They Have $520K at 30, But Refuse to Spend

This episode brought to you by Abound Wealth. Take the relationship to the next level and become a client: https://moneyguy.com/become-a-client/ Jacob and Elyssa have a $523,000 net worth, nearly $300,000 in retirement savings, and a household income of roughly $117,000—but everyday spending still feels tight. After leaving accounting to become an electrician, Jacob is rebuilding his career while they raise two young children. On this episode of Making a Millionaire, Brian and Bo examine their budget, mortgage payoff plans, and hopes for a bigger home and future business. Can they pause retirement contributions without losing sight of financial independence? Discover why their plan starts with more breathing room—and permission to enjoy the life they’re working so hard to build. Timestamps 00:00:00 A budget so tight it nearly canceled Christmas dinner 00:00:37 Meet Jacob and Elyssa 00:03:50 From accounting to an electrician apprenticeship 00:07:19 Their $523,000 net worth—and extreme frugality 00:11:31 Going from $170K to $117K in household income 00:16:43 What they wish they could spend money on 00:20:29 Should they pay extra on the mortgage? 00:24:18 A future business, a bigger home, and competing goals 00:27:58 Working with Abound Wealth 00:28:49 Future income and pausing retirement contributions 00:32:45 Finding room for fun money and date nights 00:39:33 Roth conversions and future savings goals 00:45:56 The plan: spending more, housing flexibility, and retirement projections 🔗 Wealth Multiplier By Age → https://moneyguy.com/resource/wealth-multiplier-by-age/ 🔗 How Much Should You Save? → https://moneyguy.com/resource/how-much-to-save/ 🔗 Know Your Number Course → https://moneyguy.com/products/know-your-number/ 🔗 How Much House Can You Afford? → https://moneyguy.com/tool/how-much-house-can-you-afford/ 🔗 Ultimate Guide to Mastering Your Money Mindset → https://moneyguy.com/guide/money-mindset/ 🎓 Brian Preston (CFP®, CPA) and Bo Hanson (CFA®, CFP®) share professional insights to help you own your financial future. Jump start your journey with our FREE financial resources: https://moneyguy.com/resources/ Subscribe on YouTube for early access and go beyond the podcast: https://www.youtube.com/c/MoneyGuyShow?sub_confirmation=1 Connect with us on social media for more content: https://moneyguy.com/link-in-bio/ Take the relationship to the next level and become a client: https://moneyguy.com/become-a-client/ #WealthBuilding #PersonalFinance2026 #RetirementPlanning #FinancialFreedom