Episode 103 – The Truth About Millionaires (And Why They Probably Drive a Pickup Truck)

If you think millionaires are flashy, high-risk, fast-talking financial geniuses—you’re buying into a myth. According to Rob and Archie Hoxton in Episode 103 of Last Paycheck, the average millionaire doesn’t look anything like the pop culture stereotype.

And that’s good news—because it means that wealth is more attainable than most people realize.

So, What Do Actual Millionaires Have in Common?

Based on data and decades of advising real clients, here are the key shared traits:

  1. Ordinary Careers, Extraordinary Discipline
    The most common careers for millionaires include engineers, teachers, accountants, managers, and lawyers. These are solid, middle-class jobs—not celebrity roles or viral successes.
  2. They Live Below Their Means
    94% reported spending less than they earn. That simple act, repeated over time, is the engine of their success.
  3. They Avoid Credit Card Debt
    Three out of four self-made millionaires have never carried a balance on a credit card. Managing debt responsibly is foundational.
  4. They Don’t Wait for Inheritance
    Only 21% received any inheritance at all. Wealth wasn’t handed to them—it was built through consistent saving and investing.
  5. They Max Out Their 401(k)
    The 401(k) is often the single biggest contributor to millionaire status. Autopilot saving, employer matching, and decades of compounding create powerful momentum—especially in the later years of your career.

Why It Works

Compound interest is slow at first, then it snowballs. A 10% return on $10,000 is $1,000. But a 10% return on $500,000? That’s $50,000. Over time, the balance—not the contribution—drives your wealth.

At the same time, mortgages begin to reverse in your favor. In the final 5–10 years, you’re paying down principal fast, just as your investments are accelerating. Net worth builds from both directions.

Final Thought

Becoming a millionaire isn’t about luck, inheritance, or brilliance. It’s about time, consistency, and values. And it starts with the habits you can adopt today.

Want to know how close you are to becoming the millionaire next door?

Download our  Millionaire Habits Self-Check to compare your current financial habits against proven wealth-building strategies used by real, everyday millionaires.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 102 – Warren Buffett’s Lessons Every Retiree Should Live By

Warren Buffett may be stepping away from daily leadership at Berkshire Hathaway, but his investing wisdom continues to shape generations. In Episode 102 of Last Paycheck, Rob and Archie Hoxton reflect on two timeless pieces of Buffett advice—and how retirees can apply them to their own lives.

Lesson 1: Pay Off High-Interest Debt Before You Invest

Buffett once told a woman asking how to invest a small windfall: “What’s your credit card rate?” When she replied with 18%, he said, “I can’t beat that. Pay it off first.”

This is simple but powerful advice. Before putting money into retirement accounts, the market, or real estate, make sure you’ve eliminated any high-interest debt. Even a well-diversified portfolio can’t guarantee consistent double-digit returns. But avoiding interest payments of 18% or more is a guaranteed win.

Rob and Archie note that this principle often gets overlooked when people are eager to start investing. But in practice, the path to financial stability starts with debt elimination, then emergency savings, and then investing for the long haul.

Lesson 2: Stocks Are Safe—If You Give Them Time

Buffett is known for his unwavering belief in the long-term value of American companies. “You’re not buying a stock,” he says, “you’re buying a business.” That distinction matters. While the market may fluctuate wildly in the short term, the broader trend of American business growth over decades remains strong.

The Hoxtons explain how this philosophy is essential in retirement. Even if you’re no longer earning a paycheck, your investments still need to grow—to fund a retirement that could last 20 to 30 years or more. That means staying invested, avoiding panic in volatile markets, and trusting in long-term fundamentals.

Final Thoughts

Buffett’s approach is grounded in patience, humility, and realism. He doesn’t chase fads. He doesn’t try to time the market. He stays focused on what works—and encourages others to do the same.

For retirees, that means:

  • Paying down high-interest debt
  • Staying diversified
  • Remaining invested even in retirement
  • Thinking in decades, not quarters

Retirement isn’t the end of your investment journey—it’s a new chapter. Warren Buffett’s wisdom offers the perfect guide.

Ready to invest smarter?

Start by following Warren Buffett’s two-step checklist. Download our Investment Readiness Worksheet to evaluate your debt, mindset, and time horizon before jumping in.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 101 – Should You Take Social Security Early? It Depends on These 5 Key Factors

When should you take Social Security? It’s one of the most complex decisions retirees face.

In Episode 101 of Last Paycheck, Archie Hoxton and Jimmy Sutch walk through five major reasons someone might claim Social Security earlier than full retirement age. While the default advice often recommends waiting until age 70 for maximum benefits, the reality is far more nuanced.

1. Health and Longevity Expectations

If you expect to live into your late 80s or 90s, delaying Social Security could increase your lifetime payout. But if you have a family history of illness or personal health issues, it may make more sense to start sooner. Archie notes that the break-even point often falls in the mid-80s—if you’re unsure you’ll reach that, claiming early can be a rational choice.

2. Income Needs and Retirement Readiness

Many retirees don’t have large investment portfolios. If you need cash flow to cover basic living expenses, Social Security becomes a foundational income stream. Jimmy emphasizes that for some, claiming early isn’t just an option—it’s a necessity. Even forced early retirement due to layoffs or health can push this decision forward.

3. Legacy Planning Goals

What if your priority is passing on wealth to the next generation? In this case, taking Social Security early and investing it might help build an inheritance. This strategy assumes you don’t need the income immediately and can afford to put it to work elsewhere.

4. Doubts About Social Security Solvency

Worried the system won’t be around forever? You’re not alone. Archie places this concern in context—reminding listeners that Social Security has faced shortfalls before, and Congress has tools to fix it (like tax increases or raising the retirement age). Still, if personal peace of mind matters most, that’s a valid reason to file early.

5. Spousal Benefit Strategies

For couples with an age gap or income disparity, smart timing can boost household benefits. One spouse can claim early and then switch to a higher spousal benefit later. This staggered approach allows both cash flow and long-term gain.

Final Thought

There is no universal answer to when you should start Social Security. Instead of relying on a rule of thumb, consider your health, needs, legacy goals, and personal comfort with risk.

Wondering if you should take Social Security now—or wait?

Download our Social Security Timing Decision Tool to assess your health, income needs, and legacy goals so you can make the smartest choice for your situation.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 100 – Should You Buy Long-Term Care Insurance?

Episode 100 of The Last Paycheck Podcast is a major milestone, and to mark the occasion, Rob and Archie Hoxton are diving into one of the most overlooked but financially critical topics in retirement planning: long-term care insurance.

Most people don’t like to think about it—but the truth is, many of us will need some form of long-term care as we age. In fact, the U.S. Department of Health and Human Services reports that 70% of Americans who reach age 65 will need care, and nearly half will require paid professional services. This episode breaks down what long-term care really costs, what it covers, and how to decide whether insurance is a smart option for your situation.

What Is Long-Term Care—and Who Needs It?

Long-term care refers to the services that support people who can no longer perform two or more Activities of Daily Living (ADLs), like bathing, eating, or dressing. It also includes care for cognitive decline caused by dementia or Alzheimer’s. This care can happen at home, in assisted living facilities, or in nursing homes—and it isn’t covered by Medicare beyond short-term rehab.

The costs? Eye-opening. Professional care can run into $10,000–$15,000 per month, and memory care in particular may be required for years. That’s a major hit to most retirement portfolios.

The Three Main Options for Managing Long-Term Care Risk

Rob and Archie outline three broad paths:

  1. Do Nothing – Hope you don’t need care. (Spoiler: This is not a plan.)
  2. Self-Insure – Pay out-of-pocket if the need arises, which only works if you have significant liquid assets.
  3. Buy Insurance – Transfer the risk to a carrier in exchange for premiums.

Insurance isn’t cheap, but neither is doing nothing. If you don’t have children, a spouse, or someone willing and able to care for you, the lack of a support system could make this insurance essential. Even if you do, relying on family comes with emotional and logistical challenges that should be considered carefully.

When Long-Term Care Insurance Makes Sense

Rob and Archie recommend looking seriously at long-term care insurance if:

  • You’re in your 50s and financially stable (the “sweet spot” for underwriting and affordability)
  • You don’t have children or a spouse to act as a caregiver
  • You want to protect your assets for a surviving spouse or your heirs
  • You have a family history of cognitive decline or chronic illness
  • You’ve witnessed a loved one’s care experience and want to avoid similar stress

In short, long-term care insurance gives you more control over your future and can prevent your family from having to make difficult decisions under financial pressure.

When It Might Not Be Right

Insurance isn’t a fit for everyone. It might not make sense if:

  • You have limited income and can’t afford premiums
  • You’re wealthy enough to self-insure without compromising your legacy
  • You’re already in poor health and likely won’t qualify or will face very high premiums

In some cases, a hybrid policy (life insurance with a long-term care rider) or partial insurance (covering part of the expected cost) may be the middle ground.

Practical Next Steps

The episode encourages listeners to:

  • Research care costs in their area using resources like Genworth.com
  • Talk to a fiduciary advisor about how long-term care fits into their broader plan
  • Request insurance quotes to compare costs and benefits
  • Consider the emotional and financial impact on spouses and children

Long-term care planning isn’t just about risk—it’s about preserving dignity, control, and peace of mind.

Worried about long-term care costs?

Download our Long-Term Care Planning Readiness Guide to assess your risk, compare care costs in your area, and explore insurance options that protect your assets and your family.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.