Podcast Summary: Money Guy Show
Episode: How to Become A Millionaire (By Age)
Hosts: Brian Preston & Bo Hanson
Date: March 20, 2026
Episode Overview
Brian and Bo dedicate this episode to demystifying what it takes to become a millionaire, tailored to your current age and stage of life. They break down the mindset, behaviors, and specific financial milestones for your 20s, 30s, 40s, and 50s, providing listeners with actionable strategies and motivational math. Throughout, they highlight typical pitfalls of the average American and contrast these with the routines of those on a millionaire path—what they call "financial mutants." The episode closes with a powerful reminder about the importance of aiming beyond just one million and using clear tools and benchmarks to stay on track.
Key Discussion Points & Insights
1. The Three Ingredients of Wealth Building
(02:00)
- Discipline: Living below your means to generate savings.
- Money: Consistently investing those savings.
- Time: Allowing compound growth to multiply your wealth.
- "You put that to work and in the most amount of time is going to load you up with wealth. Because we love the power of compounding growth."
— Brian (01:50)
Brian and Bo stress that the mix of these three elements varies as you age: more time when you’re young, more discipline required as you get older.
2. Millionaire Mindset & Math by Decade
Your 20s: Building the Foundation
Mindset:
- Most 20-somethings lack emergency funds and live at or above their means.
- Present bias is common (“what’s the next vacation?”).
- Millionaires in this decade prioritize emergency reserves, start investing—no matter how little—and “bedazzle their basic life” (cheap but meaningful experiences).
Notable Quotes:
- "If you're in your 20s, you're a big billionaire of time. And if you're sleeping on that, Tom, you're missing out." — Brian (04:11)
- "It does not require much. I don't care if it's $50 a month. I don't care if it's $100 a month. Just do something." — Brian (06:01)
Key Math:
| Age | Amount to Save/Invest to Hit $1M by Retirement |
|------|---------------------------------------------------------|
| 20 | $95/month OR $11,300 lump sum |
| 25 | $184/month OR ~$23,000 lump sum |
| 29 | $302/month OR $38,249 lump sum (if starting at zero) |
Resources:
- "Are You On Track to Be a Millionaire?" downloadable at moneyguy.com/resources
Your 30s: Doing Enough, Not Just Something
Mindset:
- Average Americans misuse debt (especially high-interest), overspend on cars and homes.
- Millionaires keep debt in check, fully fund emergencies, and ramp up their savings rate.
Notable Quotes:
- "The average millennial in their 30s has $6,961 of credit card debt… If you have that interest working against you, you are letting one of the most powerful forces in the world, compound interest, be an adversary instead of an ally." — Bo (11:15)
- "In your 30s, you don't get the just do something pass…" — Bo (19:12)
Car Buying Rule (23:8):
- 20% down
- No more than 36 months financing
- Payments ≤8% of gross monthly income
Home Buying Rule (3, 5, 25):
- ≥3% down (first home)
- Plan to stay 5+ years
- All-in housing costs ≤25% of gross monthly income
Key Math:
| Age | Save/Invest Amount to Hit $1M by Retirement |
|------|---------------------------------------------|
| 30 | $340/month or $43,300 total by 30 |
| 35 | $600/month or $78,700 total by 35 |
| 39 | ~$1,000/month or $122,500 total by 39 |
Your 40s: Time to Get Real
Mindset:
- Many drift through their 20s and 30s, entering their 40s with little to no idea of their financial standing.
- Average Americans begin taking on excessive risk or prioritizing kids’ college savings over their own retirement.
Notable Quotes:
- "If you don't know how much you're saved for retirement and you're in your 40s, you haven't saved." — Brian (24:12)
- "[Saving for your kid's college before your retirement] is a disaster. If you want to live in your kid's basement… this is the type of decision making you want." — Brian (27:04)
Tools:
- Net Worth Tracker (learn.moneyguy.com)
- "Know Your Number" Course
Key Math:
| Age | Save/Invest Amount to Hit $1M by Retirement |
|------|------------------------------------------------|
| 40 | $1,000/month or $136,000 total by 40 |
| 45 | $1,800/month or $224,000 total by 45 |
| 49 | $2,800/month or $322,000 total by 49 |
Guideline:
- Save/invest 25% or more if behind—time is running short, but compound growth still matters.
Your 50s: "Last Stop on the Catch-Up Train"
Mindset:
- Highest average debt (Gen X: $158,000 avg).
- Median household retirement savings: $185,000, which only produces ~$7,400/year at 4% withdrawal.
Notable Quotes:
- "If you're starting at zero at age 50, you gotta be saving $3,100 a month. Later, 55: close to $6,000 a month... These numbers are huge. This is a cautionary tale." — Brian (37:24)
- "You have to make some hard decisions... we can do better than this." — Brian (34:01)
Key Math:
| Age | Save/Invest Amount to Hit $1M by Retirement |
|------|----------------------------------------------|
| 50 | $3,100/month or $351,000 total by 50 |
| 55 | $6,000/month or ~$523,000 total by 55 |
| 59 | $11,000/month or ~$700,000 total by 59 |
Millionaire Moves:
- Actively plan ("land the plane") for retirement, focus on health, and envision post-career purpose.
3. Secret to Becoming a Multimillionaire
(38:32 onward)
- A million today won’t be worth the same in the future (due to inflation).
- $1M for a 25-year-old in 40 years = ~$306,000 in today's dollars.
- The formula: You can't have $2M without getting $1M first.
- Motivational Math: Focus on the first milestone; getting there opens the door to real financial independence.
Notable Quotes:
- "Don't let this be a discouraging thing. Let it be an encouraging thing… you got to get the first million first." — Bo (39:54)
- "You can't have 5 million without first crossing that first 1 million… do the exercise of knowing exactly where you are." — Brian (39:59)
Memorable Moments & Quotes (with Timestamps)
- Emergency funds are "not sexy" but essential:
"I promise you guys, you don't want to get caught making desperate decisions like using credit cards or debt because some emergency happens." — Brian (05:22) - Automate your savings:
"You have an automatic for the people type investment strategy." — Brian (20:10) - On buying too much house:
"If you are house rich, life poor, it doesn't leave enough margin for you to save for the future, to do all the things to live your best life." — Brian (15:48) - On putting your retirement savings before college funds:
"It's the same thing with your finances. ... You got to put your oxygen mask on first." — Brian (27:04) - On late starts:
"Your 40s is kind of the last stop on the train where your compounding growth is still super valuable. Don't let another day go by." — Brian (25:10) - On health in the 50s:
"They recognize, okay, there's no point in having all this money, ... and not being healthy enough to enjoy it." — Bo (36:32)
Actionable Resources (all free unless noted)
-
Are You On Track to Be a Millionaire?
moneyguy.com/resources -
Net Worth Tracking Tool & Know Your Number Course:
learn.moneyguy.com -
Car/House Affordability Calculators
moneyguy.com/resources
Overall Takeaways
- The earlier you start, the easier and less painful wealth building becomes due to compounding growth.
- Your wealth habits matter more than your current salary in the long run.
- Each decade has unique “must do” moves—start, ramp up, get precise, or catch up—but it’s never too late to make progress.
- Avoid common traps: lifestyle creep, excessive debt, and neglecting retirement in favor of short-term spending or even your kids’ college.
- Always know where you stand; clear benchmarks, check figures, and honest math are your friends.
Final Note from the Hosts
"We love creating content like this so you know exactly what's going on in your financial life so you don't have to be like the average American. We want to invite you to become a financial mutant."
— Brian (41:08)
For full access to their tools and calculators:
Visit their resources page or check out their book "Millionaire Mission."