Only in the dictionary does success come before work, and that is only because it is alphabetical. I say that up front because this episode makes a promise, and I intend to keep it: within the hour, I lay out a practical path to a million-dollar net worth in about five years, along with a slower road that asks almost nothing of you except patience.

The slow road first. Set aside a few thousand dollars a year from your paycheck, put it in a retirement account or a broad basket of quality stocks, and then forget it exists. Do that from your early twenties and history says time will do most of the heavy lifting. Most people never start because nobody ever sat them down and showed them the math.

The faster road runs through real estate. Buy the worst house on the best block in a working neighborhood near jobs and transportation. Rehab it with certified local contractors and live in it. After a couple of years, draw carefully on the equity and buy a second modest home to rent, then a third. I explain how a family member who qualifies for the Earned Income Tax Credit can become your partner in a simple LLC, why I never sell when I can borrow against an asset, and how a 1031 exchange once let me roll a California condo my friends begged me to dump into my next home without paying tax on the gain.

Along the way we cover the basics every millionaire has in place, starting with a one-page will and a term life policy. I also answer a listener who wants to know whether an IRA can help with a first home. You are already in this system. You might as well master it.

🎧 Listen now — wherever you get your podcasts, or simply click below.

Prefer to watch? The full episode is on YouTube.