5 Counterintuitive Things Money Coach Chloé Daniels Is Doing To Become a Multimillionaire Before 50
Written by
Ashley Donohoe
Edited by
Jenna Klaverweiden
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When looking for ways to build wealth, you’ll often hear traditional advice, such as getting rid of debt, buying a home, adding income streams and controlling spending. Such steps can help you free up money to invest or build up equity from your assets.
However, Chloé Daniels, a money coach and creator of The Lazy Investor’s Course, is taking an unconventional path to achieve her goal of becoming a multimillionaire before she turns 50, which she shared in an Instagram post.
Here are the five counterintuitive money moves she’s making to become a multimillionaire.
She Rents Her Place
When you consider the $2,100 median monthly rent price on Zillow, it might seem counterintuitive to pay money to a landlord when you could own a property and build equity. However, buying requires giving up flexibility and comes with large upfront and ongoing expenses.
To Daniels, buying doesn’t make financial sense right now compared with paying her $3,000 monthly rent. “To buy a $800,000-$900,000 condo, I’d be looking at spending about $5,500 on a mortgage/interest [plus] HOA fees,” she wrote. “And that’s only if I put down the full 20% down payment, which would lock up nearly $200,000 in one asset.”
She Doesn’t Pay Off Debt Early
Many financial experts recommend getting out of debt due to interest and the burden debt puts on your finances. However, deciding to pay off debt versus pursuing other financial goals requires careful consideration.
Daniels mentioned she doesn’t pay off her low-interest debt, which has a 3.54% rate. Instead, she makes her monthly payments and uses extra cash for investments. If those investments earn more than 3.54%, she can come out ahead. On the other hand, paying off high-interest debt is often wise since you likely can’t get that return by investing.
She Uses Credit Cards Frequently
According to TransUnion, the average borrower’s credit card debt balance was $6,329 in the second quarter of 2024. When you use cards irresponsibly, you can end up overspending and struggling to pay off a balance that keeps growing.
But as Daniels mentioned, you can also benefit from purchase protection and rewards by using your card for everyday purchases. She emphasized that she pays off her balance every month, which helps her avoid the major drawback of interest.
She Has a 10-Year-Old Car
As your earnings increase, it might seem reasonable to treat yourself to a fancy new car. Unfortunately, this status symbol will often leave you with a large monthly payment and reduced opportunities.
“Even though I make multiple six-figures a year, I still drive an old reliable car that costs me very little to maintain and is totally paid off,” Daniels wrote. “I’ll be driving this into the ground so I can use money I would’ve been spending on a car payment for investing/savings.”
She Spends Thousands on Coaching Every Month
While reducing your spending on unnecessary things is a good move, spending money to invest in yourself can be worth it. Daniels spends thousands per month on coaches who have had a positive impact on her finances and personal life.
“Coaches have been the fast track for these progresses in my life (even in my love life!) and I know that investing in high-quality coaches pays the BEST dividends when it comes to seeing the results I want faster,” she wrote.
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