Full Show: Top 3 Traits of Millionaires and 3 Investing Lessons From Vanguard Founder John Bogle | Clark Howard Video
Do you want to be a millionaire? Wes dives into the fascinating trend of "mini millionaires" and uncovers the secrets to their success. He explores data from the Federal Reserve and the Wall Street Journal, revealing the common traits of those achieving millionaire status. Are they earning massive salaries? How much does education matter? He breaks down the key factors. Plus, he revisits the timeless wisdom of "The Millionaire Next Door" and how its core principles still apply today. Also, Wes shares three powerful investing lessons from an interview with the legendary John Bogle, founder of Vanguard.
Plus, Christa shares your #AskWes questions and Wes gives his take. All this and more on the February 18, 2025, Ask an Advisor episode of the Clark Howard podcast. Submit your questions at clark.com/ask.
Learn more about Wes: link
00:00 - Intro
00:55 - Top 3 Traits of Millionaires
09:11 - Ask an Advisor - - Holly in Arizona
We expect to inherit $1-2M soon and want to avoid financial mistakes. Who should be on our team—financial planner, estate planner, CPA, attorney? We’re in our 50s and planning for retirement while also covering college costs for two kids.
14:18 - Ask an Advisor - I’m retired with a balanced portfolio. To avoid bond volatility, should I keep the fixed-income portion in money markets or CDs instead? - Alex in Michigan
18:47 - Ask an Advisor - I’m 63, aggressively saving for retirement but withdrawing from savings to cover expenses. Am I making a mistake? Should I adjust my contributions? - Michele in New Jersey
22:22 - 3 Investing Lessons From Vanguard Founder John Bogle
33:33 - Ask an Advisor - My Schwab robo-advisor keeps too much cash (6-7%). Should I switch to another robo-advisor? If so, transfer existing ETFs or sell and start fresh? How important is tax-loss harvesting in my choice? - Patrick in Illinois
37:36 - Ask an Advisor - To reduce security risks, I’m considering spreading my $500K Fidelity brokerage account across Vanguard and Schwab. Can I do this without triggering a taxable event? - Bob in Florida
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