You Make Good Money… So Why Don’t You Feel Wealthy? - E29
What does it really mean to feel wealthy? Michael and Brady dive into the emotional side of money, exploring why so many high earners still feel financially insecure despite their income and assets. Sparked by Charles Schwab’s latest Modern Wealth Report, the hosts unpack the surprising disconnect between being rich and feeling wealthy, challenge the popular $2.6 million "retirement number," and reveal how mindset, behavior, and personal values shape true financial contentment. Whether you’re approaching retirement or simply wondering if you're on track, this episode will shift how you think about money, fulfillment, and the power of intentional planning.
Key Timestamps:
(00:00) - The $2.6 million “wealthy” number explained
(03:00) - Emotional math vs. bank account balance
(06:00) - Feeling rich vs. feeling wealthy
(08:00) - Redefining wealth: health, relationships, and happiness
(10:00) - Permission to spend: emotional barriers to enjoying money
(13:00) - Coaching clients to redefine retirement goals
(16:00) - Accumulation vs. decumulation phases
(18:00) - Lifestyle choices, debt, and financial independence
(21:00) - Better questions to ask your financial advisor
(28:00) - Principal and interest vs. 4% withdrawal strategy
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Financial Guidance for High Earners, Smart Money Moves for High-Income Professionals, Tax, Wealth & Investment Strategies for Top Earners, Financial Planning for Doctors, Lawyers & Execs, Wealth Management Tips for High-Income Earners, Expert Advice on Taxes, Investing & Growing Wealth, High Earner Money Talk, Financial Wisdom for 6-Figure+ Entrepreneurs, Smart Strategies for Managing High Income
Money, Taxes & Freedom for High-Earning Professionals, The Dave Ramsey Show, BiggerPockets Podcast, The Motley Fool Money Show, We Study Billionaires, ChooseFI, Afford Anything, Feel wealthy vs. be wealthy, Charles Schwab Modern Wealth Report, Financial independence mindset, Retirement planning strategies, Emotional side of money
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
Article: https://www.thinkadvisor.com/2025/07/09/heres-how-much-money-it-takes-to-feel-wealthy-schwab/
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Genesis Wealth Planning and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Genesis Wealth Planning is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7237198.16. Expiration 8-27.
