenes says
What I like best about the millionaire interviews is that many of these millionaires are everyday people not much different than me. If they can do it, so can I.
VPMom says
I started reading this blog for the millionaire interviews. I like that there are a lot of similarities, but yet different paths to get to FI. I have also learned from reading that you can make a mistake or two, but yet still reach your financial goals if you stay disciplined. One question I would love to see added for the next 100 is, for those with children, how are you teaching /did you teach them about finances?
ChasingGoals says
I enjoy being able to follow along in each millionaire’s journey. There is always some take away from their experience whether it be how they persevered through humbled beginnings or career mishaps. It’s also inspiring to see the “boring” (ESI) way to wealth is attainable.
Eddy says
For me, I’ve always enjoyed the part of the interviews where the person talks about how they choose to spend the money that they’ve worked hard to accrue (eg. kids, charities, hobbies, etc). Serves as a nice reminder to strive to balance out the fruits of ESI!
kma says
I really learn a lot from reading the interviews, seeing the multitude of ways people E, S & I to get to a good place financially. As a military spouse, I especially enjoy interviews featuring former and current military members.
Angela says
Reading the interviews made me realize I could take the plunge into real estate investing. I quickly went from 1 to 6 properties after reading about so many others investing this way. Thank you for all the great perspectives through your interviews!
PBJ says
I love the consistency of interviews along with learning from those that have done it. Keep up the good work ESI!
Julio D. says
What I like most about these interviews is seeing the different situations of each interviewee and getting the same results.
I have also learned to put more focus on my career due to these interviews.
Thank you!
Caleb Kelley says
My favorite thing about the interviews is the wide variety of experiences they’ve all gone through. It’s amazing how different the paths can be that arrive at the same place monetarily speaking. Great stuff!
Kathleen Scasino says
I enjoy reading the millionaire posts that are most similar to my situation.
Brian says
Not being in a circle that regularly talks about wealth, I LOVE seeing what other people are doing… it’s inspiring and provides more direction for my wealth life than I get anywhere else.
Anthony says
My favorite part of most interviews is here about where it all started. Most are humble beginnings and entail a whole lot of blood, sweat and tears to get to that seven figure mark!
Whitney says
I’ve been reading since about #75. My favorite is when millionaires embrace charitable giving along the way. I think it’s a fallacy for millionaires to think they’ll start giving once they reach some milestone in the future. Generosity is a state of mind and a way of life. It’s indeed life-changing. Thanks for providing a great site!
Ryan says
Thank you ESI guy and to all the writers of this series. I have learned a lot from you all. A big takeaway for me from this series is persistence. The millionaires all work hard with the ESI formula for close to 20 years and then get to enjoy the fruits of their labor. I’m a super saver so I need to be careful not to over work or work too long like ESI has warned us about. I don’t want to work an extra 8-10 years for no reason.
PeterinPA says
I enjoy the millionaire posts as they show that ordinary people can succeed and become rich . A close relative once told me “you have to be born independently wealthy to be rich”. Au contraire.
Discipline and following the principles of ESI is all you need.
Bruce Winter says
What I have learned after all these years is ANYBODY can become wealthy over time. It just takes ESI along with perseverance. Stay strong and keep up the incredible work and your important position in helping so many people understand.
AZ Joe says
I wish I had had ESI 30 years ago! The principles are now, to me, pretty obvious, but Not when I started. We all have our histories and experiences. The interviews are a reinforcement of acquired knowledge and learned principles. I appreciate the concepts and enjoy the articles and stories of successful people. Keep them coming.
B says
I like the growth mindset that seems to be consistent with starting with lower level wages\salary and compounding with continuous improvement up to the highest brackets – very inspiring and humbling to know that incremental improvements add up across a career
M1-303 says
The percentage married really sticks out to me. Thanks for your work on these interviews, it is nice to see the ups and downs from others and the overall consistency in saving.
The low percentage of those claiming investing as a super power to me speaks to the humility of the community
The Crusher says
Love the series and was very happy to participate as Millionaire #65.
I love being able to benchmark our progress with similarly minded peers.
One key take away for me has been how non-spectacular most stories are – just normal people grinding away to move the needle.
Michael Hoffman says
Great Information. I learned that pretty independent of income, regular saving & investing can make many people financially independent. Keep up the good work.
Wilkop says
Always reminded that the relative emphasis on E, S and I can vary, but all three are required to reach the goal. The interviews are interesting in the way they show how different individuals apply the three tools to achieve their objectives.
MI#2 says
Hi ESI, thank you for continuing this journey. In particular, I have really enjoyed this series. It’s great to see how folks get to this financial goals through many different methods. Also, it is great to see the diversity of the group, and the different perspectives.
The biggest thing I learned is probably to be HAPPY. The folks that are writing are usually very happy and proud to share their stories, no matter if they are $1M Net Worth or $15M… it’s great that even with that huge range there is a community of folks that have this great forum to learn and growth together.
THANK YOU!
Sarah says
Honestly, working toward financial independence / millionaire status sometimes feels so BORING!! Wake up every day and work hard and make good financial decisions- and again the next day and again the next day. And those months where you worked so hard and saved so much and yet your net worth still went down because of that dang stock market- they stink! Reading the millionaire interviews is such great motivation for those moments!! Just keep plugging along and we’ll get there eventually! I feel like there are so many get rich quick schemes out there and ESI millionaire interviews are the best reminders that the get rich slow plan is going to yield far superior results, with a bit of patience. Thanks so much for the continued nudge in the right direction, ESI!
S says
Very cool to have interviewed so many people on this topic. I am happy to learn from these folks.
Sam says
My favorite takeaway is that most started from low salaries and steadily grew their wealth through persistent saving. Earning was important, but the emphasis for most was on early saving. Yes, wealth grew exponentially later, but only after the habit of saving had been established.
Taco Tuesday says
Thank you for such an impactful series. I have learned from each episode and especially love the actionable RE advice from many. From this and other sites I have really grown a base knowledge and this year, it had a tangible benefit besides the day to day grind of accumulation. My H&R Block tax preparer told me I owed 21k and I was shocked based on my estimates. Digging through every page line by line, I was able to correct multiple mistakes such as how they input the back door Roth and incorrect/missing Schedule E expenses for our STRs. I was able to get it down to 9k, which lined up exactly with my expectations! Two hours of work but hundreds of hours of knowledge from your site and others saved me 12k that day! My wife was shocked and now sees a little more of the value of all the content and podcasts I digest on a weekly basis 🙂 This difference more than paid for the 2 week trip we just got back from so huge win!
Thank you for all you have taught me over the years!
(And yes I will be getting a CPA for next year)
Mark says
I like reading about the books they read, and their best and worst decisions they’ve made. I also relate more to those in the lower side of net worth because I feel like it’s attainable for me. I turned forty this year and am on the cusp of making the list.
EngineerIntoRE says
I just started reading your blog. I am in my mid 30s and I love how I can use these millionaire as a benchmark to how I am doing nowadays. I am on track to hit 1 million network in a year or two, hoping to retire once my kids are in college in the next 10-12 years.
Steve says
John,
Many thanks for doing this interviews and maintain this web site!
What I like most about these interviews is that they showcase regular people. Being wealthy does not require a high IQ or an amazingly high-paying job. It does require the mindset to earn, save, and invest over time. I also love how you ask people to discuss their worst investments and many disclose mistakes they’ve made along the way. We can learn so much from mistakes.
Thanks again for all you do!
MI247 says
I’ve learned that despite being a multimillionaire I’m still cheap enough to score whore out my email for $300.😆😆😆
Jokes aside, this info is great. What gets measured, gets improved!
Lisa says
I enjoy reading these interviews for the access they give me to information I can’t get elsewhere plus for the motivation and inspiration that I get from reading about their success. I stumbled upon your blog back in 2018 and have been reading ever since. And, you inspired me to start tracking my net worth! 75% on the way to millionaire status. I estimate I’ll hit a million in 3 years.
Schultz says
My favorite content are those stories I can relate to the most (similar age, regular jobs who worked their way up, similar mindset on priorities). Thank you for pulling each one together!
Henry says
I have been following you and your blog for a long time. Thank you for teaching me and my family the fundamental of building wealth.
Lefty says
I appreciate that the same lessons I learned from The Richest Man in Babylon are confirmed first by The Millionaire Next Door and now by 300 millionaire interviews. It was so encouraging to see that the path was there. I just needed to follow it. It worked for me.
PEScott says
I have learned that the Millionaire Next Door is alive and well with these interviews. I have also learned that the majority of the people on ESI are generous with their advice and input to others (especially on the MMM companion site).
Dean says
I like the progression in income that’s noted in most interviews. In fact I only recall 1 interview where the interviewee mentioned that he married a wealthy woman.
Seeing those early salaries climb into the hundreds of thousands over the years and applying solid savings and investing principles gives one the feeling that you too can become a millionaire.
Looking forward to many more lessons!
Cambridge says
I like the few women interviews that have been featured. These women are bad** in my opinion. Many dont have the higher salaries that one usually see, but the focus on budget, and the ESI principles are applied to reach their millionaire goal. For a young female just embarking on my journey, nothing is more inspiring than that.
Thank you for your blog. You’ve given back enough already, imo
Sydney says
One of the most poignant thing I’ve learned is that there’s a lot of failures that occur along the way to becoming a millionaire. I thought that those who rose to millionaire status always got it right. But it is so good to see them mention their failures along the way. Reminds me of a quote my dad used to always use: “you can fail your way to success”. Now I get it. It’s called grit
Thank you, great stuff.
Shocky says
It’s clear from these interviews that is not easy being a millionaire, but it’s also not impossible. They interviews show that if you apply the principles mentioned, stay consistent, keeps eyes on spending and lifestyle inflation in general, as well as being patient, then millionaire status will be in your future. Great stuff. Please keep ‘em coming
MI -235 says
ESI, all around fantastic content and great way to deliver it. While the three principles are easy to understand, they sometimes can be very difficult to execute. The irony is once you learn this philosophy of these three principles and implement them, it’s surprisingly fast on how your actions can help every aspect of your life. Love it!
James Badolato says
I enjoy information about real estate investing.
Sue says
Thank you for the finding and help me learn how to be a millionaire.
Brandon says
I love reading and learning how other people have achieved the millionaire status. Some I find really encouraging, and I feel you learn something from each one. I enjoy these summary articles too, so we can actually go back and look at the data. Keep up the awesome work!
Sam says
This website has inspired me for many years. It’s a mentality, even if you’re not a millionaire, just telling yourself you will be and working towards it thru ESI can get you there. As a women in fields that are not suppose to make a lot of money, my wife and I found ways to increase our income. Then we took that to pay off debt and invest in index funds and RE to build wealth, which is now going towards the 2nd million. It’s pretty amazing to see it happen, and now our goal is to hit 10 million (in today’s $$) in 15yrs just from the investments and income we bring in, which isn’t as much since I’m FIRE’d/ SAHM.
I’m curious how many female millionaires read your site and haven’t interviewed. Thank you for all that you do!
Jay Brentzel says
I have always liked to compare the habits of others against my own habits. I enjoy reading millionaire interviews the best. One key Take away is spend less than you make and invest wisely. Thank you for your work.
Daniel says
Thank you ESI for These amazing 300 Interviews. I enjoed reading them all. What I find most interesting is the fact that a lot of the Millionaire start out small and let the compound interest do its work.
Scott says
Enjoy the varied approaches each millionaire has earned their wealth. Each interview contains specific learning points. While the book reviews are insightful. The ESI fundamentals have been shared with all my kids.
Charmaine says
esi, great giveaway. But u have been a giver all along since the days of your other site. I’ve been emulating u, and it feels great! So much is learned from peeling away the layers on the onion from millionaires , their habits, their earnings, and even their zeal for continued learning and generously giving their time and experience in helping others.
There’s a certain amount of hate I sometimes sense from those who sport a higher than normal income or multiple million net worth, but you know what? I’m not hating on them. One can learn from their climb and experiences too, and as mentioned, many of these started from humble beginnings, so it’s an opportunity to admire, learn , and emulate. Similarly, same for the guy who toils away @ the factory in the Midwest making $60k a year . One can learn a bunch in terms of budgeting on the lean from this person as well. My point, take teachings from everybody and apply what’s meaningful to your specific circumstances. No high income, high net worth hating. I have benefited immensely from the diversity of ALL these millionaires
Nick says
This is a great series and I have been following these stories for several years. A couple of takeaways that stuck out for me were the power of switching jobs in generating large salary increases and the importance of index funds and patience. Real estate investment and business development also appear to factor in the net worth increases of your subjects. Thank you.
Southern Gal says
Since I’m already retired and a millionaire, I read the interviews not to learn, but to see how they got there along the way.
Not every millionaire earned their status from a high paying job – although your statistics prove that’s how the majority did. I’m a single woman who never made more than $85k in any given year (and made that only in the last 5 yrs prior to retirement) and I was still able to reach a 7-figure portfolio. I wish there were more interviews that could prove to your readers that having a 6-figure income is not the only way to millionaire status; Save and Invest minus Earn can still get you where you want to be. Love your content – thanks!
Happy1 says
Totally agree. Keep in mind also many of the millionaires were 1) male who traditionally make more money than women 2) married with possibly two incomes and 3) only 2 children
MI-109 says
I have been reading ESI since I retired from the military 4 years ago. I really like learning about the diversity of circumstances and experiences of the interviewees. Book reviews are fantastic and I have also enjoyed hearing your own story and your ongoing adventures as you continue to live a life of financial independence. Thank you.
Saurabh says
I believe the best thing about the interviews is how consistent the advice is, live below your means, keep growing, save and invest. It’s good to have the approach reinforced by so many successful people.
Personally, the most powerful thing that I have learned from these interviews is the automation of saving and investing. Having money taken out of my paycheck and regularly from my accounts makes saving so much easier. It’s amazing how quickly small amounts that I contribute every month add up.
We sometimes even use the “small amount adding up to big goals” analogy to inspire our kids to put in the work daily at their school, extracurricular activities, etc. and the results have been equally amazing.
Greg Brown says
What I like best about the millionaire interviews is that they emphasize that it is never too late to start using the ESI formula to increase your own wealth and realize your financial dreams.
I didn’t have a strong early education in what seemed like the mystery of money. The only lesson I really got was that you don’t spend money that you don’t have.
I was a latch key kid, who got free school lunches and started working in a gas station at age 10. I also bucked hay until my arms would have to be forcibly uncurled from cramps. But it was good money for a 14 year old.
I started late. I was 37 years old when I learned the key to unlocking the “secret” of creating wealth. It turns out that it was:
* Increase income
* Consistently save
* Give every dollar you earn a job (Invest)
Otherwise known as ESI
I am now a multi- millionaire and I didn’t do anything extraordinary besides ESI. That’s why I love the millionaire interviews. No matter what stage of life you are in you can learn to be a millionaire.
Thank you for time in reading this.
Daniel says
My favorite thing is to learn from others who have done it before me, so to avoid making the same mistakes.
As a physician I always like to read how other docs have achieved success.
Thanks for everything esi
steve says
I like to see how similar or dissimilar the millionaires are to my situation and if I can learn anything from them or their experience.
RE@54 says
Love this about how millionaires got there.
“We have to step back a bit because someone (I know they are out there) will say something like “I can’t save 50% of my income so I guess I’ll never be wealthy!”
Just remember that the numbers these millionaires are reporting is where they stand now — not where they stood 30 years ago.
Most started out the same place I did. They had a decent (not great) job, watched their pennies and dollars, and saved whatever they could on a tight budget.
Then as time went on their incomes increased at a faster rate than their spending. That’s how they got where they are today. They didn’t start out earning or saving a ton. It was years of work and discipline that got them where they are now.”
People think we did this now. Nope, 30 long long years. Bought house, had kids, life happened. We just did it.
John says
It’s been interesting to see the diverse backgrounds of the jobs/careers and yet also interesting to see how the patterns of wealth building are very similar for each of the millionaires.
Kj says
So inspiring! I’ve always been a good saver but these interviews reminded me to take risks too. When your savings are big enough, you don’t need to worry as much when the investment fluctuate.
MI-150 says
I really like the MI of the average, career folks. Seems like the Doctors, Lawyers, C-suite stock-options have such high income, most seem to be millionaires after 1-2 years of salary. Those are not really informative other than knowing how overpaid most of them seem to be.
VPMom says
Overpaid? That’s a snarky comment. It seems that the doctors, lawyers, and C-suite had to leverage extra education and risk, not to mention long hours and hard work to get the “high income”. It’s not exactly hanging out and cashing in on a trust fund.
kenneth m says
These interviews are always interesting to see how people have achieved great wealth, especially those with middle class incomes. These interviews have taught me how important it is to start saving early, and that it is more important to save than where you invest those savings.
Steve says
My biggest takeaway is that I can do it too! $1 million is a lot of money, and when I started my journey in my early career, being a millionaire was a dream. As my wife and I have saved and invested, being a millionaire is only a couple years away!!
Naomi M says
I appreciate your blog it has defnitely helped me on our journey. While the principles are basic (earn, save, invest), the way you communicate the information always have information that is useful and actionable.
Ginzu says
ESI, three letters to form a financial grid work and philosophy. I enjoy each of the of the answers the people provide and I usually add one more letter to capture a “what next” for the interviewee. What letter would you add, what would it stand for, and how would you incorporate it into the ESI theme?
JCI says
My take away is that consistently paying yourself first is the key to building wealth. That and not panic selling when the going gets tough.
ESI says
This giveaway is over. Here are the winners and the times they commented:
TF says — APRIL 22, 2022 AT 5:48 AM
Vishal — APRIL 22, 2022 AT 8:21 AM
DC — APRIL 22, 2022 AT 9:45 AM
VPMom — APRIL 22, 2022 AT 2:41 PM
Lefty — APRIL 23, 2022 AT 5:49 PM
Shocky — APRIL 23, 2022 AT 7:13 PM
I will be emailing each of you to confirm your email addresses before I send out the ecards.
Thanks to everyone for entering!!!!
Ming says
I pay attention to “made those financial mistakes…” “advice to ESI readers…”,because the words like a friend, talk to me.
RE@54 says
Congrats to the winners and congrats on 300 millionaire interviews!
Tom Murin says
I like that the interviews are real and that you can relate to many of the millionaires. I’ll be completing mine soon (your shaming us in a recent post is a motivating factor). Sometimes I find myself wondering why so many of the high earners don’t have an even higher net worth.
Amanda says
I appreciated the comment about how many of the now millionaires started off with relatively low incomes but were still able to reach this status by the time they were 40. I think we are on track for the same, with relatively normal careers. I also appreciate actionable tips.
It was also eye-opening and disheartening to see how few of the interviewed millionaires were women, though I appreciated that interviews from women were still included.
ESI says
I’ll take as many women interviewees as I can get…send any you know my way!