Troy Millings
speaker
140 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Troy Millings’s voice in public audio — every appearance, attributed to the second.
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Appearances
Now that compound interest makes sense. So it's a double-edged sword. You have to find ways to make money, whether that's through a high-earning occupation, and you have to be skilled in today's high-earning occupations that's actually gonna make money in the next 20 years, or you have to be an entrepreneur. So you can't... Go about it one way or another.
You can't just earn a lot of money and do nothing with it. That's the recipe for disaster. And then you can't be a just Warren Buffett when it comes to stocks, but then have no money to invest. You're going to get frustrated and you're going to go against your discipline either way. So it's all interconnected.
I'm not 100% sure, to be completely honest with you. I remember when I made my first million dollars. $100,000 to me was not a goal. I'm not discouraging people from $100,000, but I feel like $100,000 is very attainable. I know a lot of people that have $100,000 saved, like in their 401k. That's a realistic number that if you're doing the right things, you're going to get to $100,000.
A million is where it gets tricky because to have a million dollars liquid, that's when I think it's... That's the hardest to me, personally. Your first million is the hardest to me. I feel like the 100,000 is inevitable. A million dollars is almost damn damn possible. Liquid. But once you get a million, now you just gotta... The changes.
I think it was 20... 21? 21, yeah.
Yeah, that's the first thing.
I think you skip steps. So it's a million, then it's 10 million. That's the next goal. Like 10 million is a goal. Then after that, it's like maybe 50 or 100 million.
But I feel like when you get your first million dollars, you're gonna feel pressure. You're gonna have a lot of anxiety.
Because you don't want to lose it. That's the first thing. Nobody wants to have money and then go broke. When you're broke, there's no fear of going broke because you're already broke. But it is a lot of pressure to make sure that you do the right things with your money because there's no guarantee that you're gonna make that money again. So that's one level of pressure.
And then most of the time, you're gonna change where you live. You're gonna have different things. Your kid might start going to private school. So your expenses are gonna go up. that puts more pressure on you to keep making money.
Right. That's a real thing. It's more pressure.
More money, more problems. That's a fact. Yeah.
FU number?
I think the FU number's 100.
That's when you can just... Like, live off your interest. At that point in time, I feel like it's almost impossible to go back to zero if you have 100. But you want 100 million...
Liquid. $100 million liquid for that. Liquid. Because you could have $100 million net worth and then 95% of that is tied up into a company's valuation.
You can't actually get... We met a broke billionaire before. It was an interesting story. He told us a story of how he's one of the youngest people to become a self-made billionaire in America. Who was it?
ryan boslow he was like in his 20s and forbes listed him as a billionaire he wasn't broke as far as no money at all but he had probably less than a hundred thousand dollars of cash because all of his valuation was tied up in his company and then he had a board and then he had a fight with the board so he couldn't really do too much with the company it was a lot of infighting that was happening he didn't have too much control of the company at the time the company
really wasn't even at a position where he could take money from the company. So he had a valuation of being a billionaire, and he was broke and living in Los Angeles.
You don't buy it. We're not getting it. It's either cash or nothing.
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