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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

You need to get your psychological issues with money in order.   There is no reason for your kids to be in second hand clothes.   You have some major guilt issues.   And what are you trying to buy with your expensive gifts?   Listen, I know you won't believe a damn think I say but I had and have some similar issues.   You really don't want your kids growing up with issues because mom made them wear Goodwill when that is not the norm and she looked dumpy even though she was rich.  Your five year old purse is worn and needs a friend.  You said it yourself you still worry. [/quote]

Why? We all know stuff doesn't make us happy.  Why should I get more clothes?  It's not going to make me happy.  Why do I need another expensive purse?  The one I have is quite serviceable.  You get the leather cleaned and treated every 5 years or so, or do at home with a $20 leather kit, and the thing is supposed to last for 30+ years.  I just need some necessities for comfort.

I'm not trying to buy anything with my gifts.  I gift nice gifts because...well, they are my family, and will be my family through thick and thin.  So, there's nothing to buy anyways.

[b]I don't think wearing secondhand clothes necessarily is traumatic.  It's just clothes.  I don't want my kids to have hangups on having new clothes.  I want them to have hangups if they've been mean to someone, or hurt someone.  But clothes new or old, who cares, as long as it's not hideous and keeps you cool in the summer and warm in the winter.  I want them to understand the value of a dollar.  I want to impart them with frugal values, and understand saving money and not spending like there's no tomorrow is a virtue.  I don't burden them with false and concocted money worries, but I act very pleased when something's on sale.  That is a good thing!  My kids will learn not to touch hot stoves and principal.  I am going to have them skip meals for Lent or maybe even that Jewish holiday where you starve for 24 hours (I'm not Jewish).  Do it together as a family, and learn what hunger is like, and be thankful that you have food in the fridge.  Not laugh, act disgusted or run away when you see a homeless person.  Maybe you can't give money to every homeless person you see every time, but be able to put yourself in their shoes.

Learn to manage money because it's just another tool in life, like a hammer.  But oh!  what a powerful tool it is.  It can prolong your life and keep families together.  And not let it run you.  And not let what it can buy run you.

I'm not trying to criticize you, but life is filled with people like you, screaming to buy! buy! buy!  BUY WITH YOUR MONEY, WHAT'S THE MATTER WITH YOU???  You're weird, there's something wrong with you, SPEND YOUR MONEY, YOU CRAZY RICH PERSON!  WHY DO YOU ONLY HAVE ONE EXPENSIVE HANDBAG?  It doesn't make sense.  I have what I need.  [/b]

But managing money is a headache.  But life is a headache in general so I'm not complaining.[/quote]

+1000  Amen, sista! :) [/quote]

Agree!  'Stuff' is a burden anyway.[/quote]

There is a regular news story of a lunch lady who, unbeknownst to all who knew her, died rich and leaves it all to a cat or a charity or some such. Yeh, that's PP[/quote]

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