Full Show: Top 3 Traits of Millionaires and 3 Investing Lessons From Vanguard Founder John Bogle

Do you want to be a millionaire? Wes dives into the fascinating trend of "mini millionaires" and uncovers the secrets to their success. He explores data from the Federal Reserve and the Wall Street Journal, revealing the common traits of those achieving millionaire status. Are they earning massive salaries? How much does education matter? He breaks down the key factors. Plus, he revisits the timeless wisdom of "The Millionaire Next Door" and how its core principles still apply today. Also, Wes shares three powerful investing lessons from an interview with the legendary John Bogle, founder of Vanguard. Plus, Christa shares your #AskWes questions and Wes gives his take. All this and more on the February 18, 2025, Ask an Advisor episode of the Clark Howard podcast. Submit your questions at clark.com/ask. Learn more about Wes: https://www.yourwealth.com/team/wes-m... 00:00 - Intro 00:55 - Top 3 Traits of Millionaires 09:11 - Ask an Advisor - - Holly in Arizona We expect to inherit $1-2M soon and want to avoid financial mistakes. Who should be on our team—financial planner, estate planner, CPA, attorney? We’re in our 50s and planning for retirement while also covering college costs for two kids. 14:18 - Ask an Advisor - I’m retired with a balanced portfolio. To avoid bond volatility, should I keep the fixed-income portion in money markets or CDs instead? - Alex in Michigan 18:47 - Ask an Advisor - I’m 63, aggressively saving for retirement but withdrawing from savings to cover expenses. Am I making a mistake? Should I adjust my contributions? - Michele in New Jersey 22:22 - 3 Investing Lessons From Vanguard Founder John Bogle 33:33 - Ask an Advisor - My Schwab robo-advisor keeps too much cash (6-7%). Should I switch to another robo-advisor? If so, transfer existing ETFs or sell and start fresh? How important is tax-loss harvesting in my choice? - Patrick in Illinois 37:36 - Ask an Advisor - To reduce security risks, I’m considering spreading my $500K Fidelity brokerage account across Vanguard and Schwab. Can I do this without triggering a taxable event? - Bob in Florida Clark.com: Advice You Can Trust: SUBSCRIBE:    / clark   Listen To The Clark Howard Podcast: https://clark.com/podcast Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/3lrwhe2... iHeartRadio: https://www.iheart.com/podcast/8-the-... Follow Us for More Money Tips: Website: https://clark.com/ Podcast: https://clark.com/podcasts/ Newsletter: https://clark.com/newsletters/ Instagram:   / theclarkdotcom   Facebook:   / clarkhoward   Need Consumer Advice? The Consumer Action Center is a free resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET. If you found this video valuable, give it a like. If you know someone who needs to see it, share it. Leave a comment below with your thoughts. Add it to a playlist if you want to watch it later. Our Promise to You: At Clark.com and ClarkDeals.com, we do not get paid for endorsements or reviews of any product or service, nor do we allow advertisers to place paid content on our sites. More information: https://clark.com/ad-disclosure/