Better Know a Millionaire with Michael Epstein

Updated on March 22, 2020 Updated on March 22, 2020
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Michael Epstein
Table of Contents  
  1. Show Notes

Michael Epstein  became a millionaire by the age of thirty. Michael will tell us how he did it and how you can too.

Michael started his first company, e-Dimensional, a software company that designed glasses to make off-the-shelf video games 3-D while still in college. Within the first year, the company reached one million dollars in sales.

Michael made a lot of sacrifices to ensure the success of his business. He ran the company while attending college and working full time. Michael sold the company in 2013 and didn’t retire to Cabo but started his consulting business, Get On Line With Me.

The sacrifices taught Michael to be accountable for each dollar and to be creative when it came to marketing opportunities with little or no cost. Knowing how hard it was to earn each dollar gave him a different feeling towards his wealth. Earned wealth is an entirely different perspective from inherited wealth.

Michael splurges when it’s meaningful. Being able to pay for extended family to attend gatherings, re-paying his wife for all the sacrifices she made when Michael had so little time because he was busy building up his business. Not to say he doesn’t splurge a bit on himself. Michael drives a BMW, a privilege that he’s well earned.

What does Michael consider the worst aspect of being a millionaire? There is more pressure. More pressure to succeed, to maintain his family’s lifestyle, to repeat his past successes.

Like P Diddy said, “Mo money, mo problems.

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Does Michael manage his own money? Some of it. He is involved in Lending Club, picks a few stocks on his own just for fun, and has a substantial real estate portfolio which he likens to a small business of its own where you will make mistakes and learn from them.

That’s three millionaires we’ve interviewed. Are you seeing a pattern? These people aren’t buying Leer Jets and buying bottle service at the club. They are conservative with their money. They splurge but not in a mindless way. And they continue to work. Important lessons for us all.

Show Notes Michael’s first company devoted to realistic gaming experiences. Michael’s current online consulting business.

Candice Elliott - Senior Editor
Candice Elliott is a substantial contributor to Listen Money Matters. She has been a personal finance writer since 2013 and has written extensively on student loan debt, investing, and credit. She has successfully navigated these areas in her own life and knows how to help others do the same. Candice has answered thousands of questions from the LMM community and spent countless hours doing research for hundreds of personal finance articles. She happily calls New Orleans, Louisiana home-the most fun city in the world.

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