Today I have an update for you from a previous millionaire interview.
I’m letting three years pass from the initial interviews to the updates, so if you’ve been interviewed, I’ll be in touch. š
This one is a bit of a milestone as weāre at number 50, and as such, we have a unique guest doing this interview. Letās see if you can identify him. š
As usual, my questions are in bold italics and their responses follow…
OVERVIEW
How old are you?
I am 59 and will turn the big 6-0 this year.
It blows my mind to think Iām this old, and yet here we are.
When I was a kid, 60 was one step away from dead. Today 60-year-olds are doing all sorts of things 40-year-olds used to do, so I guess itās ok. Hahaha.
My wife is around the same age (I wonāt say specifically, thatās her secret) and weāve been married over 30 years.
Do you have kids?
We have two kids.
Our son is 27 and lives and works in Denver.
Our daughter is 25. She and our son-in-law live in Colorado Springs. They visit us 2-3 times a year for an extended period of time (2-3 weeks).
What area of the country do you live in (and urban or rural)?
Central Florida ā the land of old geezers and Mickey Mouse! Hahahaha. Specifically, The Villages.
Itās a GREAT place to live in the winter and the rest of the nation is envying us right now.
Itās gets a bit warm starting in March or so, so there is that.
Also, our kids are far away from us. We had plans for them to move down here but those have been changed (by them). They are likely moving closer (within a dayās drive) but thatās still a work in progress. Time will tell how it sorts out.
I miss seeing them on a regular basis.
What was your original Millionaire Interview on ESI Money?
I was Millionaire Interview 100 which was conducted over five years ago. Wow, time flies!!!
If you havenāt figured out who I am by now, you will soon! LOL!
BTW, I said above that I usually ask millionaires for an update around three years after their initial interview, so why am I at five years?
Hey, Iām retired, give me a break! I have pickleball to play, relaxing to do, and all that! LOL!
Is there anything else we should know about you?
You know almost everything about me if youāve been reading this site for any reasonable amount of time.
But just to make sure weāre all on the same page, I retired at 52, and my original interview was a couple years after that.
Itās been a good run and I LOVE being retired!!!!
In December 2022 we moved to The Villages, Florida (from Colorado Springs), which has been the most-recent ābig thingā to happen in our lives.
My dad moved down here almost a year before we did and we see him often.
NET WORTH
What is your current net worth and how is that different than your original interview?
My current net worth is $6.76 million.
It was $3.78 million at the time of the first interview.
Itās been a good run! š
What happened along the way to make these changes?
A few things contributed to these results:
- I make enough income between my hobbies (two websites) and investments (real estate, dividend stocks, etc.) to more than cover my annual expenses and still have a good amount left over for investing.
- As a result of the income surplus, we havenāt had to withdraw any assets, which have allowed them to grow ā especially the index funds. These have done quite well over the past several years and since they make up the majority of my net worth, they are responsible for the majority of the increase.
- I sold my real estate properties at a very solid gain. I invested much of those proceeds into real estate syndications. The vast majority of those are doing well, but I have a few āissuesā among them since interest rates increased so quickly. Hereās where I currently stand with my real estate syndication results.
- I bought a business, grew it dramatically, then sold it for and sold it for roughly twice what I paid for it (plus had income from it for a couple years.)
- We sold our Colorado home for about $250k more than what we paid for it. So that was nice.
- On the āexpenseā side, we have increased our giving, committing to giving away $100k per year for five years. We are two years into that plan. The giving is done by moving appreciated index funds from our taxable account to our donor-advised fund, and then distributing money from there.
What are you currently doing to maintain/grow your net worth?
Not muchā¦other than the same things Iāve always done ā earning more than I spend and letting the investments ride.
Once you get to a certain level of wealth, much of it is on auto-pilot. The compounding starts to cascade and you donāt really need to do anything other than stay out of the way and let it do its thing!
EARN
What is your job?
I have been retired for over seven years.
That said, I do have a side hustle that:
- Started as a passion project
- Turned into a decent income
- Allowed me to buy and sell an online business (Rockstar Finance)
- Helped me start another online business (The Millionaire Money Mentors)
Soā¦I am retired from my 28 career and I consider myself āretiredā as a result.
Others may say I am simply self-employed these days, and if that makes them feel better, thatās ok with me. I used to put up a fuss about this but I guess Iām mellowing in my old age ā or I just donāt care any longer. Haha.
What is your annual income?
Including the side businesses, dividends, real estate syndications, and simply interest (which is nothing to sneeze at these days), itās roughly $200k.
Itās been amazing to earn so much with a part-time gig (a couple hours a day and TOTAL flexibility) that I love.
Why didnāt I do this when I was 35?????? I gave up so much time ā which is one reason I preach the āretire as soon as you canā message every chance I get.
How has this changed since your last interview?
Itās almost exactly the same, though the mix has shifted.
Back then I had three websites (two blogs and Rockstar Finance) and a few rental properties.
Now I have one blog, one membership site, several dividend stocks, several real estate syndications, and a couple large savings accounts.
The amount invested is much larger and thus drives a bigger portion of the income than it did five years ago. Thatās a nice way of saying I donāt earn as much as I used to from my side hustles, primarily because Iām not really pushing to do so.
I could add more people to MMM if I wanted, but if too many join Iām worried that it might upset the awesome vibe we have going there. So weāll keep it as is for now.
Have you added, grown, or lost any additional sources of income besides your career?
Yes, almost all of them have changed.
In the original interview the list was basically sites and physical rental units.
Now itās much more diversified.
I like it better this way as the base is broader. If one goes down there are many others to cover our needs (not to mention we could cut costs if need be.)
Plus, we have all these margins of safety in case several of them tank.
SAVE
What is your annual spending and how has it changed since your interview?
Itās held steady at roughly $100k per year.
What happened along the way to make these changes?
Even though the amount has held consistent, the mix has changed slightly.
The key differences:
- Vacations have gone down. We no longer need to spend $25k on a trip to Hawaii or a cruise to the Caribbean. Why? Because we live in a resort! Hahaha. Very few vacation spots are as nice as the place we live. Case in point ā a Hilton Grand Vacation resort pales in comparison to The Villages.
- Giving has gone up ā as noted above.
- Inflation has increased the cost of āeverydayā things we buy, so keeping spending roughly the same over five years is a pretty good accomplishment.
INVEST
What are your current investments and how have they changed over the years?
Originally they were basically index funds and rental properties.
Now I have index funds, real estate syndications, dividend stocks, and interest.
What happened along the way to make these changes?
The biggest impact was that I was tired of managing my rental properties (which was simply managing my management company).
When I bought the units, we lived in the same market and I could do minor fixes (by having a friend handle them) PLUS I had an awesome property manager.
Then my property manager left the company and I got assigned the āBā team. And I moved out of the market too. Now I was at their complete mercy. The straw that broke the camelās back was a $200 charge to replace a mailbox flag! Ugh!!!!
By a combination of mismanagement (laziness, really) and over-charging for even the most basic service, they wore me down ā the monthly review of my statements was always the worst part of my month. And I didnāt need that in my otherwise completely joyful retirement life.
Plus I became concerned that their management could lead to something disastrous ā a fire, major damage from maintenance neglect, etc.
So in the summer of 2021, I sold everything (which looks like pretty good timing in hindsight). I invested in several real estate syndications, spreading the money out by syndicator, type of real estate, due dates, and so on. So far Iāve seen four of those deals go full cycle and another is set to do so in March.
Eventually I want to get to about $900k in syndications, which should bring in $60-$90k a year (plus the potential for appreciation) once the real estate market settles down.
MISCELLANEOUS
What other financial challenges or opportunities have you faced since your last interview?
None really, other than the real estate.
I did rearrange things as noted above, but for the most part I have kept things slow and steady.
Thereās no need to rock the boat when things are going well and youāve won the game (though I do find it hard to stop playing as itās fun).
Overall, what’s better and what’s worse since your last interview?
Mostly I would say life is the same as it was five years ago ā which is great!
Here are some of the highlights that have happened to us during those five years thoughā¦
Things that are better:
- Our finances are larger and more diversified. Explained above, but just want to note again that things are as good financially as theyāve ever been.
- I found pickleball. Need I say more? š
- I have more friends/social activity than ever before. As a natural introvert, I donāt need/want a lot of social interaction, but I certainly have it with new friends all over the place (pickleball, MMM, The Villages, etc.) They say a good social life is vital for a great retirement and I certainly have that covered in spades!
- My daughter graduated college and got married. Then they moved to Colorado Springs and we lived in the same town for several years, which was GREAT. Their plan to move down here has been sidetracked, so weāre figuring that out now.
- The Millionaire Money Mentors site has been a huge blessing. I have met so many great people, learned more about money and life than I ever thought I would need to, and have developed several very close friendships. Now weāre even getting together in person in one big conference and several side-off meetings here and there. Itās been an unexpected, amazing part of the forums.
- I got a cat ā and heās AWESOME!!! He adds so much life to the house and I canāt imagine life without him. I checked the other day and have about 3,200 photos of a ācatā (most are of my cat, Zeus) on my phone. Lol! I used to have mostly mountains and Zeus photos when we lived in Colorado and now I have mostly alligators and Zeus photos! Hahaha.
Things that are worse:
- My mom passed away. I was raised by my mom, a single parent, for most of my young life. She and my step-dad were an integral part of my life and then our lives (once we were married) until the day she went into the hospital (she and my wife would talk an hour or two every day.) She passed away a few years ago and we still miss her.
- We currently live away from our kids. The best-laid plans can go awry, so weāre working on what life near them could look like now. Itās still highly TBD based on where they end up living.
- Everyday aches and pains are starting to pop up as I get older. As my trainer once said, if you exercise youāre jacked up and if you donāt exercise youāre jacked up. Hahaha. Maybe Iām just getting jacked up because Iām old.
- Iām still adjusting to the move. It is just now starting to feel like home down here. (I do miss both the familiarity of living in a place for a long time plus the absence of a routine ā itās difficult to find a routine when youāre āon vacationā every day.) This time of year is amazing, so itās very nice, but the summer was longer than I thought it would be so Iām hoping my system adjusts at some point.
What are your plans for the future?
Financially, not much will change.
Iāll stop writing and running my side businesses one day, but those are probably many years down the road (unless something surprises me.) Next year I celebrate 20 years of blogging, so maybe Iāll go for 25 or 30! Hahaha.
I will let the syndications run full cycle and pull down my investments a bit (by about $400k lower).
Personally I would like to find some sort of volunteer activity that I really love, so weāll see how that goes. Iāve been looking for some time to find something I both love and can have a meaningful impact doing.
Given that you have a bit more wisdom and experience, what advice do you have these days for ESI Money readers?
To become wealthy, itās the same story Iāve been preaching for years:
- Earn as much as you can. Not everyone can earn $500k a year, but if you earn $50k you can work on things so you get up to $70k ā and that extra $20k a year can make a HUGE difference. You can also start a side hustle which has the added benefit of being able to go into retirement with you ā providing income and thus reducing the time required before you have enough to retire.
- Save as much as you can. Spend on what you love and cut everything else. You donāt have to be a miser, but you canāt be a spendthrift either or youāll get nowhere.
- Invest as much as you can for as long as you can. Index funds are my go-to long-term investments for those starting out. You can then add some real estate along the way (if you like) once you get enough of a solid base under you (at least thatās what I did and Iād do the same ā others simply stick with index funds only.) In case youāre interested, here are the general investment habits of millionaires.
As for retirement, do it as soon as possible.
Get a plan for how to afford it and what youāll do with your time ā then go for it!!!
Life is short and āonly one more yearā can easily turn into five more years.
If youāre over 50, think of it this way: the healthiest, most active, ābestā feeling year of life you have left is the next year (in most cases/on average). The next best is the year after that, and on and on.
Do you really want to give the best remaining years of your life to a job? Maybe, if you really LOVE that job. But if you donāt love what youāre doing as much as what you could be doing, why are you spending the best remaining years of your life at it?
MI 228 says
Itās you!
Thank you for ESI, it has made my life better. I am on the one year countdown to retirement and it feels amazing!!
ESI says
Appreciate that!
And CONGRATS!!!!
SoccerRules says
Another fantastic interview to read ESI.
Thanks for sharing your retirement update with your experience and wisdom since you started your retirement. Keep up the great work with ESI and MMM blogs. The MMM blog site has turned into an amazing source of information and certainly a wide variety of topics to read. MMM has taken over as my #1 blog to read and post on. I appreciate how you grew it with quality mentors and controlling the members that join the site. As a mentor on the site, I enjoy helping others out on their goal to retiring. I was blessed and thankful to be able to retire at 53 years old four years ago. I love retirement and feel the excitement everyday.
Also, interesting to read more on the realestate syndications. Never been on that path so I may research that avenue to see if it fits into our long term growth plan or not.
ESI says
There is one HUGE thread on MMM that you should read — dealing with syndications — if you’re thinking of investing.
SoccerRules says
Thanks. Will do.
Sask to AB says
Thank you SO much for all the posts you have written! It is a great service to people everywhere, and I have learned so much, and gotten many wonderful suggestions from your interviews. Hope your kids are able to move near you soon…….
ESI says
Thank you! I appreciate that!
RWW says
Love your writing please donāt stop.
ESI says
If I post on all the ideas I have currently, I’ll be quitting sometime in 2073…hahahaha.
Biggrey says
A great update post from you on your story. Congratulations and many more to come I’m sure.
You and I got here on the same general life and career tracks and timings, and are living the life now with the same great results. Different details, great outcomes.
You’ve inspired me and entertained me for years with this great side-hustle of yours, so I’m delighted to soon be one of the published interviewees. And I’m tremendously looking forward to joining the MMM group and contributing and learning.
ESI says
I’m looking forward to everyone reading your story!
SMB116 says
Great update! I am so thankful for your articles and all you have shared with me over the course of the last year. I have learned so much!
I think you write so well and it makes for easy reading. For your volunteering….have you thought of perhaps helping teenagers or young adults with managing money? I really think there is a need to teach them how to manage money, buy insurance, build up credit, pay bills, etc. Now that I retired, I decided I am going to run for the local school board. I feel there is so much we can give back to children as they are our future.
Thanks again for all you do! So glad you started MMM!!!!
ESI says
I actually emailed the principal at the local high school and offered to help teach kids about money. He thanked me but said they had everything they needed. So….
Financial Fives says
I just love how free-spirited and laid back you are, so enthusiastic about life and still being immensely productive and valuable to your readers! Good to hear that the syndications are working well for you after liquidating the rental properties. It can definitely be a drag and then you’re still receiving some benefit in the form of real estate exposure.
Kyle says
Your perspective is amazing ESI! I love reading your blog – hang out here a lot LOL. Keep crushing.
ESI says
Thanks! Appreciate that!
RJ says
Good update!
I am really curious if you ever have interest in the endless very expensive things that are out there? At 60 making twice what you spend and having an enormous cushion, arenāt you tempted? FL/Villages sounds good for daily living but do you have no interest in driving a Ferrari across Italy?!
Thanks for the interesting reads each week
ESI says
No interest at all.
I am blessed with the things money can’t buy — good health, a great family, etc.
When I think of buying something expensive, then I think about storing it, insuring it, caring for it, etc. and it adds complexity to my life which would make me LESS happy overall.
Same thoughts when I think about going somewhere. Why travel when I live in a resort?
I actually do enjoy “spending” money on giving/helping others, so that’s where my focus is now.
RJ says
Thanks for replying. Itās really my favorite reason for reading your site – what people prioritize in live between ESI and the other S – Spending.
There are many better places to experience than FL, and you donāt have to own a Ferrari to rent time with one!
My personal splurges are taking family to Paris and Alaska as teenagers
ESI says
I would say that, just like in finances, what’s “better” to one is personal.
So the statement “There are many better places to experience than FL” is true for you, though may not be true for someone else.
And the car think has ZERO interest to me.
I have made a point to create a life that is happy and full at home and don’t need to travel, drive an expensive car, or really do much else to find joy in life. I have that where I am and what I do at home.
I know others have different perspectives and I am happy for them. But for me it’s pretty good where I am and what I’m doing. š
MI-325 says
Your first “ha ha” gave it away for me. Thanks for all you do, I have learned so much!
ESI says
Yes, I do have that habit. š
Scott says
Thank you for your content, I have enjoyed reading FMF and ESI while putting much of what I have learned into practice!
ESI says
Looking forward to your interview!!!
MI226/RI43 says
Congrats on all of your successes! Iāve been enjoying this wonderful ride since the early days of FMF! I love the fact that you interviewed yourself for the MI and the RI series! So cool! You have certainly earned all the rewards of your early retirement. Very happy for you!
I really need to try MMMā¦ (I guess Iāve been enjoying retirement a little too much join! š„“)
ā¦.and Iāll still be reading in 2073! š¤£
ESI says
Hahaha…thanks!
cpt obv says
“The rest of the nation is envying us right now”
California is not.
ESI says
The parts where there are floods and erosion are…
Middleaged Investor says
I forget your cat’s name, but I am glad that he brings you so much joy. I feel the same way about my Pitbull…..lol. I retired almost 2 years ago at the age of 62.
Most of my contemporaries are still working and several of them unfortunately have no concise path to retirement…..some lived beyond their means etc.
I am glad to hear that you still like living in The Villages. I have a good friend whom has spent 2 winter seasons their as a visitor but still hasn’t pulled the full time trigger. How many folks would you say or visitor temporaries year to year by comparison % of the known residents?
ESI says
I’d say that maybe 1/3 are snowbird renters, and another 1/3 (or maybe less) are owners but are not here year around.
It’s pretty quiet here in the summer…maybe half or so of the population it is now.
And my cat is Zeus. š
Hospitalist says
Curious what do you do for health insurance if you are pre Medicare age. Thank you
ESI says
Same thing for the past seven years:
https://esimoney.com/picking-right-early-retirement-health-insurance-reviewing-options/
CB says
Thank you for the update. After a few sentences it was “wait, I know this guy and family”. Sure sounds like the move from CO to FL was great for you and your wife. And you are learning how to be “semi-introverted”. I enjoy reading your blog. Our retirement life continues to be good and today was rearranging flight schedules for our month in Hawaii. Every year we go there for 1 month and every month a vacation somewhere else (3 nights to 2 weeks). I reserved a condo in Avon, CO in June and look forward to hiking in the mountains. First time in CO in the summer vs ski season. Be Happy!!
ESI says
You will LOVE Colorado!!!
MI 343 says
Thank you forsharing your update!
I really like your heart about giving. Keep up the great work, it is a blessing to us.