How can you become the multi-millionaire pilot next door? In this episode, we discuss the principles of wealth building, inspired by the timeless lessons from the book The Millionaire Next Door. We’ll explore how pilots, with our unique income trajectories and financial challenges, can apply these principles to build substantial wealth over time.
Tune in as we dive into the importance of living below your means, maximizing your 401(k) contributions, leveraging the new cash balance pension plans, and the power of the backdoor Roth IRA. We also discuss the challenges of maintaining discipline in a high-income profession and how to navigate the social pressures that come with the airline lifestyle.
What You’ll Learn In Today’s Episode:
- Key principles from The Millionaire Next Door and how they apply to pilots.
- How to maximize your 401(k) and the new cash balance pension plans.
- The benefits of the backdoor Roth IRA and how to incorporate it into your savings strategy.
- The importance of maintaining discipline with spending in a high-income profession.
- How to prepare for retirement with a five-year countdown plan.
- Navigating the social pressures and maintaining financial discipline as an airline pilot.
Ideas Worth Sharing:
- “Wealth is invisible. You may not see someone and go ‘hey, they’re wealthy,’ but that’s the whole point.” – Charlie Mattingly
- “Millionaires valued financial independence over luxury or social status.” – Kevin Gormley
- “If you can set up your accounts on automatic pilot, that is the key.” – Kevin Gormley
Resources In Today’s Episode:
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