Reply to To anyone who once had nothing and is now worth 7 or 8 figures:

Forum Index » Money and Finances

Reply to " To anyone who once had nothing and is now worth 7 or 8 figures:"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[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]

1.  I didn't ever think that I'd have as much money as I have now (low 7 figures) and find it hard to believe still.  It has been hard to get out of the mindset of e.g. eating as much as you can at a buffet because you don't know where the next meal is coming from or shopping at thrift stores.

2. I don't feel any different and we are generally careful with our money with only occasional splurges.  Our income is about 90k, so very low by DCUM standards, but it doesn't feel low.  We live below our means (when considering income only - everything else is in investments or real estate and not touched).

3. I moved to the US 15 years ago.  I sold all my belongings and had about $2.5k when I arrived with a single suitcase of belongings.  Five years later I had $10k in savings thanks to some bonuses from a job back then.  Then I landed a short term but well paid consultancy gig and saved most of it.  Then I bought a run down house in a bad neighborhood that ten years later (now) is a hot neighborhood and my investment has quadrupled in value and we have a very low mortgage.  I also took money out of my 401k to buy the house, which I know many people advise against, but it worked for me.  And finally, we received a significant inheritance a couple of years ago, which added a few more hundred thousands to our net worth.

4.  Live below your means.  Don't take on too much unproductive debt (e.g. huge mortgages on your primary residence).  Take some risks with jobs.  Also, when starting out, you get the best raises when you change jobs.  My salary increased significantly in those first few years.  (My current salary is much lower than it has been in the past.)  When the market is down don't freak out, invest more.  Always max retirement and tax-free investment options, particularly if you are just starting out.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics