You Can’t Save Your Way to Wealth with Mike Seidl Ep. 2

Episode 2: You Can’t Save Your Way to Wealth with Mike Seidl What if we told you that saving harder is keeping you stuck in a puddle while other people are playing in the ocean? If you’ve ever felt stuck clipping coupons and “being good” with money but never getting ahead, this one’s for you. In this episode of Save to Zero, Zach Richards sits down with Mike Seidl to discuss how he went from growing up with almost no money to building real wealth. Mike shares the moment he realised saving would only ever keep him in a puddle, not get him to the ocean. You’ll hear Mike’s story of growing up with a single mom working 80-100 hours a week and how that shaped his scarcity mindset. He talks about the shift that happened when he moved to New York, started meeting wealthy people, and realized they weren’t any different from him; they’d just chosen a different path. We also get into the snow-shovel moment that made him know he could never spend his life working for someone else. We dig into why “saving your way to wealth” doesn’t work, and why focusing on earning, investing, and relationships does. Mike breaks down his move from the stock market to private lending, what he’s learned about risk, and why he now aims to live on growth and never touch his principal.  We wrap up with what Save to Zero really means and who this show is really for. You’ll Learn in This Episode: How Mike’s mindset around money changed as he got older Why you need to spend time with wealthier people  How Mike’s attitude towards risk has changed over time How a personal investment strategy evolves Why most people are taught to save instead of earn Who some of the upcoming guests of Save to Zero are One controversial money opinion: you invest your way to retirement and generational wealth.  Rapid Fire Round:  What’s the worst money advice ever received? On Sunday morning, when the paper comes, you need to clip coupons. What’s one book/podcast that changed how you think? Atomic Habits by James Clear What’s your guilty pleasure purchase? I want to fly to Antarctica and spend the night at the South Pole. It’s not cheap.  What do you do with $100,000 in passive income? I book a vacation for Lois and me to any place she wants to go. We spend half the money on that, and I reinvest the other half What’s one thing you wish you knew at 25? That you don’t have to be perfect out of the gate. You learn as you go along. What does financial freedom mean to you? That I can do what I want, when I want, with who I want, and where I want. The four W’s are financial freedom to me. Quotes “I stopped thinking about working for somebody else. I knew relatives who’d started businesses and been successful. … I knew from a young age that I wanted to start a business. When I started working for other people, I knew that I had to start a business.” “Those guys are no different to me, and they have all this money. I’m doing something wrong.” “They’re not different; they just went down a different path.” Find REI Capital Guys For Investors & the Fund – Learn how the Fund works and book a call For Borrowers & Deals – Get funding and support for your next investment