To save money for a down payment we lived in an inexpensive apartment.

Inexpensive direct tv plan
No expensive iPhones
No memberships of any kind

Took out cash every week to limit what we spend

Didn’t travel, buy many, if any clothes or any large purchase do a year.

We saved around $100k very quickly.

First, I made many mistakes, but learned from them. Most were not under my control at all.
Bought two properties for living at different times in life. They were mistakes if I compare what I would have made in the market and simply rented the same place. I didn't know any better. Everyone was buying real estate. I had no idea that most people don't know about markets, but they sure know about real estate. I didn't know because I grew up in a communist country. Also, investing wasn't as cheap and easy as it is now. Thanks, RH.
I sold the two properties right before and right after covid. I invested the equity into market and retired.
So, OP, per my experience, you'd be way ahead having put the money into market. Give me the numbers and time and I'll tell you how much you'd have.
I started investing March 2020 after being laid off, stuck in the house and watching financial youtube videos. I they made me want to buy individual stocks. I bought Tesla, Zoom, Novavax and Bitcoin later.
I have seen the ups and downs and feel very comfortable being in the market now.
I have learned so much in 4.5 years like patience, buying, selling, taxes, economy - nobody really talks about this. It served me better than my degree. I can start from zero tomorrow and do well in no time. Down market is even better market.
I also get people asking me why I don't buy a home. Again, I did the math. The property I want is cheaper to be rented forever than it is to buy. After 30 years, I could buy the property and still have millions left over.
All of this is very individual though and dependent on many things.
I really don't pay taxes for example because I'm HH and take out long term capital gains up to our expenses. Most of my trading is inside of Roth.
What else I've learned to get ahead? Well, doing it for my kids now. They have no interest and wouldn't until ca 40 when they get tired of working. Time is money.
I cannot tell them that, 'I told you so' and let time go buy.
I never made over $25 an hour, but I always knew I had it in me to get it done. I just wish I had not gone for real estate, and I wish every book, youtuber, article didn't push ETFs. I have the stomach for individual stocks. I would have learned nothing holding an ETF.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We always have a business going -- first it was consulting, then freelance writing, now long term rentals. You can write off a ton of expenses if you own a business.

Real estate has worked for us. We have 5 rentals now, no mortgages. Worked hard to get here, but we're late 50s and the passive income will be pretty sweet in retirement.

Long-time business owner here. The bolded is mostly nonsense. To write something off, you first have to spend the money to purchase it. In other words, you spend $1 to get back $0.30 later - that's not exactly a fast track to getting rich.

And that $1 has to be spent on business expenses. It's not like you can just start deducting all your personal expenses through your business. There are some exceptions, like getting the Section 179 deduction when you buy a large SUV. But, really, the reasons businesses can be lucrative are that you own 100% of the upside, can leverage employees, and businesses are taxed favorably (QBI deduction, etc.).

DP but it’s not nonsense for the fields the PP mentioned, which are ones where work can be done from home. If you do that, you can deduct the prorated amount of your mortgage payment and utilities based on the size of your home office, equipment you use for your work (like laptop and cell), and miles you drive for work (most relevant for the rentals). You are paying for those things anyway but now they reduce your taxable income.

I should add to my comment that some are not deductions but business expenses, but the effect is the same by reducing taxable income.

Anonymous wrote:

Anonymous wrote:We always have a business going -- first it was consulting, then freelance writing, now long term rentals. You can write off a ton of expenses if you own a business.

Real estate has worked for us. We have 5 rentals now, no mortgages. Worked hard to get here, but we're late 50s and the passive income will be pretty sweet in retirement.

Long-time business owner here. The bolded is mostly nonsense. To write something off, you first have to spend the money to purchase it. In other words, you spend $1 to get back $0.30 later - that's not exactly a fast track to getting rich.

And that $1 has to be spent on business expenses. It's not like you can just start deducting all your personal expenses through your business. There are some exceptions, like getting the Section 179 deduction when you buy a large SUV. But, really, the reasons businesses can be lucrative are that you own 100% of the upside, can leverage employees, and businesses are taxed favorably (QBI deduction, etc.).

DP but it’s not nonsense for the fields the PP mentioned, which are ones where work can be done from home. If you do that, you can deduct the prorated amount of your mortgage payment and utilities based on the size of your home office, equipment you use for your work (like laptop and cell), and miles you drive for work (most relevant for the rentals). You are paying for those things anyway but now they reduce your taxable income.

Most of what I did wasn't unique. Lived with roommates in cheap rentals, lived frugally, and maxed retirement contributions and invested even more. DH and I each bought homes before we met each other.

The only somewhat uncommon part was buying a 14th/U St. rowhouse back when the area was starting to gentrify. That had a huge, positive effect on our net worth.

If you're really that undisciplined, then have a portion of your salary deposits automatically moved to an investment account. You'll never get ahead if you blow all your money.

Anonymous wrote:We always have a business going -- first it was consulting, then freelance writing, now long term rentals. You can write off a ton of expenses if you own a business.

Real estate has worked for us. We have 5 rentals now, no mortgages. Worked hard to get here, but we're late 50s and the passive income will be pretty sweet in retirement.

Long-time business owner here. The bolded is mostly nonsense. To write something off, you first have to spend the money to purchase it. In other words, you spend $1 to get back $0.30 later - that's not exactly a fast track to getting rich.

And that $1 has to be spent on business expenses. It's not like you can just start deducting all your personal expenses through your business. There are some exceptions, like getting the Section 179 deduction when you buy a large SUV. But, really, the reasons businesses can be lucrative are that you own 100% of the upside, can leverage employees, and businesses are taxed favorably (QBI deduction, etc.).

Anonymous wrote:I married a super frugal guy who reminds me of my dad. He started saving for retirement when he was 20 and talked his parents into “matching” whatever he made at his summer jobs by contributing to retirement. He just has a genuine love of finance and it shows. He still spends money, but his biggest indulgences in life relate to spending for his family, and all this has made a huge difference for me.

It’s a little weird because most women aren’t looking for this, but it was a huge attractor for me.

Aw you’re not like other girls!

I married a super frugal guy who reminds me of my dad. He started saving for retirement when he was 20 and talked his parents into “matching” whatever he made at his summer jobs by contributing to retirement. He just has a genuine love of finance and it shows. He still spends money, but his biggest indulgences in life relate to spending for his family, and all this has made a huge difference for me.

It’s a little weird because most women aren’t looking for this, but it was a huge attractor for me.

Anonymous wrote:

Anonymous wrote:We always have a business going -- first it was consulting, then freelance writing, now long term rentals. You can write off a ton of expenses if you own a business.

Real estate has worked for us. We have 5 rentals now, no mortgages. Worked hard to get here, but we're late 50s and the passive income will be pretty sweet in retirement.

What can you write off for long term rentals? Just repairs for the unit(s), right? I have one rental, and after factoring in depreciation, property taxes for a secondary property, and minor repairs ($1-3k per year), there's not much of a profit. I think of selling it often.

Depreciation isn’t an actual expense, it’s a tax write off. You want to not have much “profit” for IRS tax purposes. Look at your rental income vs real expenses to determine how profitable your rental really is.

I bought a condo in Tyson's Corner when I was 24 making $50k per year. It nearly doubled in value during the housing bubble of 2005. I sold at that point. I was also a saver and lived well below my means.

Dogecoin.

Spent less than we learned. Worked many years. Became millionaires.

It’s nothing new.

Anonymous wrote:Bought Apple stock in my 20s.
Then Amazon in my 30s.
Then Nvidia in my 40s.

Since I could only invest very little, because I had a very meager salary, I haven't earned a ton yet... but I will probably retire with a "good-enough" nest egg.

Same. Also sold all investment properties and bought stocks.

Sold puts on margin and went long in leveraged funds at the right time. This is not a recommended approach at all, though if it goes your way it is quite profitable.

yeah. you need to learn to automate savings. ontop of 401k, we invest every month in VTSAX and have been doing so since we got married.