The Amazing Authorities Podcast

Episode: Rich By Choice: Dr. Nicholas Michaels on Ethical Wealth, Intentional Living, and Long-Term Financial Freedom
Host: Mitch Carson
Guest: Dr. Nicholas Michaels
Date: February 4, 2026

Episode Overview

In this episode, Mitch Carson sits down with Dr. Nicholas Michaels, financial advisor, author, and former professional athlete, to discuss the ethical pursuit of wealth, living intentionally, and achieving long-term financial freedom. Dr. Michaels shares his personal story of turning down an $8 million offer in favor of doing business aligned with his values, building a company with his wife, and writing his book Rich by Choice. The conversation explores the intersection of money, happiness, faith, personal development, and actionable financial strategies.

Key Discussion Points & Insights

Turning Down $8 Million: Choosing Ethics Over Easy Money

• Dr. Michaels’ Defining Moment:
  • Turned down an $8 million offer from a major financial institution due to ethical concerns regarding industry practices.
  • Key motivation: disillusionment with “corporate greed” and the prioritization of profits over clients' interests.
  • Support from his wife was immediate and unwavering, leading them to co-found their own company.
    • Quote:

      “I started to see things in the financial industry...cracks. Corporate greed was real...I just couldn't get on board. I went home and told my wife...I think we should open up our own company and do things our way...She goes, ‘Let's do it.’” (01:08 – 01:46)

Building a Business and Family Together

• Family Dynamics:
  • Dr. Michaels and his wife are business partners and parents of four children (ages 19, 10, 5, and 2).
  • They intentionally separate work and family topics, emphasizing quality time and intentional living.
  • Dr. Michaels highlights the chaos and joy of a busy household and the importance of shared experiences:

    • “It’s organized chaos.” (09:28)

The Ethos Behind “Rich by Choice”

• Purpose and Approach:
  • The book reframes wealth as more than numbers: focuses on money psychology, personal strengths and weaknesses, and defining what truly matters in life.
  • Encourages readers to align financial decisions with their “happiness island” – knowing who and what brings joy.
  • Richness is defined multifacetedly: richness in relationships, experiences, and love—not just monetary wealth.
    • Quote:

      “Rich in life, rich in love...Be a billionaire with hugs and kisses from your grandkids, be a multimillionaire with experiences with love...then the choice is everybody’s got a choice.” (06:29 – 06:55)

Intentional Living vs. Balance

• Shift from “Balance” to “Intentionality”:
  • Dr. Michaels prefers intentional living over striving for abstract balance.
  • Happiest people are those clear about their values and take conscious action to realize their vision of happiness.

    • “The happiest people that I know understand what their happiness island is...They’re very intentional about their calendar, their daily actions, how they’re building wealth and what it’s going to be used for.” (07:16 – 08:26)

The Role of Faith

• Faith and Financial Philosophy:
  • Dr. Michaels integrates his Christian faith into his financial worldview but stresses inclusivity and respect for differing beliefs.
  • Advocates for self-education and critical thought regarding faith, referencing life-changing insights from reading the Bible cover-to-cover.
    • Quote:

      “I have a note to the reader...even if you don’t believe what I believe...I still care about you. This book can help you and I want to help you.” (09:45 – 10:13)
      “Being educated is a very freeing feeling because you can’t be manipulated by what other people say because you have an idea.” (13:28 – 14:15)

Memorable Quotes

• On Money’s True Role:

  “Money, it’s like a paradox. It’s everything, but it’s nothing.” (06:29)

• On the Power of Choice:

  “Anybody can become super successful. Anybody can develop the skill for money...it’s a choice.” (19:36 – 20:13)

• On Wealth and Impact:

  “Once you check mark those five boxes...now it’s, hey, how do we make a larger impact on the world?...What you’ve built here can make a huge impact to others. Not just now, but 100 years from now.” (23:34 – 23:59)

• On Virtues of Success:

  “If you can become the person that you need to be to achieve the success level, if you focus on this over here, you’ll start taking the right action and you’ll get what you want...Not a lot of people talk about that.” (17:29 – 18:17)

Actionable Tips and Strategies

Compounding in All Areas of Life

• Not just about compound interest; every area of life is either compounding positively or negatively.
• Small, daily actions build up to significant changes—align your efforts with what brings fulfillment.
• Free resource: Get the “Compounding by Choice” chapter from Dr. Michaels’ book for actionable exercises (15:03 – 16:28).

Six Areas of Wealth Consulting (21:58 – 23:34)

1. Investment Consulting – Smart decisions with your money.
2. Wealth Enhancement (Tax Mitigation) – Proactive tax strategies over a long time horizon.
3. Wealth Protection – Safeguarding assets and lifestyle.
4. Wealth Transfer – Legacy planning for heirs or charitable causes.
5. Wealth Impact – Planning for influence beyond immediate needs (“how do we make a larger impact on the world?”).
6. Personal Life Assessment – Focusing first on family, values, and what brings joy, before the numbers.

Proactive Tax Strategy

• Understand and use the rules to your legal benefit.
• Align tax decisions with what brings you joy and fulfillment—don’t uproot your life for tax savings if it costs your happiness (24:33 – 27:15).

Importance of Education, Network, and Masterminds

• Educate yourself to avoid manipulation and make informed, independent decisions.
• Your social network shapes your mindset and outcomes; seek out positive, growth-oriented people and environments.
  • Quote:

    “They put their pants on one leg at a time, just like you and I do, we can do it too.” (20:55 – 21:45)

Impact, Legacy, and Fulfillment

• True wealth includes relationships, experiences, peace, and the joy you bring to others.
• Dr. Michaels urges clients to consider not just living well, but leaving a lasting, positive impact.

Key Timestamps

• Turning down $8 million / Business Ethics: 01:02 – 05:18
• Life/Work Family Dynamics: 08:52 – 09:31
• Rich by Choice Book Philosophy: 05:18 – 06:55
• Intentional vs. Balanced Life: 07:16 – 08:26
• Faith and Financial Life: 09:45 – 14:15
• Compounding by Choice—Free Chapter Offer: 14:27 – 16:28
• Virtues of Success & Daily Actions: 16:28 – 18:17
• Athletics, Repetition, and Building Skills: 18:47 – 20:13
• Social Circles and Masterminds: 20:32 – 21:45
• Six Key Wealth Practices: 21:58 – 23:59
• Tax Planning and Life Choices: 24:33 – 27:15
• Holistic Wealth & Life Assessment: 27:58 – 29:06

How to Connect/Free Resources

• Free Chapter:
  Visit richbychoicebook.com, click on the green “Free Gift” box for a PDF of “Compounding by Choice.”
• Contact Dr. Michaels:
  Use the “Contact Nick” form on the same website for a comprehensive, life-centered wealth assessment.

Final Thoughts

Dr. Michaels’ core message is that wealth is about intentional living, ethical decisions, and enjoying meaningful success in all areas—money, relationships, impact, and personal growth. Anyone can learn to be “rich by choice,” but it starts with clarity, education, and daily action aligned with your true values.