Millionaire Monday with Stephanie Xenos
Introduce yourself!
Hi friends! I'm Stephanie Xenos, recovering rocket scientist, member of the FIRE (Financial Independence/Retire Early) community, and founder of Money Muse. In 2018 at 32 years old, I reached financial independence and retired from a career spent at NASA and SpaceX. I founded Money Muse with the sole purpose of helping other women reach financial independence. I spend my time working with women one-on-one as a financial coach and also travel around hosting money workshops. When I reached FI, I started teaching barre for fun, as well as became a Big Sister in the Big Brother Big Sister program. I love being active and spend my time running around with my dog and swinging kettlebells.
When, and how, did you hit millionaire status?
I became a millionaire in December of 2017, which marked the completion of the build of my rental property in Greece (where I was born and my dad lives). At that point, the value of the property went from the money I spent to build it, to the money it was worth if I sold it. This house currently makes up about a quarter of my net worth, and the rental income pays for half of my annual expenses. The remaining money is in investment accounts (IRAs, brokerage) and company stock.
If you could share a lesson or advice with others who are looking to achieve millionaire status, what would it be?
Invest as much of your money as possible, as early as possible. Put it in retirement accounts. When you max out those accounts, put it in brokerage accounts. Buy low fee investments like index funds and ignore completely what the news outlets say about the market. Live below your means. Spend money on what truly makes you happy and be ruthless with cutting the rest of your spending.
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?
It would have been really inspiring to have someone who could validate my journey that looked like me, to tell me I was doing the right things.
I have no idea! I knew one millionaire in my 20s personally, and he was an older, white, male. He was a good influence, and I did learn from him, but it would have been really inspiring to have someone who could validate my journey that looked like me. To tell me I was doing the right things. I would have loved a millionaire mentor!
Anything Else?
No matter how driven you are, some piece of becoming a millionaire comes down to luck. I was lucky that nothing happened to my health that wiped out my savings. I was lucky that I took a chance on my company stock and it worked out. I was lucky that I had access to money at the right time to build a house in Greece with my dad. I grew up poor, with a mom who couldn't leave an abusive husband because she couldn't afford to, and that experience drove me to be good with money. It created an extreme desire to build wealth. Who knows where I would be if it weren't for that experience.
Follow Stephanie!
Website: Money Muse
Instagram: @money__muse
Check out the stunning Greek rental properties: Xenos Villas
If you love what Stephanie has done and want personalized help creating a lifestyle you love by including money in it, did you know you can work with me? I offer a variety of services, but one of my favorites if you are just getting started is a 1-time power session. In these sessions, we’ll dive deep into a topic or question of your choosing. Click the button below to get started today.