Unmasking Money Secrets and Financial Journeys

Insights and Lessons from Real-life Stories

May 18, 2024

Welcome to TenWilsons - Unmasking the hidden aspects of personal finance

Hello, newcomers and loyal readers! Before we dive into this week's content, I want to revisit the purpose of TenWilsons. We're not here to flaunt the fortunes of the affluent or to exacerbate the wealth disparity. We understand that most of you are working hard, striving to balance monthly expenses while ensuring adequate savings for your future.

Money narratives are often shaped by our surroundings, influenced by our friends, family, and neighbors. We often make assumptions like, "they seem to be doing well", or "they must be wealthy". However, these assumptions can be misleading. Our society is rife with misconceptions of visible wealth. Social media feeds aren't an accurate reflection of someone's financial health. They don't account for 401(k) balances, retirement contributions, or monthly payments. We live in a world that overemphasizes tangible assets and overlooks the associated burdens of debt and related stress.

Our financial behaviors, including spending, saving, and investing, are influenced by deeper factors, often tracing back to our childhood. We tend to label ourselves and others as spenders, savers, or avoiders. However, money management is a skill that demands knowledge and practice. A better understanding of concepts like compounding can help you navigate financial decisions more confidently, leading to a more secure and fulfilling life.

Here at TenWilsons, our content is distinctive and unique. We offer radical transparency about finances, revealing not just earnings, but also retirement savings, debts, and the reasoning behind financial decisions. We present real figures of real individuals.

While income is frequently utilized as the benchmark for financial success due to its immediate accessibility, net worth actually offers a more comprehensive view of your financial status, as it represents an accumulated sum.

While we all aspire to improve our financial management, it often takes a backseat to immediate concerns. Ironically, we spend more time planning a vacation than we do planning our financial future. It's easy to follow the crowd, but remember, visible wealth does not always equate to financial stability or retirement readiness.

Join us on this journey to unveil the invisible aspects of wealth and make better-informed financial decisions.

What’s next?

I am in the process of experimenting with various formats, which include different levels of detail and the incorporation of narratives for context. Your feedback on what you find valuable will help me refine this process. Now, let's dive into today's net worth stories...

Net Worth Stories/Updates:

This week, we have six new updates on net worth and personal finance stories curated from reviewing hundreds of articles, personal finance blogs, podcasts and social media updates to find net worth updates posted in the last week.

In these updates, we compare individuals' net worth to the median net worth of households of their age group and provide a breakdown of their net worth (including home equity, retirement accounts, vehicles, etc.).

Each brief net worth update is a summary of their financial story. While these stories are based on real people and real numbers, some names have been changed for privacy. Moreover, each story offers one or two key takeaways or anecdotes to inspire you to accomplish your financial goals, such as conquering debt, saving for retirement, or reducing expenses.

Click on any of the net worth figures for a link to the source of the information. We look forward to sharing more with you next week!

In their 20s:

$355,480 net worth - Sally, a 26-year-old senior sales engineer in Chicago earning $225K annually. She has an accumulated net worth that is 92nd percentile for her age group. Her composition of net worth: 34% home equity, 33% retirement savings, 30% checking/savings account. Raised in a family that valued financial discussions and education, Sally started earning her own money early on with a babysitting job in seventh grade. This fostered a sense of financial responsibility, leading her to prioritize saving a substantial portion of her income and contributing to a retirement fund.

“Finances were talked about often in my family. Maybe too much. I remember my parents listening to a popular radio show about becoming debt-free during my formative years.”

TAKE-AWAY: Good example of early financial education and practical experience in shaping responsible financial behavior and future planning. One of your goals should include trying to be that financially responsible adult for the next generation (your kids, grandkids, nieces or nephews).

In their 30s:

$299,030 net worth - Paul and Morgan, a couple in their late 30s, have a combined income of $168K annually. Their accumulated net worth places them in the 68th percentile for their age group. The majority of their net worth is in home equity, minimal savings/investments, credit card and student debt. This is a 2 part podcast/youtube interview (week 1 & week 2). They have been married for 10 years with 2 kids. They are struggling with unchecked spending and recurring arguments about money. Morgan feels stressed and dismissed when Paul reassures her about their finances without providing specifics. Despite numerous discussions about changing their approach to money, they keep falling back into old patterns. They realize they're on the edge of financial instability, and there's a pressing need for change.

"I guess I always had this view or fantasy, I’m always going to be making more money. I’m just going to get more money. As I get older, I’ll get more raises. I’ll do this and that, and I’ll be fine.” -

TAKE-AWAY: This couple highlights the importance of open and honest communication about money. This includes both individuals understanding the specific details of their financial situation and developing a joint and clear financial plan that considers each partner's perspectives and priorities.

CAD$716,000 net worth - Anna and Mark, a 30-year-old Canadian couple living on Vancouver Island. She is a senior business analyst earning $92K and he earns $60K. Their accumulated net worth places them in the 89th percentile for their age group. The majority of their net worth $509K (71%) is in their home as they have benefitted from the rise in home prices on Vancouver Island. They have a cautious and practical approach towards money. They are diligent about tracking their expenses, and make a conscious effort to balance spending with saving. They also demonstrate an understanding of the importance of planning for the future, as evidenced by their retirement contributions. Despite having a comfortable income, they are mindful of their spending, opting for cost-effective choices when possible. Their approach to money appears to be significantly influenced by their family's financial history and experiences

“I grew up thinking we were not rich because we didn’t get big plane vacations…We had to work for things (like going to see a movie on opening night or a new CD) but we always had money and got what we wanted. In retrospect, my family was/is fairly well off."

TAKE-AWAY: Money experiences when growing up usually influence someone’s money philosophy and money habits later in life (sometimes positively and sometimes negatively).

$1,331,000 net worth - Rachel, a 33-year-old high-earning consultant and suburban mom, earns $200K + bonus and her husband who is an even higher earning finance professional earns $600K + bonus. Her accumulated net worth places her in the 97th percentile for her age group. She lives in New Jersey and has a mindful and goal-oriented approach towards money, shaped by her early experiences and exposure to wealth. She maintains separate accounts from her husband (the net worth number above only represents her savings accounts and their combined home equity), splitting shared expenses based on proportion of income. She acknowledges the privilege of her financial situation but also struggles with comparing her wealth to others. She prioritizes having large emergency funds and investing in her retirement and brokerage accounts. Spending on travel for personal relaxation and connection is important to her. She's mindful of her spending habits, regretting past fast fashion purchases due to their environmental impact.

This is an interview from The Purse newsletter written by

Lindsey Stanberry

“I feel comfortable with our financial situation and acknowledge we are very lucky to have been able to get the jobs we are currently in…However, throughout my life, I have often been surrounded by much wealthier individuals and families, and it can be hard not to compare myself to them. For context, I grew up surrounded by a lot of wealth in a very-high-cost-of-living city, and I had classmates whose parents were billionaires, CEOs, etc., which was wild. Today, I have a lot of friends and neighbors who are extremely successful in their careers. It can be hard not to compare career trajectories with the added layer of comparing against their financial success”

TAKE-AWAY: “Comparison is the thief of joy” (President Theodore Roosevelt). Sometimes you need to step back and figure out what your ‘enough’ is. Life is a balance of time, health and money.

In their 40s:

$120,000,000 net worth - Jeff, a successful entrepreneur in his early 40s, has a net worth that places him at 99th+ percentile for his age group. His net worth composition consists of $70 million (58%) in market index ETFs, $15 million in two houses and netjets plane shares, $18 million in cash (15%), and the remainder is in investment real estate that is planning to be sold and transferred to index ETFs. This podcast interview with Jeff, a successful entrepreneur, reveals insights into the intersection of wealth, happiness, and life priorities. Despite accumulating liquid assets over $100 million from the sale of his company, Jeff found that happiness didn't automatically follow. He candidly discusses the isolating and frustrating aspects of sudden wealth, and the constant pursuit of more, comparing the urge to accumulate wealth to an addiction. Jeff's experiences underscore the importance of finding happiness in the journey of building wealth, rather than expecting it to follow the attainment of a financial goal. His story serves as a reminder that wealth alone doesn't guarantee satisfaction or a sense of fulfillment.

"Life is happening while you're building. If you can't figure out how to be happy during the journey, it's rare that you're going to be happy suddenly right after the exit."

TAKE-AWAY: Enjoy life’s journey whether its building a business or working for someone else. Don’t only wait for a certain net worth number to make you happy. Money in an account can eliminate certain financial stress but wealth alone doesn’t equate to happiness.

In their 50s:

$10,800,000 net worth - Robert, a 52 year old, built a net worth that places him in the 98th percentile for his age group. His net worth composition consists of $600K in home equity (5.5% of net worth), $650K cash/liquid investments (6% of net worth) and the remainder of his net worth is in real estate investments in various forms (rentals, syndications, LP investments). This long-form interview features his journey to wealth including multiple career changes and a late start at 40 in his current profession. His success tips include understanding and becoming invaluable in your job, reinvesting proceeds back into the portfolio, and making informed investment choices. Despite challenges like divorce (20 years ago) and consumer debt, he emphasized the importance of hard work, self-education, and seizing opportunities. He plans to retire with a net worth of $20 million and annual cashflows of $1.2 million, while also focusing on health and charitable giving -

"My best investment was in myself and my education (both formally and hours spent informally with books and internet sites / forums). It put me into a position to be qualified and ready to take advantage of an opportunity with a young company that I could ride to the top with."

TAKE-AWAY: One key takeaway from this interview is the importance of continuous learning and adapting. The interviewee underwent several career changes, faced personal and financial challenges, and still managed to build significant wealth. His success was largely due to his willingness to work hard, invest in his education, and take calculated risks in areas he understood well, like real estate. This highlights the importance of resilience, lifelong learning, and strategic risk-taking in wealth-building

What is the meaning behind Ten Wilsons?

The $100,000 bill is the highest denomination ever issued by the U.S. Federal Government. Woodrow Wilson is the president on the $100,000 bill.

In theory, if you had 1 of these $100,000 ‘Wilson’ bills you would have $100,000 net worth. If you had 2 Wilsons you would have a $200,000 net worth. Therefore, if you had 10 Wilsons you would have a $1 million net worth. Therefore TenWilsons = Millionaire