What To Do *After* You Become a Millionaire

In this insightful Market Mondays clip, Rashad Bilal, Ian Dunlap, and Troy Millings break down the crucial mistakes to avoid right after achieving millionaire status—and share what you should do instead. Whether you’re just starting your financial journey or you’ve already crossed seven figures, this is a must-watch for building sustainable wealth. Rashad Bilal emphasizes the importance of not making large purchases (including a primary home or luxury cars) immediately after accumulating your first million. He explains why buying a single-family home can quickly turn that financial progress into new liabilities, and why it’s smarter to keep your cash accessible and prioritize acquiring assets that grow your wealth. Ian Dunlap offers practical steps for maintaining your financial edge—like avoiding “lifestyle creep” until your net worth reaches $11 million, staying debt-free, and focusing on investments that can never go to zero. He gets real about the emotional journey: the rush of making your first million fades, so it’s crucial to concentrate on growing your fortune and happiness, not just your bank balance. Troy Millings shares his personal blueprint, describing how he continued to live below his means and kept his housing costs minimal—even after hitting the million mark. Troy talks about strategic investing, not rushing into big purchases, and using discipline to keep growing his wealth. He encourages viewers to be hyper-vigilant about how they manage, respect, and protect their money, especially in uncertain times. The trio also touch on why certain classic status symbols—like diamonds and luxury watches—typically aren’t smart investments, especially with new technology and shifting markets transforming their value. *What you’ll learn in this clip:*

• Why your first million isn’t the finish line—and what really matters next
• The dangers of rapid “lifestyle upgrades” (and how to avoid going broke)
• How multifamily real estate and smart renting can be better wealth moves than buying a flashy house
• Tax strategies, asset protection, and avoiding financial traps that target the newly wealthy
• The declining value of luxury assets like diamonds and cars—and smarter things to do with your money

Whether your goal is to hit seven figures or multiply it, let Rashad Bilal, Ian Dunlap, and Troy Millings guide you through the mindset, habits, and strategies for lasting success. *Subscribe for more Market Mondays insights!* #MarketMondays #WealthBuilding #FinancialFreedom #RashadBilal #IanDunlap #TroyMillings #MillionaireMindset #MoneyManagement #Investing #PersonalFinance #Clip --- Watch, learn, and level up your financial game with every Market Mondays clip!

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Episode Transcript

Speaker 1 (00:01):
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(00:21):
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Speaker 2 (00:43):
So for people, okay, on their financial journey and they
hit they finally they become a millionaire. Okay, what should
they do next? Like, what's next after you become a millionaire.
I'll give some advice. Don't make any large purchases, including

(01:03):
say it again, make any large don't make any large purchases.

Speaker 3 (01:07):
Yeah, staying the same you've been in, including a house.

Speaker 4 (01:11):
Rushad they're going to say that you're anti home, miss
I'm not going to.

Speaker 5 (01:15):
No, no that. But tell them why that's important.

Speaker 2 (01:19):
Yeah, because, uh, your primary home, unless it's a multi
family home.

Speaker 5 (01:26):
Is not going to be a asset.

Speaker 2 (01:29):
For you in the moment over the course of time,
but it's going to be a liability for you in
the moment. So you're still trying to collect as many
assets as possible to grow your wealth.

Speaker 5 (01:41):
You don't want to take you.

Speaker 2 (01:42):
Don't want to take two steps back after you made
three steps forward. So you make a million dollars, and
you have a million dollars, and then you spend six
hundred thousand on a house that's going to cost you
an additional eight thousand a month. That's going to of
course you an additional thirty thousand a year in taxes

(02:04):
right back the way you started a couple hundred thousand,
and like meek Mill said, that ain't real money, that's
bail money, no disrespect.

Speaker 3 (02:12):
But that one bad situation and.

Speaker 5 (02:17):
Now you're back to rock bottom. So it's about it's
about playing a long game.

Speaker 2 (02:21):
Real estate, for sure, is a good investment over the
course of time, it has always gone up in value,
but it can hurt you as well. So if you're
going to buy real estate, we talked about the multifamily
play all about you know, as far as having you know,
places that other people live in. And now you're a
landlord and you're collecting rent while your while your asset appreciates,

(02:45):
and you might want to continue to actually rent a
place because if you're actually doing business out that place
or it structured properly with your CA CPA, you can
write that off as attached right off, but you're still
keeping large sums of money you have access to it.
You never want to tie your money up until you
you can, until you can properly afford it. Then when
you get to a point it doesn't matter that it's

(03:06):
like it doesn't even matter. But until then, when you
first become a millionaire, some of the trappings of success
is the real estate large real estate play. It's luxury
car bsy car done the wrong way right as far
as putting two hundred thousand dollars down or buying a

(03:28):
car to two hundred and fifty thousand dollars outright in
cash because you feel like you have enough money when
that's going to go down and value, and then by
the time you sell it, you're going to get fifty
seventy five thousand dollars back at it, and you just
lost one hundred and fifty thousand dollars for no reason.
Avoiding lifestyle creep yep more important and just continue to invest,

(03:50):
continue to invest in smart investments, and to really really
value and respect the money. You gotta respect money. This
story I told this story on MTUIN and they was
telling us about I llegal didn't go to and illegal
didn't go to the richest black person in the world,
Nigerian tycoon, and they were saying, like, you know, he

(04:11):
was kind of like he had a situation where he
was like buying something that was pretty ministrubal in the
grand scheme of things, a bagel or something like that,
but he was just you know, kind of going over
the bill with the waitress just to make sure that
you know, he was getting charged with the right thing.
And some people might look at it like, well, if
you worth thirty billion dollars, what's what's an extra ten
dollars going to do?

Speaker 5 (04:29):
But it's a mindset, and it's a mindset.

Speaker 2 (04:31):
Of entertainers that so in one hand, you got extremely
rich people that will look over every line item, everything, everything.
Then you have other people like some entertainers or some
athletes that will just say it's an additional five thousand dollars. Yeah,
I'm not too stressed about it. I'm getting paid fifty thousand.

(04:51):
If I can't, if I can't get the fanom to
pick me up, I'm not going to go to the show.
That type of mindset will leave you broke because you're
not valuing the money because you have money coming in,
so you're not looking at it from a standpoint of
It doesn't really meaning thing till you until it does.

Speaker 1 (05:08):
Yeah, I think that's all spot on. I think living
below your means is something I'm doing this first.

Speaker 5 (05:16):
I mean, I'm gonna talk personal like hurst made a million?
How do I make too?

Speaker 1 (05:23):
Right? Like, how do we double this? How can I
double this? Not how much can I spend?

Speaker 5 (05:27):
How much? How do I double this? And what time
frame can I double this?

Speaker 1 (05:31):
In the next thing was like, all right, we made
a million, how much of it do we actually keep?

Speaker 5 (05:36):
Right, because that's the other part.

Speaker 1 (05:38):
Let me figure out how I can make these tax
and centives actually keep a majority.

Speaker 5 (05:44):
And then it was all right, let's live below your
means and so make a million.

Speaker 1 (05:48):
Look at especially in real estate, having a home like
I had a home, and I'm looking at all, right,
my income is gone up?

Speaker 5 (05:53):
Do I get the home right away?

Speaker 3 (05:55):
No?

Speaker 5 (05:55):
Man, like, we wait five years before we brought the home. Right,
I'm still living in the home that I started the
show in.

Speaker 3 (06:01):
Right.

Speaker 1 (06:01):
And so when I started doing the calculations, I'm like,
I remember watching somebody break down like how much your
monthly disposed with income to to go to your living
and it was like, oh, thirty percent.

Speaker 5 (06:13):
I'm like, nah, I got to have that tempta, you
know what I mean?

Speaker 1 (06:15):
So made a million dollars and my mortgage with street
thousand un less than almost like one percent of that income.
I'm like, okay, perfect, I don't need to have a home.
How can we get cars? But we can do it
in a strategic way that makes sense that it can
be at tax right off.

Speaker 5 (06:29):
So now we do that.

Speaker 1 (06:30):
Now it's just a clear road to saying, all right,
I've knocked down all those barriers. How do we get
to t right? What do we have to invest in?
What moves do we have to make? How can we
strategically align ourselves and partnerships that can get us to
and so on to get to the two. It's like
all right, well, how we get the full It was
the same idea that I had when I was working,

(06:50):
saying all right, this is what I need to stop working.

Speaker 5 (06:53):
This is what I need to do to stop working.
Let's have my wife stop working.

Speaker 1 (06:57):
And so always having that plan and being disciplined, like
you said, respecting money, being disciplined with money, but also
being super vigilant with money. You watch this like in
the world we live in, right, especially in this world
and definitely during that pandemic era.

Speaker 5 (07:14):
You see, if I'm going on, you're being.

Speaker 1 (07:16):
Mindful of how money is being respected, how it is
being spent, how.

Speaker 5 (07:20):
It is being abused, and you're also watching people no.

Speaker 1 (07:24):
Longer have it, and so like that becomes like the
catalyst to say, all right, now we got to be
even more stringent what it because like this, that's a
telltale sign. That sign wasn't put into your life for
you to just ignore it. Take heed to it, learn
from it, and figure out how not to make those mistakes.

Speaker 4 (07:41):
Great question from this, brother, and I appreciate you asking it.
Number one what I was told, no lifestyle cleep until
you get to your first eleven one is good. Your
nose is above financial water, no lifestyle creeping til you
get and that's the thing that I lived. And even
after you get to eleven, you can argue to minimize lifestyle.
In number two, invest in things that increase your happiness index,

(08:05):
the thing that people don't tell you, like after you
hit these monumental numbers, the high of hitting them goes
away relatively fast. The person who you became on that
journey is more important. And I used to hear that, like,
just give me a millionaire, but you will hit this goal.
And now there's a level of emptiness because now you
realize I just got to the first.

Speaker 5 (08:25):
Level of the mountain.

Speaker 3 (08:27):
It's a lot more to climb up. Third, be debt free.

Speaker 4 (08:32):
I know a lot of people are going to tell
you some debt is good, and there's no better feeling
than owing nobody, no institutions, no banks, no people, nothing.

Speaker 3 (08:39):
Being free and clear is the way to go. And
then lastly, you have to put.

Speaker 4 (08:43):
Your money into assets that have zero probability of going
to zero. If ten years ago I told you bonds
were not a good investment, you would have thought I
was an absolute psycho. Here we are half decade of
bonds being underwater. So look for the investments that won't

(09:03):
go to zero and that will give you a great
return on investment that will allow you to sleep well.
That's why when I tell you guys, if you're asking
me every week about a particular company, is it overweighted DA,
you are investing either at the wrong price or the
stocks too volatile. And if you do those five or
six things in combination, you'll be great in the NBA. Okay,
but no lifestyle could till you get to your first eleven.

Speaker 2 (09:25):
Yeah, I mean, just don't do anything stupid too, But
sometimes that's that is the golden rule. Invest your money
in stocks long term. Like you said, good companies, avoid
large purchases. Don't buy jewelry. That's another thing that you
think you might be doing something that's intelligent, like a house,
but watch is not going.

Speaker 5 (09:45):
Up in value.

Speaker 2 (09:46):
Nine ten that they told to you diamonds that are
in shamboos right when fucking these countries brought to beers
a moment when diamonds is about to be worthless.

Speaker 1 (10:02):
Mm hmm all time. I just crazy said that. I
just looked at a chart of the value of diamonds
that at all time, all.

Speaker 2 (10:09):
Time low because lap dim i was talking on Eric
he said, and he was he was asking him about
and he's like, yeah, not a lab Domonty showing me
lab Dimond. He's like, yeah, look at the diamond, Like
you know they do the diamond test. Yeah, di'mond test
on the lap. Dimond comes back as a record as
a real diamond different. So why would I pay for

(10:30):
something that I could actually manufacture and it's the real thing.
It's not even it doesn't even it passed the test.
Diamonds is dead And like I said, it's crazy. It's
it's an extremely unfortunate situation because like they just one
of my gods shot the album. He actually sent me
that yesterday and they was like, man, this is this
is dope, Like you know what I'm saying, Like we
finally we got one as far as on on Africa

(10:53):
because in Gola in Botswana teamed up and they form
the partnership to buy through the beers I think, and
I'm like, yeah, it's just interesting that that was the
timing of it because diamonds at all time low and
it's probably not eve gonna be worth for same things.
So so it's the reason why they sold the company.

Speaker 5 (11:15):
For sure. It was that they were the liquid to
get out.

Speaker 4 (11:18):
And I keep saying that when you get money, every
company on Earth finds a way to rob you legally,
meaning every watch company, diamond company, luxury experience, everyone has
a seventy thousand, eighty thousand, two hundred thousand, like just

(11:39):
every watch company. Jacob has his resurgence right it's watch
is going for nine hundred thousand that are worth one
hundred thousand. You have to be careful and I know
they not look fun, but most of the people who
are posting on the GRAMD for the gram they're not happy.

Speaker 3 (11:54):
They they are asset light, liquid light, Be careful.

Speaker 5 (11:59):
Earn what's up.

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