I’ve got friends in low places, and I do enjoy spending time with them. I’ve also got friends in some really nice places. I sometimes find myself hanging out with millionaires, too.
My social circle spans the spectrum, and I think that’s a good thing. I’ve got hometown friends, homebrew club friends, and some friends who have become successful doctors and entrepreneurs.
I haven’t gotten to see too many of them in 2020, but back in July, I did get a couple hours of quality time in with my good friend John from ESI Money out in Colorado Springs. He’s retired early, a millionaire several times over, and has interviewed 200 other millionaires over on his blog.
He told me about an exciting project he was working on at the time that incorporates much of what he’s seen and learned from the millionaire he’s hung out with. I’m happy to see it come to fruition and to be a part of it, as well.
I’ll let John tell you all about it!
Five Reasons I Like Hanging Out with Millionaires
by John of ESI Money
Over the past several years, I have interviewed over 200 millionaires. I love hearing their stories and identifying the actions they took in becoming wealthy.
I value the stories because they are always interesting and unique. I read a lot of biographies and that’s the essence of my millionaire interviews — they are mini-biographies.
As for the actions, I appreciate them not because they are a surprise to me (they aren’t), but because they repeat. I know if my readers hear something over and over and over again they will eventually internalize those principles and apply them.
But along the way, I discovered something else about these millionaires — I like them. They add value to my life (and hopefully I do the same for them). We share common lifestyles, interests, and values. And most of them are just plain “good people.”
My relationships with the wealthy have been mostly through email communication (as we set up and complete interviews and sometimes kept chatting well after that), but I wanted more. There’s only so much you can get through email correspondence.
And that’s why I created the Millionaire Money Mentors program. Yep, before I made it something I knew others would value and benefit from, I created it for myself. Even if no one joined my new venture, it would be a great success since I would have a place to hang out with my millionaire friends.
Fortunately, the response has been very positive as others have seen the value of connecting with millionaires.
As the membership has developed, I’ve discovered there are five great reasons I love hanging out with my millionaire friends…
1. I learn from them.
Since I’ve launched the new site I’ve received several emails with messages that go something like this:
“I’m already a millionaire. I’m interested in your Millionaire Money Mentors program but am wondering if it can teach me anything. What do you think?”
I don’t answer these one way or the other. I simply share my experience and what I see from the other millionaires in the group — we are learning a TON from each other!
Unlike blog posts and financial articles, we get into issues with back-and-forth commentary and questions that allow us to mine some real financial gold. As one person shares her experience, another adds his perspective and we’re off to the races, learning tips and tricks from the group’s collective experience.
And do you think 60+ millionaires are smarter than I am? I would say that’s a certainty.
I’ve already picked up several tips that will help me in the areas I’m focusing on — earning more, saving more, and investing better.
I can see that other millionaires are having the same experience based on their comments.
And it’s not just learning from the millionaires — members contribute as well and have some very good suggestions.
It’s almost impossible to be around a group like this and not learn something valuable. This is personally my favorite thing about hanging out with millionaires.
2. I create friendships.
In his wonderful book (IMO), “You Can Retire Sooner Than You Think“, author Wes Moss says the following about having a great retirement:
Be with people. This one’s so important it’s actually linked to life expectancy: socializing is one of the most important contributing factors to people living long lives. From finding a purpose and pursuing it with passion, to taking more vacations, to making socializing and family a priority. Being social is a very important party of a happy retirement.
Happy retirees have busy social schedules. The happy retirees, for the most part, select activities that suggest they are highly social and enjoy being around other people.
Let me say that I’m an introvert and an only child. I spent a ton of time by myself growing up, and I liked it that way. I like it that way to this day. I don’t need much attention nor a group of 200 friends in my life. In some ways, people are a drain on my personal energy and too many of them around too often sucks the life out of me.
That said, even I need social interaction. It makes my life better. So in the real world, I play pickleball (I have 50+ contacts from the sport alone), spend lots of time with family (both at our home and traveling to see them), and regularly visit my gym (where I have a group of buddies I see almost every day I’m there).
I also used to have a large church connection but that’s harder these days with people sitting far apart, smaller crowds, and everyone wearing masks.
Hanging with friends online is simply a supplement to my in-person social activities — and one I enjoy as much as any other. After all, who else do I have to chat with about nerdy money topics? Ha!
Seriously, connecting with like-minded people online is a great way for me to socialize on my own schedule, in a way I like, and around a topic I’m interested in.
I think especially these days when we’re all either in lockdown, coming out of lockdown, going into lockdown, or some form of restricted interaction it’s important to connect with others. Having an online option to do this means a lot to many people, including me.
3. We create a new, awesome community.
It’s not only the one-on-one interactions and friendships I like, but the community we collectively create.
There are hundreds of connections within the membership (I’ve even seen people comment that they will exchange contact information via DM). These meld into a mini “Millionaireville” that has its own unique vibe.
I can choose where I go in Millionaireville — I can visit Earn More Street, Save Money Drive, or something more fun like Retirement Activity Idea Lane.
Each has its own feel and crowd and they work together to create a unique and compelling money community. And while we have the topic in common, I meet people different from me and am exposed to new ideas and perspectives I wouldn’t otherwise get.
All this is surrounded by the sense of “let’s help each other get better” which makes for a community feeling that’s hard to beat. If I was a hippie it would make me want to break out into a round of Kumbaya at this point.
4. We help others.
I have been retired for over four years now (retired at 52) and during that time have read over 40 retirement books. I wanted to see who knew their stuff and who didn’t — and there are a lot of bad actors out there posing as experts.
Book after book has reinforced the idea that your retirement will be better if you have an over-riding passion — something that gets your juices flowing. Many people choose a volunteer activity as their passion because they get a lot of satisfaction in helping others.
Combine this feeling of gratification with the fact that it’s centered on a topic that we find compelling. This combination makes for a home run experience.
It is so rewarding when I or one of my millionaire friends helps someone earn more, save money, or save time. We are using our experience to pass on tips we recommend, offer suggested actions we wish we had taken, and list the mistakes we made and others should avoid. All these serve to make others’ lives better and it’s very fulfilling.
When I started thinking of a way to connect millionaires and those wanting to learn from them, I wanted to make the membership worth many times more than the cost. I think we’ve achieved this because of the millionaires’ willingness to pour into the lives of others.
It’s very, very rewarding and creates a feeling that money simply can’t buy.
5. They challenge me.
As you might imagine, I don’t always agree on everything with my millionaire friends.
But I find value even in our disagreements. Sure, I’ve been successful doing it this way, but that doesn’t mean I wouldn’t be more successful doing it that way.
The millionaires challenge me mentally as well — forcing me to deeply consider what I believe and communicate it clearly (If I don’t they’ll be all over me! Ha!). I appreciate this more than they know.
After all, when I retired I lost much of the mental challenge and activity when my work disappeared. So my interaction with the millionaires is helping keep my mind sharp, something I want to last throughout my living years.
My Wish for You
I hope you have a group of wealthy people you can hang out with and see similar results to what I’ve experienced.
But if you don’t, perhaps the Millionaire Money Mentors program is worth a try.
Mentorship can be very powerful. In an upcoming interview on my site, a millionaire had this to say on the topic:
There are five older wiser millionaire mentors in my life, either because I pursued a relationship with them, or they were somehow referred to me. Their advice, mentoring, and friendship has been absolutely invaluable. They have generously given their time to speak into my life. Their hard-won lessons in life, family, ministry, and business have completely changed my life.
This is the essence of the Millionaire Money Mentors.
But there’s also much more than the millionaire-to-member connection. There are expert “Ask Me Anything” sessions every other week (Sarah Fallaw, Wes Moss, and the Physician on FIRE himself are just two of the upcoming guests), a Millionaire Book Club, and more! (Not to mention we have a long list of potential future add-ons).
If you think you are interested, I invite you to try it. There’s a 7-day money back guarantee so there’s really nothing to lose. Plus membership is affordable, and there are ~$400 worth of bonuses (worth more than the annual cost). I tried to make joining as much of a no-brainer as possible from a value proposition standpoint.
And FYI, it’s not just me who loves the site. Here are some comments after our first full week of being open:
“The value of the site is amazing! I have learned so much. I only wish I had more time to read everything!”
“I believe the price of admission to this site is already undervalued! The value of the content more than covers the cost and then factor in the ability to ask questions.”
“Super excited for every one of these (AMA discussions). Thanks and great work putting together this list of incredible people. Well worth the price of admission.”
I hope you stop by and give us a try. But if not, I do suggest you find and connect with some positive money role models. I know that I have benefited from having them in my life — even today after I’ve “made it”. Maybe even more today than ever.
Have you benefitted from the guidance of a money mentor? How do you feel about millionaires?