Average Millionaire Interview Series Part 1 – Steve Ankerstar

This is part one of a series of interviews affectionately deemed “The Average Millionaire Interview Series” exclusively here on Live Off Dividends. Despite contrary belief, millionaires are real people who face adversity just like you and I. This interview series allows us the unique ability to gain some incredible perspective from these amazing, successful individuals. 

My hope for this series is that it will provide an inside look into the lives of a variety of fairly normal, or “average” if you will, individuals that just happen to be millionaires. We all come from different backgrounds and have unique experiences and opinions and that’s exactly what makes these interviews so important. The insight provided in these interviews is invaluable and I hope you will enjoy them as much as I have.

This interview was done with Steve Ankerstar. Here’s a little bit about Steve before we get into it.

Steve Ankerstar served 20 years as an Air Force fighter pilot, now he serves his clients and their families in both cultivating and preserving their wealth and financial well-being. Steve is the owner of Afterburner Financial, an Austin Texas based financial services firm as well as the host of the wildly popular On Time On Target personal finance podcast. Of note, Steve dropped the first bomb of the “Shock and Awe” campaign in 2003 from an F-117 stealth fighter at the beginning of Operation IRAQI FREEDOM. In the media, Steve was recently featured on the cover of the August 2020 issue of The Platform Magazine, the inaugural 2020 issue of Kosen Magazine and has been selected for the 2021 Edition of the “Top 100 in Finance” for Top 100 Magazine.

Average Millionaire Interview With Steve Ankerstar

Tell us a little bit about yourself. How old are you? Where did you grow up? Where do you live now? 

Steve Ankerstar, 51 years old. Father was Air Force so we moved all over.  I went to high school in Ohio and college at Iowa State.  I joined the Air Force where I lived in 11 places in 20 years.  My family and I retired to Round Rock, Texas in 2013 and don’t plan to ever leave the Austin area.

How much education did you receive? 

Quite a bit courtesy of the Air Force. Undergraduate degree in Engineering.  Three Masters Degrees and I have completed the first two years of my PhD in Finance (all but dissertation). 

What is your current occupation? How long have you been doing that? What were some of your previous occupations? 

I was a fighter pilot in the Air Force for 20 years where I flew both the F-15 Eagle and the F-117 Stealth Fighter. I retired from the Air Force in 2013 and opened my own investment management firm where I now manage over $35M in assets for upper middle class families. I also host a personal finance podcast and YouTube channel called “On Time On Target.”

Is your current occupation your dream job? If so, what do you like most about it? What would you change about it if you could?

Yes. I love what I do every day. Financial independence frees you up to do whatever you choose on a daily basis.

At what point did you realize you were a millionaire? How old were you and how did it feel? 

Age 43. I’ve always tracked my net worth so it was always a goal. Like achieving any goal, it felt great, but nothing really changed in my daily routine.

What were the most important steps that you took to get where you are today? 

I started investing at 16 (thanks to my parents really) and stuck to it through the years. Compound returns are amazing.

In general, how do you feel about debt? Are you willing to utilize debt to get further ahead or would you rather be entirely debt free? 

I have an entire podcast episode on debt versus leverage. In general, I don’t use debt at all. However, I define debt as an interest rate over 3.5%. If anyone is willing to loan me money for 3.5% or less, I consider it leverage. But currently, I only have mortgages which are below 3.5% and I do not pay them off early. I can make more elsewhere and keep the difference.

Do you track your net worth? If so, what does your process look like? 

Daily. Schwab has a great app for free that tracks not only your various brokerage accounts, but also let’s you import real estate value (through Zillow) as well as all bank, mortgage and credit card accounts. Building wealth can be very addictive.

If you could change any one thing in the world, what would it be and why? 

Rid the world of health issues like cancer and disease.

What are some of your short term goals, say less than 5 years out? What about long term? 

Write my PhD dissertation, then write another book. Continue to grow my business, podcast, Youtube channel and get increased exposure through major media channels.

If you had to give just ONE piece of financial advice to your younger self, what would it be? 

Go into individual stocks earlier. I spent decades in mutual funds.

How would you describe your perfect day? 

Wake up early. Study the stock market for about an hour. Record my morning show.  Make any money moves needed and be free to hang out with my family for lunch. The rest of the day can be spent with family, friends, or helping clients. I love to travel and work from the road, so bouncing around to cool locations is preferred. I’m generally in bed by 10pm.

Do you have any side hustles? If so, which are your favorites? 

My podcast and YouTube channel are my side hustles. I have merch as well.

What was your biggest financial mistake? What lesson(s) did you learn from it? 

Mutual funds and over diversification.  These can be the right instruments for those that are passive investors  and or choose/prefer to be hands off. But if you are willing to pay attention and be a lifelong student of investing, focusing your portfolio can make a huge difference.

What is your favorite place to vacation and why? 

Anywhere that makes my family smile. I’m happy when/where they are.

If you had $20,000 given to you, how would you spend it and why? 

I’d invest it. Same if I won the lottery. Nothing really changes.

What is your favorite personal finance related book? 

George Clason’s “The Richest Man in Babylon.” If you can understand this short book, it’s all you need to become financially independent.

If you aren’t retired, when do you expect to retire? What are your retirement plans? / If you are retired, at what age did you retire? Do you have any regrets about retiring at that age? 

Someday I will step away from day-to-day operations of my business, but I plan to stay engaged in the investing decisions as long as I have the mental capacity to do so.  So, hopefully, several decades.

Favorite non-personal finance related book? 

Raymond Feist’s “Magician”

Do you have a product, service, website, etc that you would like to tell us a little bit about? 

Check out my “On Time On Target” YouTube channel or podcast! Links are available through my website at www.ototnow.com. I teach others how to do what I have done. And it’s free! It’s my way of giving back, so please educate yourself.

If you could step into my shoes, what would you have asked yourself that I didn’t? How would you have answered?

Didn’t really get into dividend investing like I thought you might. I’m a total return investor myself, but have several clients where I design their portfolios to generate income for them to live on. Would be happy to talk more about this if you want.

Concluding Thoughts From Our Interview With Steve Ankerstar

Invest as early as possible and track your net worth regularly. I hope you enjoyed our interview with Steve and that you learned a thing or two. Be sure to check out Steve’s Youtube channel and podcast! Apple users can find Steve’s podcast here and all other users can find it here. Steve’s business site can be found over at https://www.afterburner-financial.com.

Would you or do you know someone who might like to take part in our next Average Millionaire Interview? Feel free to reach out via our Contact page!

Disclosure: We may receive a referral fee if you sign up with a service through a link on this page.

Check out Personal Capital to track your net worth. It’s phenomenal, honestly. I login almost daily to keep an eye on things. If you want to check it out, use my link to sign-up here. (It’s free)

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