This is part two 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 Craig Smith. Here’s a little bit about Craig before we get into it.
Craig is 61 years old and in good health and active in many things. He views life’s priorities as health; spiritual; family and finally financial independence! His current net worth is about $8.4M, adding another $1M if you include real estate. He came from a small family and had great parents who are now deceased. He lives south of Pittsburgh now. Craig is Protestant by faith, both sides of his family go back about 7-8 generations to mid 1700s here in America before arriving from Gloucester, England and Ireland, respectively.
Let’s jump into the interview:
Tell us a little bit about yourself. How old are you? Where did you grow up? Where do you live now?
I started my life in north WV and now reside in Pittsburgh, PA. Played sports in high school and trumpet in the band. Though never in sales formally (we are all in sales the minute we rise out of bed), I recall selling strawberries at the age of 5 in my little wagon for a quarter in the mid 1960s, selling fishing worms through the local classified paper and shoveling snow as a teenager. Worked with my dad after school hours and summers assisting in property surveying. Always interested in making a few dollars.
Then onto University to earn a BS in civil engineering. Played a little rugby and worked summers with the highway department. Summer employment is very impressionable on one’s career at that age. I still have useful memories of the skills I learned. The pint here is the reader should have their children being very active in their pre-20 years – not being idle.
How much education did you receive?
BS Civil engineering. Some graduate level courses.
What is your current occupation? How long have you been doing that? What were some of your previous occupations?
Retired. Retired at 56 with 30 years time / age 55 eligible. Spent 30 years with same employer as engineer and on a lock and dam. Always a second income. Investing in the stock market. Currently a landlord. My properties include a duplex in Pittsburgh (1990)…sold a multi unit in 2018 in Pittsburgh (owned since 1990)..bought current house in 2018 (see pic)…5 SFH in WV (acquired 2002- 2011) Always a 2nd income.
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 retired, but work full time on my properties. I am one who believes time spent improving property is a good way to spend time and make a living at it. I like most the ability to answer to myself and no one else. Not to have to explain myself, even to my fiancé. I would change the driving. Some drives are almost 2.5 hours.
At what point did you realize you were a millionaire? How old were you and how did it feel?
Age 47 in 2007, then saw it dip to $750k in 2009 and back over in 2010. The 1st million took me 22 years.
What were the most important steps that you took to get where you are today?
Persistence. Never, never give up, ask questions and develop a can do attitude.
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?
Mortgage debt is fine, pay it down as fast as you can. I use it for write-off in schedule. Auto debt at 0% is fine, we have a new Subaru with 0% interest. Leverage is a good thing as long as you’re not overextended and you have a Plan B if Plan A falls apart.
Do you track your net worth? If so, what does your process look like?
Yes I jot it down daily and monthly – especially in a good market. In a bad market (like last week) I don’t look.
If you could change any one thing in the world, what would it be and why?
CHINA. I’d knock their CCP down a peg or two. We are not winning this war, a war with no bullets. They have a 50 year plan seeking world domination and we are not fighting back nearly enough. Buy American.
What are some of your short term goals, say less than 5 years out? What about long term?
Short term goals: Weigh 200 pounds, all properties rented, more jogging, travel Europe with fiancé, see Italy again, more South America travel, more United States travel and possibly buy a condo in Naples, FL.
PRIORITIES: Spiritual growth. (Serving) then good health, then those i love, then business (career/money).
I have a VALUES and NON-VALUES list also: VALUES: Balance (in life) / De-clutter (stuff) / Experiences (more) / Moments (live more) / Time (free time; manage time; avoid time wasters). NON-VALUES: CAREER (real estate) / Community / Family / Fitness / Finance, etc.
If you had to give just ONE piece of financial advice to your younger self, what would it be?
PAY YOURSELF FIRST.
How would you describe your perfect day?
Fully productive, things jotted down are ticked off, daily goals achieved or some progress, making others laugh and feel good, wasting no time and optimizing experiences in that day. Or relax on the beach.
Do you have any side hustles? If so, which are your favorites?
Just my real estate, some opportunities come spontaneously. I used to always be engaged in ‘side hustles’ (it used to be called ‘moonlighting’) , but not as much now. I’m hoping for gas royalties. I might help volunteer at the church or in explaining taxes. Facebook has great sites to learn from, possibly mentor young people.
A critical area upon building wealth and going into retirement is: TAXES. I spend an inordinate amount of time studying US tax regulation, law, CPA guidelines and doing my own taxes. No one knows how to guard your wealth better than you do. I encourage the viewer to do their own to learn everything about their spending and income. You might say this is my side hustle from December thru April 15th.
I did hire a contractor in January to install new kitchen cabinets, sink, electrical and duct work for a dear elderly friend. She was my late mother’s best friend and could never have afforded it. (When I was younger, I would do this job – but I will not do too much work for family and friends – seldom ends well. A takeaway from this is “never do business with family, friends, or unsuccessful men”).
What was your biggest financial mistake? What lesson(s) did you learn from it?
Investing in commodities (cotton, cattle, etc., beware the brokers in Wanamaker Street in Chicago). Lesson: don’t part with money unless you understand what your investing in.
What is your favorite place to vacation and why?
I am practicing to become a snowbird in Florida. I like southwest Florida from Fort Myers to Naples on the gulf side.
If you had $20,000 given to you, how would you spend it and why?
Invest it, not spend it, in index stock funds and think about the return. For example: $20k at 10% returns, $2k/year or about $650/month pretax. I’d spend that.
What is your favorite personal finance related book?
I tell young people to build their library with: ‘Think and Grow Rich’ by Napoleon Hill, ‘The Millionaire Next Door’ by Stanley.
Importantly, I record podcasts and Youtube lectures to listen to with earplugs while driving, walking the dogs, working, etc. Always looking to get more information. “Information is the great equalizer.”
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?
Checked that off my bucket list at age 56! Present plans are just staying fully invested, improving and maintaining several properties, spend time with fiancé and dogs and cat and keep in touch with friends. My regrets for retiring at that age? NONE. My dad once said “If I’d known it was this good. ..I’d did it 20 years ago!”
Favorite non-personal finance related book?
Hmmmm. I’m all non fiction. Outside of personal finance – my library is mostly self-help, real estate, history, biographies. I credit Brian Tracy, famous speaker, with helping me develop a can-do mindset, ‘think and grow rich’ on developing a prosperity consciousness. Currently enjoy ‘The Vikings’ on Hulu, so good. I also like Chicago PD and Law and Order SVU.
Do you have a product, service, website, etc that you would like to tell us a little bit about?
Thank you, buy my book when it’s finished. Draft title is ‘To Prosper’, quotes and observations written down over my lifetime.
If you could step into my shoes, what would you have asked yourself that I didn’t? How would you have answered?
One answer is to always ask yourself at any age “What is the best use of my time?” Another: stay single, marry if you must and no kids – until later.
Concluding Thoughts From Our Interview With Craig Smith
Craig provided us with a plethora of great advice. My favorite pieces of advice were to understand what you’re investing in, pay yourself first, be persistent and never stop learning. I hope you enjoyed our interview with Craig and that you learned a thing or two.
If you’d like to check out part one of this series you can find it here: Average Millionaire Interview Series Part 1 – Steve Ankerstar
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.
I use Personal Capital to track my 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)
Books I’m currently enjoying:
