Mike is a 30-something CEO, Blogger, and Forensic Scientist. On his blog, mikedupblog.com, he writes about financial insights for Family & Business, and gives fitness tips for everyone. Mike has a ton of financial pillars for millennials and we’ll be picking his brain!
[2:24] What made you decide to create financial pillars for millennials?
- Wrote smaller series- 10 financial musts for high school students
- Started thinking next level and how to apply them to millennials and other people
- 9 life, 3 more to come!
[4:7] One your pillars is to negotiate everything. Can you speak a bit about what that means to you and why it is specifically important for millennials?
- Millennials currently making big decisions, e.g. buying a house is decided before you get to the negotiation table
- Mike recently was buying a business and realized that everything comes down to negotiation, it doesn’t look like much in the moment, but over a long period of time it adds up quickly
- Begs the question- what if you start negotiating everything, is the price really what it says
In purchasing a dental practice
- Mike was close to signing a bill of sale, there was a last minute call from the seller and there was a unique situation. Mike had a choice on how to proceed, he could’ve insisted that the contract was enforceable, but decided to rather be understanding
- Since then, 2 months later he bumps into the seller of the business at church; Mike’s wife was about to take time off due to pregnancy and Mike ended up contacting the seller who was happy to help.
Everything happens for a reason 🙂
[11:5] Another pillar is to diversity your portfolio, could you explain what diversification is and why it is so important?
- Mike was graduating high school in 2004 and had the ability to save a ton of money due to low living expenses.
- Mike’s grandfather convinced him to invest a sum of money that Mike saved up in the market.
- After the financial crisis Mike lost all his gains and learned that he doesn’t want to be exposed to risk in only one asset class
[16:59] Paying yourself first is something everyone knows they should do but not many people actually get it right. Why is this skill so important?
- In the last 18 months Mike had to relocate into a new dental office and there was tons of money going out of his checking account
- Extra expenses always arise, Mike decided to automate his savings to make sure that he got money into his savings
Value Link Round
[20:54] What is your saving or retirement plan?
- Creating retirement plan for business
- Pension coming from day job
Mike knew that having a business was going to be big outflow but long term the business will return; however it does take time.
[22:49] Do you have any other books or podcasts you can recommend?
- Extreme Ownership How US Navy Seals Lead and Win
[25:33] Favorite Quote?
- Discipline = Freedom
[26:27] Parting piece of advice?
- One of the pillars coming up- never stop your financial education