Millionaire Monday with Michael Quan
Anyone can learn to build wealth. The information is freely available. But, doing this alone in a vacuum can be daunting. That's why I create masterminds (private groups) of like-minded individuals with similar goals. I provide a proven blueprint to achieve financial freedom and we meet regularly to move through this framework together.
Learning with others is not only fun but also does wonders with keeping you accountable and following through. I am happily married to my wife (Mrs. J) of 14+ years. We actually met at University on a blind date (crazy, I know)! She is an incredibly passionate Biology teacher and well-loved by her students. We have two wonderful children – Little K, our daughter, is quite outspoken and independent. And, Little L, our son, is compassionate and fun-loving. In my spare time, you'll find me spending quality time with my family. We enjoy a lot of outdoor activities like hiking, biking, and fishing.
We just came back from our annual fishing trip to Mammoth Lakes, CA, which was a much-needed break from home after being stuck at home for months.
When, and how, did you hit millionaire status?
I hit millionaire status just shy of 30 years old. So, technically I did it in my "20s"... haha. When I was younger, I was fixated on the number "one million," but I eventually realized what I was actually after was "freedom." I craved the freedom to do whatever I wanted, whenever I wanted.
I was able to achieve this through a combination of aggressive saving and investing and entrepreneurship.
In my early 20's, I was facing an imminent layoff. Rather than stay around to see what would happen, I decided to tempt fate and started up an IT support company with a couple of friends. We had to hustle a lot in our early days, but we were profitable and grew over the years.
After a decade, we sold the company. I used those proceeds to invest into real estate and retired from a 9 to 5 career when I was 36.
If there's one lesson to share about achieving millionaire status, it would be to have persistence. The journey to a million and beyond is not smooth. So, you'll need to have the patience and flexibility to adjust course along the way. The fastest way to do this is to model someone else's success and seek out coaching or mentorship from those ahead of you on that journey.
I am a lifelong student, always seeking knowledge and ways to grow. As an investor, I am constantly looking for a better return while minimizing risk. Real estate has been good to me and I continue to focus on single-family homes and syndications.
What would it have been like to have a millionaire role model that looked or sounded like you when you were starting your journey to $1M?
I was lucky to have some extended family members who found financial independence early. This was certainly inspirational to me and gave me the belief that achieving wealth early was possible.
However, I really wished I had access to a millionaire mastermind early on. This would have accelerated my progress even faster, and is the main reason I create financial freedom masterminds today.
In the end, money is just a tool. Don't get caught up in the pursuit of it, or become defined by your money. Rather, use money as a way to unlock your own freedom and squeeze the juice out of life. Listen to your heart and values, and your money will remain aligned in intention.
Where can people find you?
I blog on my website FinanciallyAlert.com and can be found on Instagram @FinanciallyAlert