Anonymous wrote: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

1) I always felt I would have money, but I felt it would come, despite my low income.
2) It is a bit daunting. Our net worth has doubled several times. Each time was a surprise. It is nice to replace broken things without regret. New cars. Vacations. Dental work.
3) A LONG time
4) Live below your means.

DH and I met in law school. He was from another country so I was unaware that he come from significant money till about a year into the relationship. He came to the US to prove himself, he did it with done financial backing but was highly motivated to succeed. We became a "team" as we call it and almost 20 years later still are.

Out if school I had insane student loan debt. We decided together our objective was to get out of debt, we paid off my 6 figure loans in 5 years. We had one used car for 15 years, paid it off in 3. We walked or metroed everywhere else. We put 50% down on our first house. When we sold it, we put 50% on our second house. For us it is a joint philosophy we are very debt averse. We have no credit card debt. We do not make large over $500 purchases without consulting the other, etc. we try to be mega savers but we also agree paying for quality is worth the extra $$$.

I didn't imagine we would financially be in this position today. We were both BIGLAW girl over 10 years, and i left to SAH and have no regrets. It was a joint decision my DH fully supports. We do not keep up with the joneses so to the outside eye it isn't obvious we are worth over 8 figures. as a mindset, it definitely is calming to know if I wanted to buy the more expensive cheese at the store or if my children needed some special tutoring I can pay for it. But I don't overindulge myself or them.

OP, I think you can make yourself financially secure but you must decide what exactly that means. Being worth 7+ figures doesn't always mean bliss and happiness. My BFF is a preschool teacher making $35,000 and living in an apartment driving a 10 year old car, she's very happy and feels financially secure for herself. She also has her health, something money can't always buy. My family had a horrible 2013 health wise, I would have paid $$$$$$ to have our health back.

Good luck.

OP Here- Thanks to the people who responded. I am looking for Inspiration and motivation. I am 30, divorced, has a child and make $70k/year, I feel like i will never make it because I live paycheck to paycheck, my expenses are high because this is a HIGH COL area. I barely save for retirement has less than $10k in retirement, $6k in cc debt ( i was short on daycare so had to pay for it on my cc ) $5k left on the car loan ( car totaled, did not have any savings so had to borrow to get a car) 0 savings. I feel like Iam in a vicious circle and this will never end and I will never make it out, save for my child's college or buy a house. Funny thing, i come from a well-off family, went to private schools all my life, then college and grad school all paid off by my parents and I still can't make it grrrrr

OP, are you looking for inspiration? Motivation? Wondering how we can all direct our responses to be on point.

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

when I had nothing, I never, for a second, thought i would be worth 1 mil or more or earn 200k /yr

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

I still psychologically and emotionally feel poor. Today I shopped at goodwill for new shirts for tot and onsies for baby. Granted, I was dropping stuff off but I offer as example.

3. How long did it take?

hum...I saved my first two checks that i earned at 16 (fast food). When I got raises, I always
saved the excess. i invested in real estate in 2001, cashed out in 2005 so at that point I was "worth" over 100K. money makes money. i hit 1 mil a couple of years ago and I am 40.

4. Any tips on how to achieve such a feat?
work, save, do not be materialistic. oh, invest in education. I have a doctorate and am a lobbyist.
I totally agree with pps who said marry well/someone who shares your finacial values. my husband did not come from poverty but he's New England cheep. it works for us.

And p.s. we met 15 years ago when dh was just out of grad school in his first job. I was 5 years out of college and already started on the above list. Probably at about 80k in 401k/IRA at that time, no debt, no other savings. So it is surprising how it piles up. We don't make that much for this area either - it is all in the practices.

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.

1. I never thought about it. Money has never been a big motivator for me, once basic needs have been met. I followed my passion and the money came with it (slowly).

2. Not much has changed. I still worry about money every day because I know how easy it would be for everything to simply melt away. A lot of trauma there.

3. Took about 20 years. Would have happened sooner if I had not had student loans or parents to support.

4. Marriage is critical. You don't need to marry someone who already has money, but you have to marry someone who shares your views about money and who has a track record of being willing and capable of working and saving. Once those two incomes are there, you can build that foundation quickly. Always live on one income. Save the other. Buy the smallest house in a nice neighborhood rather than a big house in a so-so neighborhood. Drive your cars until they die. Learn to say no to the shiny, nice new toys (e.g., designer bags, ipods).

Anonymous wrote: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

We're at the very bottom end of this range for income, but here goes.

1. No, but, then again, I wasn't really aware of what it would even look like at the time.

2. Less ideal than everyone thinks. It's nice not to even think about unexpected car repairs, Larla's camp, or nice vacations each year, but it's amazing how you spend more when you have it (before I get flamed, we save obsessively, I just mean that a $2k week at the beach quickly morphs into $5k, then $15k as income goes up). And everyone in this income (or even net worth) bracket seems crazy, self-centered, and hyper competitive about stupid things.

3. Not long, which is shocking. Not 15 years ago our HHI was under $90k and we had no savings to speak of.

4. Marry really well (which I don't think is easy to know upfront, unless you're gold digging in established territory), start your own professional business and work your butt off (I say "professional" to squash SAHM sales pyramid scheme dreams), or become a big law partner/consulting partner/CxO. All of these jobs are soul sucking and make life pretty terrible now and again.

Anonymous wrote:I'm sure different people have different paths. Mine is nothing spectacular.
I came to this country to go to graduate school with only $200 in my pocket( got scholarship though). Went to a good school in hot major. Got a high-pay job after graduation. Worked hard.
Now 10 years after graduation, my net worth is close to 3 million dollars (including retirement).
So to summarize ( again all paths are not the same): get good education with a major of high demand, make the most rational decisions when it comes to investments and work hard.
Of course, people can always argue it's about luck. I don't agree but can't argue against it since you can't go back and re-live your life.

Wow congrats!

Anonymous wrote:I'm sure different people have different paths. Mine is nothing spectacular.
I came to this country to go to graduate school with only $200 in my pocket( got scholarship though). Went to a good school in hot major. Got a high-pay job after graduation. Worked hard.
Now 10 years after graduation, my net worth is close to 3 million dollars (including retirement).
So to summarize ( again all paths are not the same): get good education with a major of high demand, make the most rational decisions when it comes to investments and work hard.
Of course, people can always argue it's about luck. I don't agree but can't argue against it since you can't go back and re-live your life.

Also, looking back, I didn't feel excited about it because things didn't happen over night.

I'm sure different people have different paths. Mine is nothing spectacular.
I came to this country to go to graduate school with only $200 in my pocket( got scholarship though). Went to a good school in hot major. Got a high-pay job after graduation. Worked hard.
Now 10 years after graduation, my net worth is close to 3 million dollars (including retirement).
So to summarize ( again all paths are not the same): get good education with a major of high demand, make the most rational decisions when it comes to investments and work hard.
Of course, people can always argue it's about luck. I don't agree but can't argue against it since you can't go back and re-live your life.

Anonymous wrote:

Anonymous wrote: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

7 figures of what? salary? net worth?

Doesn't matter. Either one is fine

Anonymous wrote: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

7 figures of what? salary? net worth?

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