Ready to transform your financial future? Join Tiffany as she sits down with Steven Stack, a millionaire who turned the market's mayhem into his wealth-building playground.

Learn how Steven's early exposure to savings, a pivotal Denzel Washington movie quote, and a fearless dive into the stock market during its lowest ebb catapulted him into the millionaire's club.

This episode is not just a story; it's a blueprint for anyone daring to dream big and invest smart.

Connect with Steven

Website: http://stevenlstack.com

Instagram: @stackingwithstack

Connect with Tiffany

Website: https://moneytalkwitht.com

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant

Additional Links & Resources

Inside Man (Movie): https://amzn.to/3RtOQU6 (affiliate link)

Roth IRA vs Traditional IRA: Which One is Best For You?

More Information about the Great Recession: https://www.history.com/topics/21st-century/recession

Mastering Your Health Savings Accounts: 10 Tips for Making the Most of Your HSA

Maximize Your Child's College Savings With 529 Plans

Intro/Outro: You know what it is.

That's right.

It is time to talk money with your money nerd and financial coach.

Now tighten those purse strings and open those ears.

It's the Money Talk with Tiff podcast.

Hey everyone, I am very excited because I have

one of my cousins on the line.

Now, of course not my real cousins, y'all, but, um, , I have.

Steven Stack and Steven is a millionaire and I wanted to have him on the show

so he can kind of tell us his story, how he got there, and that way it can

inspire someone else that's listening 'cause it's a very inspiring story.

So, hey Steven, how are you?

Hey,

what's going on cousin?

How you feeling?

I'm doing good.

come on in the room.

Um, , but, um, let's hop right in for the audience.

Let's just start at the very, very beginning.

Let's jog the memory for a little bit When you first decided, you

know what, Steven, it's time . Um, what did that decision look like?

Like what was your thought process when you decided to get your money in

order?

So.

Phenomenal question.

And for me it actually started a lot earlier than what people would think.

So I can remember my, my dad was an entrepreneur.

Uh, he actually, actually still is to this day, has a furniture

reupholstery business and Oh, nice.

Yeah.

And um.

He, I would watch him do his work, do it diligently, and

he loved the work that he did.

And one of the things that I would see from my folks is that they were savers.

My, my parents were savers and I remember being in college.

So I'll fast forward beyond grade school.

To college where I was doing the math, I was looking at these certificate

of deposits and, and just saying like, man, these rates really

aren't hidden like that, um, and uh, and they're still not hidden.

Right, right, right.

. Right, right, right.

And I just realized really quickly, I'm not gonna be able to save.

My way to wealth and I'm like, I know I have to invest.

Even though I didn't really know a lot about how to, uh, whether it was, you

know, the stock market or real estate, I just knew I needed to get greater,

greater returns, uh, than the stuff that I knew as far as savings accounts and CDs.

So I just knew I needed to do something different.

I.

Gotcha.

Gotcha.

And just for the audience really quick, uh, certificates of deposits

are, um, when you can put your money in the bank and you have to keep it

there for a certain amount of time.

You know, sometimes it's one year, five years, 10 years, whatever, and you get

a certain percentage on that money.

Now, as we just mentioned, it's not . That much . Um, but you know, there are

people that do a strategy where they stack 'em and so on and so, so forth.

But I just wanted to set that baseline of education for the audience.

Now, getting back to your story though, um, you were like, this is not it.

Like there's no way that I can retire off of CDs, like my parents are putting these

in the bank, so what can I do differently?

So how did you learn about the stock market or how did you . Decide, decide

this is what I want to invest in.

So my first introduction to the stock market was actually

right after I graduated from college.

So I studied engineering and I got a role in engineering

role at a, at a corporate gig.

And they started talking about this thing called a A 401k.

Uh, that was my first real introduction to.

Stuff like that.

No one really sat down with me on it.

Uh, but I just dove in and said, okay, well let me just kind of

pick some of these different funds that they had in there.

And for those who were listening, I went like, 90%.

And this, this is exactly what I did when I started off.

So, you know, I'm in my early twenties, 90% towards these

different kind of like funds.

So think like a, a big.

Basket of stocks all bundled together into one.

And then I did 10% in company stock for the company that I was working for.

But that was my intro to the stock market because I had just started from college.

Uh, my nicest possession was a futon.

Um, . So I'm like, Hey, I don't need a ton of money for things for life.

Uh, so I was crazy enough to say, Hey, I'm just gonna put as much money

as they'll allow me to withdraw from my paycheck into this 401k and just

figure out living with what's left.

Plus there was this thing called the Great Recession that was going on at that time.

Mm-Hmm.

. So I'm like, Hey, if things are as bad as what they're saying, it is.

Maybe I'm buying these things at a really good deal.

Mm.

So that was my thought process.

Hmm.

Interesting.

So that's very interesting because that is not the norm.

. Right.

Usually . And let me just preface, let me just say to the audience, um, anything

you hear here is not investment advice.

We're just giving you education, entertainment.

Um, so take it as it is.

Do your own research , but.

I will say

, Steven Stack: she had to get that disclaim read.

. Tiffany Grant: I had to, because I don't want people like, well,

I heard almighty talk with Tiff.

I need to do 90%.

Right, right, right.

But, um, , but all jokes aside though, um.

You went into that 401k and you said, I'm just gonna go in, I'm gonna go

hard, I'm gonna just max this thing out.

I'm gonna do it.

Um, with most all stocks it sounds like.

Yes.

Um, I don't see any bonds in there ? No.

Um, and so it was very aggressive and, um.

Usually, you know, when I'm looking at people, um, even, especially when I was

in hr, people kind of bypass the whole 401k thing, even when there's a match.

And so to hear you say that this was your first entry into 4 0 1 kss and investing,

and you're like, I just wanna jump

You know, feet first, head first into this, um, is very different and in a

time where the stock market was taking.

And so I want to kind of stay on that for a little bit because you did the

exact opposite of what people were doing.

And so how did that work out for

you?

So you all will love this.

I was actually inspired by a Denzel movie,

That's what helped me get in.

Um, so there's a movie called Inside Man.

and Mm-Hmm.

. There's like a random line in the movie, uh, from Inside Man.

This movie came out in like oh six, so it was before the Great Recession.

But I remember there was just a random line in the movie where one

of the characters said, when there's blood in the streets by property.

Mm.

And I was like, Hmm, that's interesting.

Now I don't even remember the full plot.

Of the movie, uh, at this point, uh, well, I don't wanna spoil it.

I do remember some stuff, but, uh, , I remember that line from the movie and

I'm like, man, that's really interesting.

And I started to just kind of dig into that thought and it made sense.

It's like, okay, well if I'm shopping for clothes or shoes or you know, whatever.

It may be when stuff is at a discount, people are excited to buy it because

you still are buying quality items.

It's just you're getting it at a discount.

And so I'm like, okay, well it seems like this concept makes the same type

of sense with the stock market, but people's psychology around it is to

do the opposite when things are down.

Mm-Hmm.

. People are trying to get out of the market instead of rushing

into it to get these discounts.

So.

It was really inspired by a Denzel movie and

I did not know that y'all , so this is meant to me, but see

how just one little quote and one little movie can set your whole trajectory.

Um, but that's amazing.

That's awesome.

And you know, to have the forethought and say, Hmm, let me not do

what everybody else is doing.

Let me do something different.

Um, and.

These things like to have that thought process, especially when this is the

first time you're ever in the market and you're like, this is a sale.

. Like usually, um, usually it's the seasoned investors that think that way.

Um, not new investors.

Right, right.

And so I just wanna.

Drill that point into the audience too.

Like whenever you see the market go down, you are getting these things at

a great price because history tells us that the market will always go up, right?

Um, and so even if it has a little dip, it's still gonna do

better than it did, um, before.

And so.

To lead that in to your story.

You know, you got in 2008, 2009, we know now that , you know, the

market has recovered and then some, you know, tremendously since then.

And so how did that play a role?

Like did you ever think, let me go ahead and pull, pull the money out, or you

know, did you just always think this is gonna be a long-term investment for me?

Yeah, so it, it was always a long-term mindset.

And so, like, just to give perspective, so my parents are, uh, they're a good bit

older and so they both grew up on farms.

And I'm incredibly thankful for that because they just have more of a

patient mentality and mindset for life of just, Hey, things take time.

Like the time for harvest isn't right after you've planted Mm-Hmm.

. And so.

Like that kind of thought process was always there for me.

And just to give people perspective, like growing up, for me it was you'd

wash clothes and then you'd put them on a clothes line outside to dry.

Mm-Hmm.

versus putting it in the dryer.

So for those that can relate to that.

It takes time now.

You know, as a kid we had to run out if it was raining , you know, and try to

get to close before they got drenched.

Um mm-Hmm, . But I'm saying these things, trying to relate it to just regular life

stuff to say that the most of the things that are of incredible value, take time.

And investing is not an exception.

And what you were saying earlier, Tiffany, about the market just historically,

it has shown that it always goes up.

And I would add to that over time.

Mm-Hmm.

over the long haul, which I know that's what you meant, but that was my mentality.

And I remember when I turned, I was around 25 years old.

that I actually wanted to make a plan to be quote unquote, retire above by age 45.

Um, and, uh, obviously things happened quicker than what I anticipated,

uh, but the thought process was always long-term, big picture.

Uh, and at that time, you know me saying, retire a bull.

Like there wasn't things like fire.

Financially independent, retire early.

Mm-Hmm, like you, we didn't have that kind of terminology.

Um, but long haul for sure was, was always my thought process and still is.

Gotcha, gotcha.

So I wanted to make sure we stay on that because a lot of interactions

that I have with people, you know, it's always about the fast money.

It's like, you know, you mean to tell me I have to put in and wait like years

in order to see a return versus me, you know, getting into this quick, get rich

quick, you know, type of situation.

Um, and unfortunately we kinda shoot ourselves in the foot when

we do that because like you said, anything worth having will take time,

Right, right, right.

Um, and so that's why I wanted people to see like, you can build wealth

by investing for the long term.

It's completely possible.

Mm.

I was gonna say millions of people do it.

I don't know exactly how many people do it, but people are like, there's

real life millionaires out here that this is how the main reason they

have their millions, like when I used to work in that industry, um.

Dealing with high net worth individuals, most of them got

it through their 401k mm-Hmm or through investing for the long term.

And so it's completely possible and I wanted to share your story with the

audience for that reason so they can see a real life example, like you're

walking, talking, you know, out here in these streets and you did it.

So now let's fast forward to today.

Okay.

How did that work out for you, ? You know, uh, you know,

the 2008, 2009, you went hard.

You maxed out 4 0 1 ks, you stayed in for the long haul.

Um, if you can give us, and I know I didn't prep you on this.

Oh, okay.

So just roundabout numbers,

we keep it real over here.

Um, that's how we do it, right?

just roundabout.

And we can go percentages.

Sure.

Like how much did your money grow since then?

Oh my gosh.

Um, , I haven't actually put the math together on it.

Um Mm-Hmm.

. But I mean, we're talking Oh geez.

I mean, I know it's a multiple for sure.

Um, to like, give people perspective.

So I put money in the stop market, also started buying foreclosed real estate

investment properties at that time.

Mm-Hmm.

And I mean.

I would easily say that there were things that were talking

five, six x types of things.

Um, or if I'm talking about my dollars from the beginning, , uh,

well over 10 x, well over 10 x.

Now, the thing is, I wasn't putting tons of money away at that point.

You know, I was only been making so much at that time too.

But, um, mm-hmm.

. Yeah, that's, that's, uh, you make me want to actually sit down and do the

math now, uh, and figure that out.

Um, but yeah, it, it definitely was significant, uh, the growth over time and

it actually happened a lot faster than.

What I thought it would, because again, I was doing the 401k stuff, real estate.

I was also doing stock market investing outside of my 401k as well

of looking at things like Roth IRAs.

I've, uh, fully funded Roth IRAs for well over a decade.

Um.

I've done like taxable brokerage accounts, health savings accounts,

um, like a bunch of different ones.

I've, I've got, uh, one of my nephews actually opened a custodial account

for him, um, that I invest in as well as he'll take some of his birthday

monies and monies he'll get from chores.

From his, uh, mom, my sister, and I'll invest it, uh, for him on his behalf.

So there's a lot of different avenues of the investing that I do today

and some non-traditional stuff too.

And so

what I heard from all of that is diversification.

, right?

, right . You have quite a bit of different types of accounts, you know,

taxable, non-taxable, um, you know,

Other things that aren't the stock market that you're investing in.

And I feel like that is a great way to go.

Real estate, you know, um, just having a lot of different buckets that you

can pull from when the time comes.

So like, you know, a lot of people get a little, you know, uh, if when

it comes to investing in retirement accounts, but mind you, that can

only be one piece of the puzzle.

You know what I'm saying?

Right.

Um.

You don't have to put everything in there, but I will say, you know, nobody wants

to work forever , and so you might as well take advantage of the tax savings.

But, um, all of that to say, I heard you say diversification.

You have different pots that you can pull from if you ever need to.

You have different pots growing at the same time, and to me that

is definitely the way to go.

Um, I'm similar.

Mm-Hmm, , you know, I have . Retirement account.

I have a Roth retirement account.

I have 5, 2, 9 accounts for my kids.

I have, um, taxable brokerage accounts.

Yeah.

You know, that type of thing.

And the reason you want to have a strategy like that is because

when retirement does come right.

You wanna make sure you're the most tax efficient as possible, right?

And you may have to pull it, pull from different buckets to replace your

income, but lower your tax burden.

You know?

So we're always thinking long-term.

And that's kind of what I wanna get over to the audience as well, like

have a long-term view of life, like I know is difficult sometimes when.

You know, maybe you're barely putting food on the table or,

you know, things of that nature.

But try to have that long-term purview, even if, you know, you have to deal with

short-term issues, , you know what I mean?

. Um, and that's why, you know, looking at your story and just thinking about how

you said, I just went all in with the, the 401k and I don't care how I have to live

Um, I'm gonna just put everything in there.

Um.

Like I said, that's very unique.

You know, people are like looking at their paycheck, like, I can't

afford to put money into a 401k.

So really you'll be surprised that it's not really a dollar for dollar , you

know, investment that you're making because your tax burden will decrease.

So they're taking less taxes outta your account.

So.

I say all of this to say, just try it.

, , just try it.

Um, if you have access to a 401k, you have access to a match.

You can always, you know, increase, decrease, how much you're putting

in from your check, right?

So just try putting in up to the match and then see if you can, you

know, make ends meet or what have you.

I can, I'm not gonna guarantee

I can almost guarantee that you might not miss that money.

Right.

Um, and so I just wanted to put that out there.

Like you took a totally different approach to money wealth building.

When everybody was running, you're like, I'm diving head first.

You were like, I don't care.

You know how I have to live?

If I have to have beans and rice, rice and beans, , I am going to invest.

Um, and it paid off tremendously for you.

So I appreciate you coming on and sharing your story with us here today.

Now, if people were interested in finding out more about you or

following you or whatever, you know, if they're like . I wanna know

more about Steven . How could they

find

you?

So, one simple way, I have a website.

It's just Steven with A-V-S-T-E-V-E-N-L stack, STAC k.com.

So steven l stack.com.

That's one way.

Um, another I'm probably most active on Instagram.

My handle for that is at stacking with stack.

So stacking with stack, um, it's the same for Facebook, uh, for Twitter,

it's, it's just Stephen l Stack.

Uh, but, but yeah, you can reach out or try to connect with me in that way.

I am fairly responsive to people.

I do actually, uh, monitor that and just try to encourage people.

Around wealth in all its facets.

So I know we talk about money, but also thinking about things like health

and just how you relate to others, family wise, friend wise, so on and

so forth, that it all really, I.

Works together in concert, uh, to get you to where you want to be.

And y'all, he is so serious about that.

'cause homeboys stay, , . No, but all jokes aside, , thank you so much.

And if you all did not catch all of that, don't worry because I

will have it in the show notes.

So check that out and follow stack.

I follow stack.

You should follow stack.

He's always dropping gems and I appreciate you coming on and sharing

with my podcast audience, um, more about you and your story, so that

way we can inspire someone else.

So thank you so much.

You're welcome.

Truly.

Thank you so much for having me.

This was a blast.

We gotta do it again.

For

sure.

For sure, . All right.

Bye bye.

Intro/Outro: Thank you for listening, joining and being a part of the Money

Talk with TIP podcast this week.

You can check Tip Out every Thursday for a New Money Talk podcast, but if you just

can't wait until next week, you can listen to previous podcast episodes at Money Talk

with t.com or follow tiff on all social media platforms at Money Talk with T.

Until next time, spend y.

By spending less than you make a word to the money wise is always

sufficient.