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re: Take control of your financial life with some great habits
Posted on 5/2/26 at 7:57 pm to Everyday Is Saturday
Posted on 5/2/26 at 7:57 pm to Everyday Is Saturday
quote:
05:55 Habit #2: They Invest Early and Continuously (Every Dollar Has a Job)
This is overblown. Getting into a 401K as early as possible and maximizing deposits is critical though. The point above makes it sound like everyone in the millionaire club are in the WSJ every morning. They are not.
quote:
Habit #4: They Control the Big Expenses (Housing, Cars, Lifestyle Inflation)
This is the biggest one on the list. If you have to keep trading Cars/Trucks, Houses, Camps, Boats, big Vaca's then this thread is not for you. Your early savings will not grow if you keep fricking spending it... even just disrupting the compounding process.
quote:
Myth #4: Millionaires Didn’t Start With Financial Advisors
I cant speak for others because there are people out there that work in financial fields that may be able to manage their own money but the rest of us better have a hired gun. I started in my 40's with third party management of my 401K and in 10 yrs it was triple. In my late 50's I engaged a FA to sew all my investments together and he has done an outstanding job.
The one that is missed is in today's world both adults in the relationship need to work... period.
2
Posted on 5/2/26 at 8:04 pm to tigerbacon
quote:
The one non smart thing we do is we buy new and actually order exactly what we want. But then again I bought my car 14 years ago and plan on having it another 5 years. Wife just bought her new vehicle last summer and had gone 15 years without a new one.
We have done / do similar. In early days (when building to pay cash for future cars), we would pay ourselves the note, after note was paid off. If can afford the note, can afford to invest the note.
Like you, we held cars a long time. This helped us to grow that money fast.
Posted on 5/2/26 at 8:14 pm to GetmorewithLes
quote:
05:55 Habit #2: They Invest Early and Continuously (Every Dollar Has a Job)
This is overblown. Getting into a 401K as early as possible and maximizing deposits is critical though. The point above makes it sound like everyone in the millionaire club are in the WSJ every morning. They are not.
Watch video. Getting in early, without perfect investments, is what matters. Time and discipline structure > rate of return with “perfect” investments. Live below means and invest in cash generating assets…works!
quote:
I cant speak for others because there are people out there that work in financial fields that may be able to manage their own money but the rest of us better have a hired gun. I started in my 40's with third party management of my 401K and in 10 yrs it was triple. In my late 50's I engaged a FA to sew all my investments together and he has done an outstanding job.
I hear you. In my experience, building nest egg (with insights from video) can be done DIY. If not at all comfortable, by all means hire a FA. CFP is particularly useful once get to retirement for tax efficiency, income and estate planning.
Just keep in mind that FA cost, albeit appears to be small (eg, 1% of assets under mgmt), that 1% will make your eyes pop out of your head over long period of time. Doubling your money is big. Congrats! In some cases, that 1% prevents people from doubling or even tripling their money.
Key point, watch video. Super helpful insights on building wealth.
Posted on 5/2/26 at 8:20 pm to GetmorewithLes
"In hindsight, our best successes"
1) if you are stationary (not moving towns), buy a home ASAP. Live small, build up savings for down-payment and closing costs. The joke is that the best time to buy a home was 20 years ago. The second best time is today.
2) lock in your expenses. Buying a home goes a long way to that. Learning to pay cash for cars goes a long way as well. If you can live well within your means early, then all of your payraises can go to savings/retirement.
3) maximize free money. Do 401k at a minimum to the company match. As you get pay raises, do not pay yourself more. Add to the retirement/hsa.
I was late on this as priority 1 was get married and buying a home. Priority 2 was retirement. By the time I was 30 and feeling behind on retirement, my goal was to hit $100k asap. Then my goal was to max 401k contributions asap. Then we looked at freeing up spending on vacations and dining (vacations for the first 10 years was camping on our dime. Or by invitation of parents/grandparents on their dime).
21 years in as a couple, our house was paid off.
Our retirement doubles every 3-5 years.
24 years as a couple, our retirement is $1m+.
My wife was able to stay at home with the kids for about 8 years. Then she worked part time for 6 years. She has been full time since.
The key was to lock in our budget when we were still low income.
1) if you are stationary (not moving towns), buy a home ASAP. Live small, build up savings for down-payment and closing costs. The joke is that the best time to buy a home was 20 years ago. The second best time is today.
2) lock in your expenses. Buying a home goes a long way to that. Learning to pay cash for cars goes a long way as well. If you can live well within your means early, then all of your payraises can go to savings/retirement.
3) maximize free money. Do 401k at a minimum to the company match. As you get pay raises, do not pay yourself more. Add to the retirement/hsa.
I was late on this as priority 1 was get married and buying a home. Priority 2 was retirement. By the time I was 30 and feeling behind on retirement, my goal was to hit $100k asap. Then my goal was to max 401k contributions asap. Then we looked at freeing up spending on vacations and dining (vacations for the first 10 years was camping on our dime. Or by invitation of parents/grandparents on their dime).
21 years in as a couple, our house was paid off.
Our retirement doubles every 3-5 years.
24 years as a couple, our retirement is $1m+.
My wife was able to stay at home with the kids for about 8 years. Then she worked part time for 6 years. She has been full time since.
The key was to lock in our budget when we were still low income.
Posted on 5/2/26 at 10:19 pm to Everyday Is Saturday
Great mind think alike lol. I just hate debt. I know my house interest rate is so low I shouldn’t pay it off early but I will. Probably 10-12 years early. Even if I don’t it will be paid off before I retire
Posted on 5/2/26 at 10:37 pm to Everyday Is Saturday
are you a bot?
Posted on 5/2/26 at 10:55 pm to Everyday Is Saturday
I bet you are super special. This is the kind of stuff that people come up with that don't have a real life or a family. You didn't even put travel ball. Braxton can make you rich one day if you only put in the work.
Posted on 5/4/26 at 4:24 am to Everyday Is Saturday
Seems like you just posted the back of the book “Millionaires Next Door”.
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