Steve Selengut – Author of “Retirement Money Secrets: A Financial Insider’s Guide to Income Independence”

Retirement Money Secrets: How to Achieve Income Independence with Steve Selengut

Mike interviews Steve Selengut.

On this episode of Million Dollar Stories, We had the pleasure of sitting down with Steve Selengut, who knows more about building financial freedom than most of us could dream of. Steve isn’t just another talking head in the finance world. He’s a battle-tested insider who’s walked the walk and built his life around the principles of income independence. And now he’s sharing his hard-earned wisdom in his book, Retirement Money Secrets: A Financial Insider’s Guide to Income Independence.

SUMMARY

We covered everything from financial discipline to breaking free from the brainwashing of traditional investment strategies. If you’re serious about building a financial fortress that can withstand storms, this episode is for you.

Steve has a knack for simplifying the complexities of finance, and one of the most powerful takeaways from our conversation was his breakdown of the three types of people who need to embrace income independence:

  1. The Beginner: You’re just starting your financial journey, and you’re tempted to gamble your hard-earned cash on hot tips from brokers. Instead, Steve advises setting up a foundation with close-ended funds that generate a steady 8-10% income. Reinvest that income consistently, and watch your portfolio grow. It’s about discipline—a word too many people overlook in today’s instant gratification culture.
  2. The Entrepreneurial Dreamer: You’ve got a job, but your heart’s pulling you toward starting your own business. Instead of blowing your bonus on a flashy car, invest it in income-producing assets. Steve’s own story is a testament to this mindset. At 34, he quit his job in New York because his portfolio income covered his family’s expenses. This allowed him to focus on building his investment management business without the pressure of taking a salary for years. That’s the kind of freedom most people only dream about.
  3. The Retiree in Waiting: You’re staring at your 401(k) balance and realizing it won’t cut it. Inflation, healthcare costs, and other expenses don’t magically disappear when you hit retirement. Steve’s advice? Shift from a growth mindset to an income mindset. Stop relying on the outdated strategy of withdrawing 4% annually from your 401(k) and start generating consistent income without dipping into your principal. It’s the difference between living in fear of outliving your money and living with confidence.

One of the most eye-opening moments of our conversation was Steve’s explanation of how the traditional financial system sets people up to fail. He’s written another book on this topic, The Brainwashing of the American Investor, which he’s giving away for free on his website, theincomecoach.net.

Here’s the problem: Most people are told to chase market value, play the stock market, and hope for the best. But hope isn’t a strategy. The financial system’s reliance on market growth projections often makes people dip into their principal, especially during down years. And once you start chipping away at your principal, the clock starts ticking on your financial security.

Steve’s alternative? Focus on income. Build a portfolio that generates consistent, reliable cash flow. Whether through closed-end funds, dividend-paying stocks, or other income-producing assets, the goal is to live off the income while preserving your principal.

Let’s get real: Inflation is climbing, debt is rising, and the economic landscape is anything but predictable. You’re playing a dangerous game if you’re relying on outdated strategies or thinking your 401(k) will save you.

Steve’s story proves that income independence isn’t just a pipe dream; it’s a necessity. It wasn’t just about money when he built his portfolio to cover his family’s expenses. It was about freedom—freedom to pursue his dreams, freedom to take care of his family, and freedom to weather financial storms without losing sleep.

As Steve pointed out, life doesn’t get cheaper after 70. Healthcare costs rise, inflation doesn’t stop, and the unexpected shows up funny. Building a financial fortress now means you can handle whatever comes your way later.

Steve didn’t just drop wisdom; he also shared some incredible resources:

  • Visit theincomecoach.net to download The Brainwashing of the American Investor for free.
  • Check out cefconnect.com, a powerful resource for exploring closed-end funds.
  • Grab a copy of Retirement Money Secrets on Amazon and learn how to achieve income independence.
Mike Fallat and Steve Selengut talk about the book Retirement Money Secrets: A Financial Insider’s Guide to Income Independence.

At the end of the day, financial freedom isn’t about hitting a magic number in your bank account. It’s about creating a life where you’re in control. It’s about writing your story, not letting the system write it for you.

As I always say, a million-dollar book leads to a million-dollar life. Steve Selengut’s books are no exception. Take his advice, apply it, and watch how it transforms your approach to money and life.

With 2025 approaching, there’s no better time to get your financial house in order. Steve’s insights can guide you to a brighter, more secure future, whether you’re just starting out, planning your exit from the 9-to-5 grind, or preparing for retirement.

So, what are you waiting for? Visit theincomecoach.net, get your hands on Steve’s books, and start building your financial fortress today. Remember, freedom isn’t given; it’s earned. And there’s no better time to earn it than now.

Live Free and Write On.

Get his book here:

About Mike Fallat

Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.

Visit website for more information: https://www.milliondollarbookagency.com/

About Dreamstarters Publishing


Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).


The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.

Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.

https://dreamstarterspublishing.com/

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