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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Hello,

1. When you had nothing, did it ever seem possible to you to one day have 7 or eight figures?

2. How does it feel psychologically and emotionally to have 7 or eight figures?

3. How long did it take?

4. Any tips on how to achieve such a feat?

Thanks[/quote]

Immigrant child.  Grew up very poor (by U.S. standards).  Did extremely well in school from an early age.

1.  Never would have guessed I would stop living month to month.  All I ever wanted when young was security in knowing that I would never starve.  I joke to DH that I from 20 years ago wouldn't believe it if she saw me now.

2.  It is stressful.  Mo' money, mo' problems, as they say.  You have more to lose.  You are constantly worrying about your investments, monitoring various markets.  The best, most carefree and happy years were when I was dating DH during grad school.  No money, no furniture, one crappy car on its last legs between the two of us, no responsibilities, nothing to lose.

3.  13 years since graduating grad school.  Started a couple of our own businesses.  Nothing anyone wants to buy us out of, but at least we keep all the money.

4.  Know when to recognize opportunities, and have the gumption to take smart risks even when everyone around you is not.  This is harder than you think.  It is hard to throw your money into an investment when everyone around you is howling that its a bad investment.  It could be; it can also triple in five years, and you will be the only one to see that money.  Money can be made if you are being contrarian.  You either are born a hardass or become one in order to run successful businesses.  Sweet, gentle, retiring people do not succeed in business.  You should be honest, but definitely knowing when to brawl (including litigation) is key in preventing others from taking all you have.

I second the other posters: marrying well is key.  I don't mean marrying money, although that is a shortcut to wealth, no doubt.  I mean marrying a good person, who shares your values.  Marrying a man who goes out and buys a Bentley with the first $250,000 you make does not bode well.  Same for marrying a wife who spends money like water on home furnishings and handbags and god knows what as fast as you bring it in.  Both DH and I are very frugal.  Our standard of living is slowly climbing, but it definitely is several steps behind our true net worth.  I bought a $2000 handbag five years ago because I was tired of my handbags getting beat up in 3 months because I am so hard on them, I am still using it and it is my daily handbag, great buy.  It seemed an incredible splurge at the time.  I still shop at Goodwill.  I wear JC Penney, no designer clothes.  My children wear secondhand.  I drive a 10+ year old car.  Our families have no idea how we're doing, the inconsistencies drive them crazy.  We live modestly but give nice gifts (I love giving gifts).

Why do you want to be rich?  Because you dream of all the nice things money can buy?  You won't get rich then.  You'll keep spending.  If the idea of having lots of money sitting in a bank but wearing secondhand clothes eats at you, you will not be wealthy.  I *like* watching money grow.  I prefer it vastly to watching money get spent.  I have no itch to spend it.  I hate the Mall.   [/quote]

OP Here- Congrats on achieving this. You are right that marrying well is good. The main reason of my divorce was my ex's poor financial choices. He came in the marriage with thousands and thousands of dollars of debt, owed taxes, ect that I did not know about till after we got married, he had a poor credit history and everything had to be put under my name and he still failed to pay his share of every common financial responsibility. Left the marriage with $10k in debt and bad credit that I have been trying to rebuild. The ironic thing is , i have a bachelors and master's degree in Finance (ahah the irony) and this was my nightmare. I am very savvy when it comes to spending, saving, investing ext. I analyze balance sheets and income statements for a living for crying out loud and here i am poor as a pauper.  I never said I wanted to be rich by teh way, I just want to be comfortable, meaning not living paycheck to paycheck, be able to afford the things that my child needs, a roof on our head , save for college and emergencies. Funny thing is, my parents are rich, I grew up with maids and chauffeurs, private school, college all paid for. I left because I wanted to make it on my own and I wanted to make my own decisions, live my life, struggle, do things on my own instead of having my parents bail me out forever, well Iam struggling alright. But I am blessed that I have a good education that my parents paid for, now I just have to work hard and make the $$ work for me and also make smart career moves.[/quote]

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