Podcast Summary: "The Boring Plan That Built $2 Million"

The Stacking Benjamins Show – Episode SB1804
Date: February 16, 2026
Hosts: Joe Saul-Sehy, OG, and Doug
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Episode Overview

In this motivating, lighthearted episode of The Stacking Benjamins Show, hosts Joe, OG, and Doug dig into the story of a Wisconsin couple who built a $2-million nest egg by following a simple, consistent investment plan using workplace retirement accounts—no flashy investments or risky moves required. The team discusses the power of boring, steady saving, tackles the value of financial advice (especially regarding advisor fees), and reflects on the meaning of “enough” via a memorable TikTok story. Listeners come away with actionable insight—and plenty of laughs—about how ordinary choices can lead to extraordinary financial outcomes.

Key Discussion Points & Insights

1. Building Wealth the “Boring” Way (10:50–27:15)

• Case Study Inspiration
  The team references a Kiplinger piece profiling a couple—a retired nuclear power plant supervisor and his wife—who saved $2M over 22 years, starting at age 32 with zero in retirement savings.

  • “We used a 401k, SEP IRAs and Roth IRAs to accumulate our first million dollars...mostly using the 401k at my place of employment and a SEP IRA at my wife's place of employment.” —Joe, quoting the case (11:49)
  • No flashy investments, just “boring” workplace retirement plans.

• Dispelling Myths About Fancy Investing (12:14–13:05)
  OG and Joe debunk the idea that you need access to angel funds, private equity, or gold to get wealthy. Regular 401k and IRA contributions remain the main driver for most millionaires.

• How Fast Can You Get to $1 Million? (14:05–16:10)
  OG does the math:

  • $150k/year income, 3% match, maxing 401k ($24,500/year), 8% returns: 199 months (~16.5 years) to $1M.
  • With two earners, same assumptions: 130 months (~11 years) to $1M.
  • “When you put it in months, 130 doesn’t seem as daunting as saying 10 years.” —OG (17:12)

• Dealing with the "Boring Middle" (17:22–18:51)
  Staying patient is critical. The couple took 22 years to hit $1M, starting from scratch at 32.

  • They celebrated milestones, stayed consistent (“gamifying” the experience), and incrementally increased contributions by 1% per year.

• It’s Not Too Late to Start (18:26–19:19)
  “At age 32, they had zero. Nothing...How often do we think, well, it's too late now, like there's no point in even starting?” —Doug (18:51)

2. Practical Strategies for Building Wealth (19:37–27:28)

• Stop Letting Fees Paralyze You (19:40–21:06)

  • Don’t let “high fees” keep you from contributing to workplace plans—the match and tax deferral often outweigh costs.
  • “If you’re getting a match, your fee is negative 100%. That's a pretty good number!” —OG (21:06)

• Start Small, Increase Over Time (22:31–23:42)

  • The couple started by just getting the match (~4%), then raised contributions 1% per year, barely noticing the change.
  • “Don’t let perfect be the enemy of good.”—Joe (23:26)

• Gamification and Behavioral Benefits

  • They “gamified” their Roth IRA savings—shifting Social Security withholding toward Roth once hitting the tax limit, so they never felt the pinch.
  • “If you can do anything to trick yourself into doing more—great. It takes a little bit over a long period of time.” —OG (25:09)

3. Lessons from Retirement: What Would They Do Differently? (27:28–30:03)

• More Focus on Post-tax Investments for Flexibility

  • The retiree wished for more in taxable accounts for easier access, instead of tying up too much in tax-advantaged accounts.
  • “We think about tax ramifications...but not about getting at our money.” —Joe (27:51)

• Planning for Long-Term Care

  • Spouses’ Roth IRAs are earmarked for long-term care. He bought affordable insurance for himself, but found it too expensive for his wife, so plans to use Roth resources instead.
  • OG draws parallels between long-term care insurance and risk management choices like car insurance.

4. The Psychology of 'Enough' (41:17–44:10)

• Highlight: TikTok Minute – “We Have Enough” (41:42–42:58)

  • “The pie chart that is how much I love you—and the piece that is how much money you make—is full. Anything you get beyond this is not for me, it's for your ego...John, we have enough.”
    —Dr. John Maloney’s wife (42:31)

• Reflection on Enough vs. More

  • Many people never recognize they have “enough,” perpetually chasing more wealth when the family’s needs are already full.

5. Listener Mail: Should I Fire My Advisor? (44:37–61:17)

• MJ’s Dilemma (44:37–54:32)

  • Been with the same advisor for 15 years, paying a 1% fee (previously 1.5%) on $3M managed. Gets two reviews/year, full transparency, investment help, advice on un-managed 401k, planning, trades, etc.
  • Concern: Am I overpaying as my assets grow, even as time spent by the advisor stays the same?

• OG’s Framework for Value (47:41–54:32)

  1. Did they make you money you couldn’t have made alone?
  2. Did they prevent a mistake?
  3. Did they save you time or free you up for other things?
  4. Are they vital for generational/family continuity? - “In almost every couple, there’s one person who leads the money...but if they’re gone, does the survivor or the next generation have someone to turn to?” —OG (52:16)

• Industry Standard on Fees (54:55–57:34)

  • 1% is common for the first $2M; next dollars drop to ~0.75%, and above $5M or $10M it can go lower.
  • “Everybody says, ‘I'll pay a flat fee,’ but flat fee folks use the same calculations in reverse.” —Joe (55:47)

• Key Takeaway:

  • If you value the relationship and services, discuss your concerns openly—advisors expect it, and it deepens understanding on both sides. “You—the client—get to decide the value, not the advisor.” —OG (58:19)

6. Community Highlights & Closer (61:31–66:22)

• Stacker Wins:

  • Shane’s proud of his new minivan.
  • Kim is building her own cabinets for a house flip.
  • Rob started a “Benjamins After Dark” group in southern Minnesota.

• Meetups & Events:

  • Joe plugs upcoming Stacking Benjamins meetups (Omaha, Seattle, Boston, Tucson).

Notable Quotes & Memorable Moments

• “We need none of those [fancy] ridiculous ways to save money… that simple step was very much the key to success — the company 401k.” —Joe (12:30)
• "If you get a 3% match on your 3% contribution, you're getting 100% return of your money...your fee is negative 100%!" —OG (21:06)
• “Don’t let perfect be the enemy of good.” —Joe (23:26)
• “Anything you go get beyond [what you make now] is not for me, and it's not for the kids. It’s for your ego.” —Dr. John Maloney's wife (42:31)
• "You—the client—get to decide the value, not the advisor." —OG (58:19)

Important Timestamps

• Kiplinger inspiration & couple’s background: 10:50–12:20
• Math of hitting $1M via 401k: 14:05–16:10
• When to start saving—“zero at 32”: 18:26–19:19
• Fee conversation, matches, why to participate: 19:40–22:31
• Incremental increases & gamification: 22:31–25:09
• Retirement hindsight—post-tax, long-term care: 27:28–30:03
• TikTok Minute—"enough": 41:17–43:10
• Listener mail—advisor fees & value: 44:37–61:17

Tone & Style

The episode maintains Stacking Benjamins’ signature: casual, friendly banter mixed with practical advice and motivational storytelling. The hosts use humor and personal anecdotes to make money talk accessible and enjoyable for all.

Summary Takeaways

• Steady, “boring” investing in workplace retirement plans works—even for late starters.
• Start small if you have to; the key is to get started and increase over time.
• Don’t let perfect or fear of fees prevent action; focus on the big wins (matches, tax deferral).
• Define your ‘enough’ and recognize when you’ve reached it—don’t let ego drive perpetual striving.
• Financial advisors provide value beyond investment returns—they offer behavioral coaching, save time, and serve as a continuity bridge for families.

For further reading:
Link to the original Kiplinger case study, meetup info, and more, as promised in the show notes at stackingbenjamins.com.