A lesson learned over 40 years ago was that if you moved 20% of your income into solid growth investments and had the discipline to keep it there, you would become a very wealthy person. The proof of this concept is the story of the company accountant who owned a $1,000,000 television set! This fellow got caught up in the mad dash to be an American consumer. He saw the latest electronic gadget that he could not live without, cashed in his employee stock purchase plan to buy the new device at the highest price possible, and watched TV. Meanwhile, across the years, the investment he left behind would have continued to grow into well over $1,000,000!
Building your own monetary self-sufficiency is a priority very few people appreciate. New corporate executives cannot wait to earn more money as they climb the ladders of success. What they do with that money will determine how they live if they are fired, suffer a lay-off, become disabled, or want to retire. Often people are so caught up in earning the next dollar they do not take the time to look for, and hire, the best possible financial advisers to sensibly guide them toward goals of substantial wealth.
Many doctors, lawyers, sales and marketing executives, and others believe they must show a facade of success to be successful. This is where they fall through the trapdoor of the upscale neighborhood with its outsized home mortgage. Now that they are in the nice neighborhood they cannot live without fine vehicles to drive. Children must have the best private schools. And, at the office it is “essential” to look good in the finest suits and work-out at the most expensive spas. You are probably well versed in the massive spending opportunities that are promoted to the so-called successful in all of the available media.
In another part of town lives a recent immigrant to the country who appreciates the opportunity and freedoms available. He has not attended much in the higher education system, but he knows how to work 11-14 hour days in his own mundane business. He works very hard and lives in a frugal manner. He drives a basic Ford pick-up truck. His children go to public schools. He buys his clothing at Sears. Over the years his business and his investments quietly grow to provide this multimillionaire an opportunity to live a life the corporate executive only reads about in the magazines.
Work hard, be frugal, save, invest responsibly, and build wealth you can live on.