Money Guy Show: "What It’s REALLY Like to Build Wealth in the Military | Making a Millionaire"

Hosts: Brian Preston & Bo Hanson
Guests: Matt and Alex
Release Date: September 1, 2025

Overview

In this episode, Brian Preston and Bo Hanson sit down with Matt and Alex, a military family who, despite starting their marriage with a negative net worth, have built nearly $4 million in assets before turning 40. This deep-dive conversation covers the emotional, relational, and tactical journey from debt to financial independence, including their unique approach to saving, managing dual careers, investing in real estate (as military transplants), and planning for a fulfilling retirement. The hosts provide actionable insights on wealth building, goal setting, and the crucial "messy middle" of financial growth.

Key Discussion Points & Insights

1. The Starting Point: Debt and Financial Stress

• Initial Circumstances (00:00-04:36)
  • 15 years ago, Matt and Alex had negative net worth (~$35K in debt) and no assets.
  • Debt comprised of car loans, student loans, and credit cards.
  • Monthly income was insufficient to cover even minimum debt payments.
  • Matt: “We had no assets. And I looked at all of our bills, and I was like, well, we can't even make all the payments on all these bills.” (00:05)
  • Alex took on 3 jobs to help bridge the income gap; Matt was in the Navy earning $18,000/year.
  • Memorable Quote:
    Alex: “I was working 9 to 5. I was working at a restaurant and I was bartending at night. So not, you know, seven days a week, but enough. … His income is finite. So it was up to me to try to make up for some of that.” (06:53)
• Frugality and Learning Personal Finance
  • Matt found financial inspiration from books like Rich Dad, Poor Dad and Dave Ramsey’s work, leading to strict budgeting and a 50% savings rate.

2. Navigating Relationship and Money Tensions

• Money Differences and Communication (07:19-13:41)
  • Alex admits she was the bigger spender, while Matt was the natural saver.
  • They endured “a healthy mix of fights and really frank conversations.”
  • Matt pressed for strict budgeting—sometimes leading to disputes over small expenses (“the Thanksgiving pillows”).
  • Memorable Quote:
    Matt: “She is more of the spender of the two. And I'm… Obviously, I would spend zero money if she gave me the opportunity.” (11:08)
  • Over time, mutual education and clear roles in money management fostered teamwork.
  • “Fiscal fast” became a family phrase for periods of reduced spending.

3. Leveraging Military Opportunities & Real Estate

• Buying Their First Home (15:15–16:46)

  • Used a VA loan to buy a first home with little to no down payment.
  • Each subsequent move (due to military relocations) became a real estate opportunity: buy a local house, live in it, then rent it after transfer.
  • Notable Strategy: Bought below their means to ensure rental profitability post-move.
  • Memorable Quote:
    Matt: “We're buying a lot less home than we can afford just because those are the homes that will be profitable when we leave.” (16:35)

• Learning Through Mistakes

  • Early mistakes, like inadequately vetting tenants, led to costly repairs (e.g., a $10k property rehab due to tenant issues).
  • Over time, Alex took over property management—leveraging her people skills and attention to legal detail.
  • Memorable Quote:
    Alex: "Being able to be hard on people is something that comes naturally to me, but also like having an ironclad lease, making sure that I'm educating myself on state laws, tenant landlord laws in my spare time." (19:38)

4. Saving, Investing, & Maintaining Balance

• Extreme Savings & Asset Allocation (26:04–27:59)

  • Maintained a 50% savings rate as income grew.
  • Prioritized maxing out tax-advantaged accounts (401k, IRAs), invested aggressively in both real estate and the stock market.
  • Used after-tax bridge accounts for flexibility in funding new opportunities.

• Managing Debt Prudently

  • Maintained a “healthy fear” of debt; never took on more debt than they could handle on their own cash flow.
  • Memorable Quote:
    Matt: "We've always had a healthy fear of debt… Dave Ramsey's book scared the crap out of me in terms of debt." (26:15)

• Lifestyle Adjustments

  • Gradually loosened their tight grip as net worth grew.
  • Notable shift after a family trip to Italy, where Matt allowed himself some discreet spending.
  • Memorable Quote:
    Alex: “Lifestyle creep is very much right on. We as have continued to evolve and have gone on a little bit nicer vacations.” (32:10)

5. Planning for Financial Independence (& Beyond)

• Defining the End Game (34:26–41:44)

  • Matt is passionate about FIRE (Financial Independence, Retire Early): "My plan is… I want financial independence as soon as possible so that, you know, we have the availability to do whatever we want whenever we want, both for me and for her.” (34:26)
  • Has concrete plans to retire from the military by September 2029, at roughly age 43.
  • Alex values stability and hopes for a “forever home,” continuity for their children, and possibly remaining in her flexible career.

• Dream Home Decisions

  • Considering a $2 million “forever home” post-retirement but hesitant to completely liquidate investment assets for a full-cash purchase.
  • Open to mortgages for flexibility, especially given high home prices and the rapidly accumulating portfolio.

6. Looking Forward: Wealth, Purpose, and Fulfillment

• Transitioning from Builders to Enjoyers (48:24–54:18)
  • Hosts encourage Matt and Alex to be mindful of enjoying their wealth and not become “financial misers” after years of frugality.
  • Regular “annual meetings” suggested to align money with life goals—planning travel, philanthropy, and family experiences.
  • Memorable Quote:
    Brian Preston: “It's not just about getting to the goal. It's the journey. I know that sounds so cliche, but it really is the truth of life.” (49:30)
  • Planning for future legacy: focus on funding children’s education, setting up scholarships, and giving back.

7. Unique Financial Planning Challenges

• Decumulation and the Next Transition (58:25–60:14)

  • Matt expresses uncertainty about how to shift from wealth accumulation to withdrawal and drawdown—an under-discussed but crucial topic.
  • Hosts note that decumulation is highly individualized and encourage seeking tailored advice as they approach retirement.

• The Importance of Flexibility

  • Advice to preserve “optionality” and flexibility when approaching big life changes (e.g., not locking too much into home equity prematurely).
  • Discussion of the psychological transition from saver to spender.

8. Homework and Takeaways (63:49–65:18)

• Hosts' recommendations for Matt and Alex (and listeners):

  1. Keep going—what's working continues to work.
  2. Define what you’re retiring to, not just what you’re moving away from (focus on fulfillment, not just numbers).
  3. Clarify long-term life goals—use annual meetings and intentionality to enjoy wealth as you build it.

• Memorable Quote:
  Matt: “It's exciting now. That's why we're doing it so far in advance of it is because it's fun to kind of think about being financially independent because that has been a goal of mine and ours for so long now that I look forward to planning the fun part of it which is living the life after we built it.” (65:18)

Notable Quotes & Moments With Timestamps

• “We can't even make all the payments on all these bills.” — Matt (00:05)
• “She is more the spender… I would spend zero money if she gave me the opportunity.” — Matt (11:08)
• “There was probably a healthy mix of fights and really frank conversations.” — Alex (10:47)
• “We called it fiscal fast. We still use that word. … Let's go on a fiscal fast for two weeks, not spend any money other than food and water.” — Matt (12:54)
• “We're buying a lot less home than we can afford just because those are the homes that will be profitable when we leave.” — Matt (16:35)
• “Being able to be hard on people is something that comes naturally to me, but also like having an ironclad lease, making sure that I'm educating myself on state laws, tenant landlord laws.” — Alex (19:38)
• “I want financial independence as soon as possible so that… we have the availability to do whatever we want.” — Matt (34:26)
• “It’s not just about getting to the goal. It’s the journey. … You get to the top of the mountain and check all the boxes, you’ll find that’s kind of empty if you don’t pack in the memories and life experiences.” — Brian Preston (49:30)

Additional Context & Takeaways

• Military Flexibility and Real Estate:
  The military lifestyle, with its forced mobility, became a built-in real estate strategy. They used VA loan benefits, lived well below their means, and turned logistical challenges into investment assets.
• Financial Teamwork:
  Their story underscores the importance of partnership—leveraging each person's financial strengths, and maintaining open (sometimes difficult) communication about money.
• Balancing Act:
  As first-generation wealth builders, Matt and Alex are actively transitioning from a scarcity/accumulation mindset to a life of intentional enjoyment, generosity, and future planning.
• Role Modeling:
  Their journey models the value of discipline, learning from failure, adapting roles, and planning for changing seasons of life—particularly relevant to military and dual-career families.
• Next Steps:
  For them—and for listeners—the next challenge is psychological and strategic: learning to enjoy, spend, and share wealth wisely.

Segment Timestamps

| Segment | Time | |---------------------------------------|-------------| | Starting In Debt | 00:00–04:36 | | Money Tensions & Early Sacrifices | 04:36–13:41 | | Real Estate Journey | 15:15–22:54 | | Mistakes & Lessons in Property Mgmt | 17:53–21:08 | | Balancing Investments | 26:04–27:59 | | FIRE and Defining Goals | 34:26–41:44 | | Planning for Drawdown & Retirement | 48:24–54:18 | | Advice on Using and Enjoying Wealth | 49:30–52:24 | | Final Homework & Takeaways | 63:49–65:18 |

Conclusion

Matt and Alex’s story demonstrates that wealth building in the military (or any modest-salaried, high-churn environment) is possible through relentless learning, teamwork, leveraging unique opportunities, and balancing frugality with intentional spending. Their transition now focuses as much on life design and family fulfillment as on continued accumulation—a narrative both educational and inspiring for anyone on their own financial journey.