A MILLIONAIRE man has opened up about how he and his wife reached the milestone financial goal – but revealed it’s not always all it cracked up to be.
Andy Hill and his partner worked tirelessly for ten years to boost their finances and managed to put a huge tick to that point on the bucket list.
A millionaire couple have opened up about the lessons they’ve learnt[/caption]
In an insightful article for Forbes, family finance writer Andy, 41, revealed: “Recently, my wife and I hit an incredible milestone that we’d been working on for a decade – we became a millionaire couple.
“Through time, patience and a strong partnership with my wife, our net worth went from -$50,000 to over $1,000,000.
“There were many ups and downs along the way, but at the end of the day, we were very proud of our family accomplishment.”
However, he said after taking in the eye-watering amount in his bank account, he had had time to “reflect” and discovered five key things about having loads of cash.
The first big takeaway was that not only did he still want to work – but he needed to as well.
Andy explained: “Even with a million dollar net worth, my wife and I are working to pay for our everyday living expenses.
“My 10-year old self would be astonished. He’d wonder why I’m not sitting by the pool and ordering butlers around.”
But Andy continued that this is far from the reality, as his second discovery was that if he wanted to retire comfortably, he’d need even more cash.
Andy went on to write: “Our family spends between $60,000 – $80,000 per year to live our comfortable lives.
“If we want to continue living this way in retirement (adjusted for inflation of course), we’re going to need a lot more than $1,000,000 invested.”
Andy’s inflation point also led to another lightbulb moment – that a million pounds just “isn’t what it used to be.”
He clarified: “Growing up in the ’80s and ’90s, when someone talked about being a millionaire, it was a big deal.
“Awkward yet watchable kid movies like Blank Check and Home Alone left me with a feeling that if you got a million bucks, you’d be set for life.”
But he then said that there are so many more millionaires now then there used to be – and that “one million dollars doesn’t go as far as it used to due to inflation.”
However, Andy then pointed out his fourth point – that he and his wife had had their eyes opened to the magic of interest.
He explained: “Compound interest is incredible; our money has the potential to make money. And then that money makes money. What a concept!”
But all in all, Andy admitted that while he still considered “a million dollar net worth” a huge “family win”, the build-up was ultimately better than reaching the goal.
He confessed: “That awesome millionaire moment quickly faded and we went back to our normal life.
“After that financialsubsided, I had a realisation that those other 22 million millionaires probably had as well.
“That’s recognizing the journey is much better than the destination.”
He then added that his thirteen-year marriage had seen them work out how their money worked best for them.
Andy concluded: “Those wealth-building lessons, and the trial and error we went through to learn those lessons, are the true reward on this millionaire journey.”
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He admitted that not only did he want to work – but he had to[/caption]
September 14, 2023 at 03:24PM
from The Sun