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Reply to " To anyone who once had nothing and is now worth 7 or 8 figures:"
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[quote=Anonymous]We have net worth in low 7 figures now. You wouldn't guess it and you won't guess it when it is 3 times what it is now. 1. marriage is foundational and you want someone steady with self discipline, and you be that way too. 2. bank any windfalls. A lot of people can't resist spending a windfall. Bank it all, no matter what size. Bonuses, bequests, stock options. 3. buy a reliable used car and drive it forever. 4. live below your means. 5. When income increases bank it, hold your lifestyle down. 6. Don't buy as much house as what the bank is willing to lend you. Buy less than that. Base the mortgage on one income. 7. Don't cash out refinance and do not borrow from retirement savings. same concept as keeping hands off windfalls - do not raid cookie jar. 8. Like Fight Club, do not talk about net worth with people. This kind of self discipline is not in 'fashion' and probably never has been or will be, but you have to learn to go against the tides to get where you want to go.[/quote]
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