I Watch What Millionaires Do and Follow, Author Marissa Greco-Reale

Apr 7 2023 • 32 mins

Author and Financial Planner, Marissa Greco-Reale Author of Bottom-Up Wealth

Your Host for the show is Floyd Saunders, Founder of Really Simple Investing.
Floyd's Book, Five Paths to Wealth.

Follow Marissa on her website. Greco-Nader Wealth Navigation. https://www.greconader.com/Marissa-Greco.e1007259.htm

Marissa on Facebook. Marissa on Youtube

In this interview we talks about the value of long-term investing and then we start the interview with Marissa and her six-step prosperity plan from her book Bottom-up Wealth.

Marissa is a licensed financial planner and we talked with her about her book and her six-step prosperity plan.

In Marissa’s book, Bottom-Up Wealth, she says anyone can become wealthy, but not everyone can maintain that wealth. You ready need a plan for that.

Step one is talking care of Risk Management. Which is taking caring of your insurance needs so you have protection. For Marissa, insurance should be insurance and investing should be investing so you have control over your money. If you don’t have risk management in place, all of the other stuff doesn’t really matter.

Step Two is Cash Flow Planning. This is about understanding what is coming in and what is going out, using what she calls reverse budgeting which is hitting your savings goals first. When you use a reverse budgeting, you can then enjoy some of your money because you have hit your retirement and savings goals.

Step Three is Investing Planning. When it comes to investing, Marissa watches what millionaires do and she follows that. Marissa favors mutual funds because it comes with professional fund managers that can actively manage the fund for you. It important to understand each person’s situation and plan for that situation.

Step Four is Retirement Planning. Talking about retirement planning. For many higher income people, a Roth is not a great option. But if you are in a lower tax bracket a Roth might be better.

Step Five is Proactive Tax Planning. Most tax planning occurs after the fact, making it reactive. Marissa favors proactive tax planning so you can decide if it is better to take tax deductions now or in the future.

We wrap up with talking about Step Six estate planning and the need for a will and perhaps a trust to help make sure your money goes to heirs you want to get money and/or a qualified charity.