Content Creator, Success story
479: How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap
Episode Details
Don’t strive to become rich. Instead, become a “quiet” millionaire like Tae Kim, the “Financial Tortoise.” You’ve seen the flashy cars, fancy champagne, and private jets of the online financial “gurus.” Then, like clockwork, you see these same people lose their wealth, go bankrupt, or disappear from the online world entirely. What happened to them, and where did all the “riches” go?
In today’s show, we talk to Tae about the slow, steady, unsexy way to build wealth and become a millionaire that most Americans will never understand. It’s far less risky than gambling your money away, day trading, or going high-leverage on risky real estate. Instead, you can sleep like a baby every night, knowing you have hundreds of thousands in the bank, millions in investments, and enough money to chase your dreams IF you follow Tae’s advice.
Tae’s path to wealth wasn’t complicated, but he did make a handful of money mistakes you won’t want to repeat. Afterpaying off over six figures in debt, Tae now serves as the financial hero we need but don’t deserve, teaching EVERYONE why the slow, quiet way to wealth is the smartest, most sustainable way to truly become “rich.” If you want to quit your job, do what you love, and live every day on YOUR schedule, stick around!
In This Episode We Cover
The “quiet” millionaire and why you want to be wealthy, NOT rich
Money mistakes that you should avoid at ALL costs when on the journey to financial independence
How much money you should have in the bank BEFORE you quit your job
Why so many financial “gurus” go broke within a few years of acquiring their wealth
How to define your “enough” so you don’t end up working your life away
Tae’s unbelievably simple investment advice for those just starting out
And So Much More!
Links from the Show
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10 Life & Money Lessons From Broke Financial Gurus
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See moreIn this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench interview Tae Kim, also known as the Financial Tortoise, who focuses on the concept of building wealth slowly. Tae Kim shares his journey from being an immigrant child to becoming a YouTube content creator, discussing the financial literacy he has gained through overcoming money challenges, such as paying off $105,000 in student debt. Alongside his wife, Tae pursued financial independence by learning from personal experiences, reading books, and understanding fundamental money concepts like spending and debt management. The podcast delves into the principles of the 'quiet millionaire,' emphasizing the importance of wealth building not for show but for achieving a fulfilling life. Tae relates this to his philosophy derived from the 'Tortoise and the Hare' fable, advocating for slow, steady progress rather than flashy displays of wealth. The hosts discuss the shift from financial mistakes in one's early years, like overspending and acquiring unnecessary debt, to setting clear financial goals and laying a solid foundation for future freedom. Tae highlights the power and value of financial literacy, particularly the dangers of leverage, by sharing insights on the pitfalls that many financial gurus face due to overleveraging, thus illustrating the importance of building a strong financial base before taking significant risks. The episode also explores how Tae's financial confidence allowed him and his wife to contemplate significant career changes, including Tae's leap into YouTube content creation. Their prior financial diligence, such as creating a cushion of two years' worth of savings, provided them the freedom to pursue their aspirations. The ability to plan and save gave them the foundation necessary to cope even if Tae's new endeavor did not succeed immediately, illustrating a disciplined and thoughtful approach to financial independence and risk-taking. Finally, Tae provides practical advice on financial education and stresses the importance of reading foundational personal finance literature to discern good advice from potentially detrimental financial guidance offered by some influencers.