Is it possible to get rich solely through frugality, saving & investing?

[Anonymous]

If you’re not interested in entrepreneurship, real estate or a high-powered career? Am willing to live in a crappy rural area or state, am willing to live in a 1BR condo or ugly tiny house for a long time if necessary. Would also endure long public transit commute if necessary.

[Anonymous]

Of course!
But how rich will all depend how much skill/luck/bravery you have with investing.

[Anonymous]

Sometimes bags of money can be found in the woods or in ditches alongside country roads. I recommend checking into this.

[Anonymous]

OP here. Should’ve posted in money & finances. Let’s say HHI doesn’t top $180k.

[Anonymous]

It depends on how good you are at investing and whether or not you bail at the right time. If you invest in high enough risk assets to get rich without much capital, eventually they will fail (that's how risk works- you don't win every time), but if you're lucky enough you might pull it off

[Anonymous]

Define rich.

But yeah, that's basically the concept of FIRE investing. https://www.nerdwallet.com/article/investing/financial-independence-retire-early#:~:text=Financial%20Independence%20Retire%20Early%20(FIRE,retirement%2C%20with%20inflation%20factored%20in.

[Anonymous]

Yes.

You might like Mr. Money Mustache. His community is full of people doing what you described. While some there do invest in real estate, not all do.

[Anonymous]

how rich do you mean? I think its very possible to be comfortable and not worried about money. But probably not rich rich unless you increase how much is coming in.

[Anonymous]

OP here. I would do REITs but not interesting in managing properties.

[Anonymous]

Anonymous wrote:Define rich.

But yeah, that's basically the concept of FIRE investing. https://www.nerdwallet.com/article/investing/financial-independence-retire-early#:~:text=Financial%20Independence%20Retire%20Early%20(FIRE,retirement%2C%20with%20inflation%20factored%20in.

I wonder how all the recent FIRE retirees are feeling with equities coming down at the same time inflation is ratcheting up

[Anonymous]

I think frugality, saving and investing can only take you so far, at some point you have increase the incoming money flow.

[Anonymous]

Invest half your income wisely for 25 years and you'll be rich

[Anonymous]

As I already posted, we bought Apple when we were young and now we have >10 million. It's a combination of luck, time and some industry knowledge. I can't tell you whether there is one miracle stock right now, OP, but it never hurts to invest in high-tech and internet-based businesses. Stay away from biotech, though, that's extremely risky (I work in biotech).

[Anonymous]

Anonymous wrote:OP here. Should’ve posted in money & finances. Let’s say HHI doesn’t top $180k.

Don't mean to be useless, but assuming you're investing smartly - saving money, investing retirement and other savings in a balanced mix of index funds - then it's simply arithmetic: Your savings and future wealth is a function of your past income and past spending. Sure, you can saving millions by living on a fraction of your salary - which is possible, especially if you're childless. But why would you want to spend like you're poor when you're young and then spend like you're rich when you're old? It makes much more sense to spend like you're middle-class your whole life.

[Anonymous]

So basically living below your mean and being a minimalist so your $180k/yr salary (assuming you can keep your job even after moving out of the area) will make you feel rich compared to the poor rural town folk?