Hi, I’m Ben and this is the story of how I came to create Making of a Millionaire.
January 3rd, 2013 is a day that will be burned into my memory forever. It was the last day of a 2-week visit home during Christmas break of my Master’s degree.
My father asked me if I wanted to go to lunch before the airport to talk. This filled me with an immediate sense of dread. I don’t remember a time in my adult life that my father had ever asked me to go for lunch and talk 1–1 that did not end in him asking me for money.
So, him asking to go out to lunch, just the two of us on my way to the airport could mean nothing good.
We sat down in the restaurant booth and made forced small talk until our meals arrived. Those were some of the most uncomfortable moments of my life. I knew the hammer was about to drop and everything was about to change. All I wanted was for him to spit it out and get it over with.
Finally, he blurted it out.
He was 3-months behind on rent and needed $5,000 by Monday (it was Thursday) or he and my Mom (who had no idea about the unpaid rent) would be evicted.
Not what you want to hear when you are getting on an airplane in 4 hours.
It’s also not what you want to hear when you absolutely do not have $5,000. Since I did not have $5,000 the only way to avoid my parents getting evicted was to borrow $5,000. I spent the next 3 days negotiating an extension of my student line of credit.
I’ll never forget having to call my boss while he was on vacation, asking if he would write a letter to the bank confirming my employment, position at the company, and annual salary.
Somehow, someway I was able to get the $5,000 to my father by end of day Monday and (temporarily) avoided catastrophe.
This was the moment I realized two things.
1.) Achieving Financial Independence was the only way I would ever be able to sleep soundly. Which meant learning everything I possibly could about money.
2.) The only way for me to truly help people would be to share what I learned about money along my journey to financial independence.
I spent the next 5 years continuing my journey of educating myself about money. This education was both formal and informal.
On formal education, I earned a Bachelors and a Masters degree in Finance & Economics.
On the informal side, I consumed every book, video, blog post and podcast that discussed personal finance.
Education was nice, but it wasn’t until I began implementing what I learned that I began feeling more hopeful about the future.
Before long, I had paid off my first loan. Then the next. By 2015 I was debt-free.
By 2016 my wife and I bought our first house.
Then we started investing. We bought another house and began building real wealth.
As our wealth grew the memories of January 3rd, 2013 seemed further and further in the rear-view mirror. My stress and anxiety began to melt away and I was able to sleep at night without my mind racing and problem-solving.
In 2018 I knew it was time to start sharing what I learned about managing money and Making of a Millionaire was born.
If you have any questions, you can send me an email at [email protected]
- Section overview (1:36)
- The true cost of everything (1) (1:01)
- The true cost of everything (2) (2:56)
- Categorizing your spending (6:45)
- Where to find your expenses (4:28)
- How to read your pay stub (2:29)
- Your hourly take-home pay (4:12)
- Tracking your spending (1) (5:18)
- Tracking your spending (Adding in Cash Receipts) (1:41)
- Reviewing your results (3:44)
- Section wrap up (2:11)
- Overview of this section (0:57)
- How and why to calculate your net worth (4:51)
- Ranking the 7 types of debt from worst to best (9:10)
- Important documents you need on hand before continuing
- How to read your credit card statement (7:33)
- How to read your mortgage & other loan statements (6:15)
- Entering your non-mortgage debt (5:26)
- Entering your Assets (5:10)
- Entering your Mortgage (1:03)
- Your net worth (1:27)
- Overview of this section (1:19)
- Why you need to save for retirement (3:09)
- How much income do you need in retirement? (6:53)
- Government Pension/Benefits
- How much money do you need to save by retirement? (2:35)
- How to ensure you don’t outlive your money (5:46)
- Defined Benefit (DB) pension plans (3:19)
- Defined Contribution (DC) plans (2:49)
- Accounting for any additional income (2:42)
- Checklist before using the retirement calculator
- How much you need to save each month (2:07)
- Getting started with the retirement savings calculator (3:38)
- Scenario 1: If you have no workplace pension or retirement (1:54)
- Scenario 2: If you have a defined contribution retirement plan (3:23)
- Scenario 3: If you have a defined benefit pension plan (3:15)
- Reviewing your results (1:31)
- Investing your retirement savings
- Overview of this section (4:01)
- The two levers of personal finance (2:31)
- Pulling the Income Lever (6:18)
- Solving your budget shortfall with the income lever (5:03)
- Pulling the saving lever (5:54)
- Turning your biggest expenses into cash flow (2:05)
- How house hacking opens up your budget (3:26)
- If all else fails... (5:10)
- How to use this workbook moving forward (4:51)
- Final thoughts (2:48)
Who should take this course?
Those who don't know where to start. If you don't know the first thing about managing money, this course is for you.
People of all income ranges. Whether you make six-figures or not we all have what it takes to achieve our financial goals.
Anyone who is ready to do whatever it takes. If you are sick and tired of the current state of your finances and you are ready and committed to making a positive change, this course is for you.
Who should NOT take this course?
Anyone who is looking to "get rich quick".We ALL have the capacity to achieve financial independence. However, it is a slow process. Don't trust those who offer "easy" solutions. Personal finance is about habits and math, there is no magic solutions.
Those who aren't committed to making a change.'If you are not at the point where you are willing and ready to commit to completely transforming your relationship with money, you may not be ready for this course.
I'm here to answer all your questions
- Send me an email with a question at any time to [email protected] and I will answer it as soon as humanly possible. It will be ME answering the question, not someone from "my team".
- If you are having a problem with the excel workbook I provide you or need additional help I will jump on a video chat with you and will share my screen with you and stay on until we get your problem sorted out.
- You also get access to my private Facebook group with alumni from the course. These people are a fantastic resource.
The true value of this course
- If you don't have at least $100,000 in cash to invest with, most financial advisors will not give you the time of day. They get paid by taking a percentage of the investments they manage for you so if you don't have a ton of money to invest, they won't work with you.
- A "Fee-only" financial advisor could charge you anywhere from $2,000-$5,000.
- Similar courses to this will cost you upwards of $1,000. Literally every "expert" on online courses recommend selling a course for at least $500 and most recommend starting at $1,000.
- My course, only costs $250. I am not a financial planner. I am not a "an online business guru" trying to squeeze every penny I can. I'm just a regular guy who has learned a lot about managing money the hard way. So, I am happy to provide this course for $250.
- I know a lot of people who need this course might have difficulty with paying $250 upfront, that is why I also allow students to pay in installments (see below).