Money Guy Show — “We asked 1,000 millionaires how they got rich. Here’s what they said.”

Hosts: Brian Preston & Bo Hanson
Date: September 5, 2025

Overview

In this episode, Brian and Bo dive deep into the real stories, habits, and strategies behind over 1,000 millionaires, drawing from their annual survey of Abound Wealth clients. The hosts dispel myths around wealth, education, and inheritance, revealing that the path to financial success is more accessible—and rooted in practical discipline—than many believe. The episode is packed with actionable advice, data-driven insights, and an optimistic message for listeners at all stages of their financial journey.

Key Discussion Points & Insights

1. Net Worth Realities Among Millionaires

Median Net Worth: Survey respondents had a median net worth of $2.2 million.
[01:07] Brian: “The median net worth $2.2 million.”
Distribution: 80% had net worths between $1 million and $5 million; some were below millionaire level, and a few at $10M+.
Takeaway: Most millionaires aren’t ultra-wealthy on paper—they’re consistent savers and investors.

2. Income Levels: Myth vs. Reality

Median Household Income: $250,000; average skewed higher to $330,000 due to outliers.
[02:27] Bo: “The majority… fell on that income range of between like $100,000 to $400,000.”
Opportunity at Lower Incomes: 12% made less than $100,000, proving high income isn’t required to build wealth.
[03:21] Brian: “12% of our clients actually make less than $100,000.”
Message: Wealth-building is accessible across income levels through discipline and financial decisions.

3. Education: No Ivy League Required

K–12 Education: 77% attended public schools, not elite private institutions.
Undergraduate: 69% went to public universities; only 21% attended private colleges.
[04:50] Brian: “Seven out of ten didn't go to some private university, didn't go to some Ivy League.”
Student Loan Management: 50% graduated debt free, 39% kept loans below their first-year salary (“first year financing rule”), only 11% exceeded it.
[06:10] Bo: “89% of our clients, almost nine out of ten, recognize that graduating college with tons of student loan debt is a very difficult way to get ahead...”
Advice: Prioritize affordable education with minimal debt.

4. Savings Rates: The #1 Superpower

Savings Discipline: 43% save at least 25% of gross income; when including retirees, this climbs above 51%.
[08:36] Brian: “Over 51% of our working clients…”
Most Save Aggressively: Even those who dropped to the 20–24% savings level did so after “measuring ahead of the curve” in their 40s.
Why 25%?: This rate gives the most flexibility and future security. [09:15] Bo: “The meaty part of the curve… is at that 25% savings threshold.”

5. Spending Habits: Cars and Homes

Cars

Cash Preferred: 60% paid cash for their last car.
[11:37] Brian: “The majority of them are paying cash.”
Early Career Reality: 72% financed their first car—proof it's okay, with discipline.
“23/8” Rule: If financing, put 20% down, three-year max loan, payments under 8% of income. [12:45] Bo: “[Put] 20% down… pay it off in no more than three years...payments cannot exceed 8% of your monthly income.”
Longevity: 84% drive cars more than seven years, compared to 63% of Americans swapping every five. [14:28] Bo: “84% of Abound clients drive it for more than seven years.”

Homes

Not Mega-Mansions: Median home value was $650,000 (average just over $1M, skewed by outliers); 70% are in $400,000–$1.2M range.
Primary Residence <25% Net Worth: Most have significant investments outside their homes. [16:39] Brian: “Their house is $650,000… that house was only 25% of their total net worth.”
Down Payments: 78% put down less than 20% on their first home. [18:04] Bo: “Almost 80%… put down less than 20% for their first home.”
Reality: Most did not follow “20% down, 15-year mortgage” advice early on.

6. Using Debt Wisely

Credit Cards: 97% use credit cards, but 99% never carry credit card debt.
[21:55] Brian: “99% of our clients understand that credit card debt is a no go place.”
Rule: Utilize credit cards for benefits/convenience only if you pay them off monthly; never carry balances.

7. Emergency Funds & Liquidity

Fully Funded: 94% have 3+ months’ emergency funds; 30% have more than a year's expenses. [22:52] Bo: “94% of our clients have a fully funded emergency fund.”
*Financial resilience is a universal commonality among the successful.

8. When “It Clicks”: The Age of Financial Awakening

Early Start: 58% got serious about money before 30; 30% began in their 30s; only 7% after 45. [24:58] Bo: “Almost 60%… got serious about money before age 30…”
Message: The earlier, the better—but “today” is the next best time.

9. Inheritance: The Self-Made Millionaire Myth Confirmed

Little to No Inheritance: 76% received less than $25,000 in total, 54% received nothing. [27:42] Bo: "76%, 3 out of 4 of our clients received no form of inheritance to be able to reach $1 million."
Affirms: Millionaire status is overwhelmingly self-made, not inherited.

10. Mindset: The Optimist’s Advantage

Optimism Dominates: 81% describe themselves as optimists, focusing on opportunities and improvement.
[30:42] Bo: “81%, 8 out of 10 of our clients would consider themselves optimists.”
Contrast: Majority of US identifies as pessimists—hosts argue mindset is a key wealth-building differentiator.

Notable Quotes & Memorable Moments

On Income Not Being Everything:
[03:26] Bo: "An income can be incredibly useful because it allows you to create margin, but it's not an absolute necessity...financial independence and building wealth is available to all income levels."
On Avoiding Student Loan Traps:
[05:47] Brian: "We actually have a rule...make sure you keep your student loans below what your anticipated first year of salary out of school will be."
On Early Car Financing:
[12:45] Brian: "When I graduated college, I was broke as a joke...the most important way I could start my wealth building journey was to drive to my job. And I needed reliable transportation for that. So I actually had to finance my first car."
On The Power of Starting Early:
[26:19] Bo: "The absolute best time to figure out money was yesterday, which makes today the second best time."
On Inheritance & Self-made Wealth:
[29:08] Brian: "If you're somebody who's out there and you're aspirational, this should put the fire within you is that don't listen to the false narratives out there that you can't do it."

Timeline of Key Segments

| Timestamp | Topic Overview | |------------|--------------------------------------------------------------| | 00:00–01:34| Survey intro, net worth realities | | 02:14–03:26| Income distribution among millionaires | | 04:08–06:55| Education, student loans, and affordability | | 07:49–09:15| Savings rates and their impact | | 10:12–14:28| Spending on cars: cash vs financing, the “23/8” rule | | 15:15–19:35| Home purchases: value, down payments, ratio to net worth | | 20:08–22:46| Debt management: credit card habits, emergency funds | | 24:00–26:19| When did millionaires get serious about money? | | 27:42–29:08| Inheritance (or lack thereof) and self-made wealth | | 29:40–31:55| Optimism vs pessimism; mindset’s role in wealth |

Takeaway Messages

Income helps, but discipline trumps all: Even lower six-figure earners can build seven-figure net worth over time.
Smart, consistent habits > windfalls: Low debt, high savings, long-term investing, moderate spending on big purchases.
Mindset is a superpower: Optimism, belief in change, and personal responsibility set millionaires apart.
Your financial journey can start at any stage: Earlier is better, but “today” always works.
Financial independence is accessible: The blueprint is public school, normal jobs, moderate houses/cars, and disciplined saving—not exceptional privilege.

Resources Mentioned

In the hosts’ words:
[24:58] Brian: "You choose your hard... every dollar has a multiplier, an exponential benefit... it is definitely something that is worth the sacrifice in your 20s. But if you're listening to this ... the absolute best time to figure out money was yesterday, which makes today the second best time."

This episode delivers an inspiring, accessible roadmap to millionaire status and financial independence, highlighting that the biggest determinants are personal habits—not luck, income, or inheritance.

Money Guy Show — “We asked 1,000 millionaires how they got rich. Here’s what they said.”

Hosts: Brian Preston & Bo Hanson
Date: September 5, 2025

Overview

Key Discussion Points & Insights

1. Net Worth Realities Among Millionaires

Median Net Worth: Survey respondents had a median net worth of $2.2 million.
[01:07] Brian: “The median net worth $2.2 million.”
Distribution: 80% had net worths between $1 million and $5 million; some were below millionaire level, and a few at $10M+.
Takeaway: Most millionaires aren’t ultra-wealthy on paper—they’re consistent savers and investors.

2. Income Levels: Myth vs. Reality

Median Household Income: $250,000; average skewed higher to $330,000 due to outliers.
[02:27] Bo: “The majority… fell on that income range of between like $100,000 to $400,000.”
Opportunity at Lower Incomes: 12% made less than $100,000, proving high income isn’t required to build wealth.
[03:21] Brian: “12% of our clients actually make less than $100,000.”
Message: Wealth-building is accessible across income levels through discipline and financial decisions.

3. Education: No Ivy League Required

K–12 Education: 77% attended public schools, not elite private institutions.
Undergraduate: 69% went to public universities; only 21% attended private colleges.
[04:50] Brian: “Seven out of ten didn't go to some private university, didn't go to some Ivy League.”
Student Loan Management: 50% graduated debt free, 39% kept loans below their first-year salary (“first year financing rule”), only 11% exceeded it.
[06:10] Bo: “89% of our clients, almost nine out of ten, recognize that graduating college with tons of student loan debt is a very difficult way to get ahead...”
Advice: Prioritize affordable education with minimal debt.

4. Savings Rates: The #1 Superpower

Savings Discipline: 43% save at least 25% of gross income; when including retirees, this climbs above 51%.
[08:36] Brian: “Over 51% of our working clients…”
Most Save Aggressively: Even those who dropped to the 20–24% savings level did so after “measuring ahead of the curve” in their 40s.
Why 25%?: This rate gives the most flexibility and future security. [09:15] Bo: “The meaty part of the curve… is at that 25% savings threshold.”

5. Spending Habits: Cars and Homes

Cars

Cash Preferred: 60% paid cash for their last car.
[11:37] Brian: “The majority of them are paying cash.”
Early Career Reality: 72% financed their first car—proof it's okay, with discipline.
“23/8” Rule: If financing, put 20% down, three-year max loan, payments under 8% of income. [12:45] Bo: “[Put] 20% down… pay it off in no more than three years...payments cannot exceed 8% of your monthly income.”
Longevity: 84% drive cars more than seven years, compared to 63% of Americans swapping every five. [14:28] Bo: “84% of Abound clients drive it for more than seven years.”

Homes

Not Mega-Mansions: Median home value was $650,000 (average just over $1M, skewed by outliers); 70% are in $400,000–$1.2M range.
Primary Residence <25% Net Worth: Most have significant investments outside their homes. [16:39] Brian: “Their house is $650,000… that house was only 25% of their total net worth.”
Down Payments: 78% put down less than 20% on their first home. [18:04] Bo: “Almost 80%… put down less than 20% for their first home.”
Reality: Most did not follow “20% down, 15-year mortgage” advice early on.

6. Using Debt Wisely

Credit Cards: 97% use credit cards, but 99% never carry credit card debt.
[21:55] Brian: “99% of our clients understand that credit card debt is a no go place.”
Rule: Utilize credit cards for benefits/convenience only if you pay them off monthly; never carry balances.

7. Emergency Funds & Liquidity

Fully Funded: 94% have 3+ months’ emergency funds; 30% have more than a year's expenses. [22:52] Bo: “94% of our clients have a fully funded emergency fund.”
*Financial resilience is a universal commonality among the successful.

8. When “It Clicks”: The Age of Financial Awakening

Early Start: 58% got serious about money before 30; 30% began in their 30s; only 7% after 45. [24:58] Bo: “Almost 60%… got serious about money before age 30…”
Message: The earlier, the better—but “today” is the next best time.

9. Inheritance: The Self-Made Millionaire Myth Confirmed

Little to No Inheritance: 76% received less than $25,000 in total, 54% received nothing. [27:42] Bo: "76%, 3 out of 4 of our clients received no form of inheritance to be able to reach $1 million."
Affirms: Millionaire status is overwhelmingly self-made, not inherited.

10. Mindset: The Optimist’s Advantage

Optimism Dominates: 81% describe themselves as optimists, focusing on opportunities and improvement.
[30:42] Bo: “81%, 8 out of 10 of our clients would consider themselves optimists.”
Contrast: Majority of US identifies as pessimists—hosts argue mindset is a key wealth-building differentiator.

Notable Quotes & Memorable Moments

On Income Not Being Everything:
[03:26] Bo: "An income can be incredibly useful because it allows you to create margin, but it's not an absolute necessity...financial independence and building wealth is available to all income levels."
On Avoiding Student Loan Traps:
[05:47] Brian: "We actually have a rule...make sure you keep your student loans below what your anticipated first year of salary out of school will be."
On Early Car Financing:
[12:45] Brian: "When I graduated college, I was broke as a joke...the most important way I could start my wealth building journey was to drive to my job. And I needed reliable transportation for that. So I actually had to finance my first car."
On The Power of Starting Early:
[26:19] Bo: "The absolute best time to figure out money was yesterday, which makes today the second best time."
On Inheritance & Self-made Wealth:
[29:08] Brian: "If you're somebody who's out there and you're aspirational, this should put the fire within you is that don't listen to the false narratives out there that you can't do it."

Timeline of Key Segments

Takeaway Messages

Income helps, but discipline trumps all: Even lower six-figure earners can build seven-figure net worth over time.
Smart, consistent habits > windfalls: Low debt, high savings, long-term investing, moderate spending on big purchases.
Mindset is a superpower: Optimism, belief in change, and personal responsibility set millionaires apart.
Your financial journey can start at any stage: Earlier is better, but “today” always works.
Financial independence is accessible: The blueprint is public school, normal jobs, moderate houses/cars, and disciplined saving—not exceptional privilege.

We asked 1,000 millionaires how they got rich. Here’s what they said.

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Summary

Money Guy Show — “We asked 1,000 millionaires how they got rich. Here’s what they said.”

Overview

Key Discussion Points & Insights

1. Net Worth Realities Among Millionaires

2. Income Levels: Myth vs. Reality

3. Education: No Ivy League Required

4. Savings Rates: The #1 Superpower

5. Spending Habits: Cars and Homes

Cars

Homes

6. Using Debt Wisely

7. Emergency Funds & Liquidity

8. When “It Clicks”: The Age of Financial Awakening

9. Inheritance: The Self-Made Millionaire Myth Confirmed

10. Mindset: The Optimist’s Advantage

Notable Quotes & Memorable Moments

Timeline of Key Segments

Takeaway Messages

Resources Mentioned

Summary

Money Guy Show — “We asked 1,000 millionaires how they got rich. Here’s what they said.”

Overview

Key Discussion Points & Insights

1. Net Worth Realities Among Millionaires

2. Income Levels: Myth vs. Reality

3. Education: No Ivy League Required

4. Savings Rates: The #1 Superpower

5. Spending Habits: Cars and Homes

Cars

Homes

6. Using Debt Wisely

7. Emergency Funds & Liquidity

8. When “It Clicks”: The Age of Financial Awakening

9. Inheritance: The Self-Made Millionaire Myth Confirmed

10. Mindset: The Optimist’s Advantage

Notable Quotes & Memorable Moments

Timeline of Key Segments

Takeaway Messages

Resources Mentioned