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Millionaires share their journey to building substantial wealth after making significant sacrifices. These stories prove that while building wealth isn’t easy, it’s possible. Learn what it takes to reach millionaire status, from lucky windfalls to discipline.
A user said, “Inheritance. I would rather have my father back, though.”
Some of us are lucky to have parents who leave us with their wealth. Once they pass away, however, we’d quickly trade all the money to have them back.
Aggressively Saving for Retirement
You can use a simple strategy to have millions. This user saved 10% of his income consistently, and by the time he was close to retirement, his investments had grown over $2 million. The cherry on top was that he and his wife almost paid their mortgage.
“I worked at office jobs for a little over 30 years, starting right after college. Every year — every single year — I put 10 percent of my salary into a 401(k). Most years my employers matched my contribution.”
A user commented, “My dad was the CEO of a hospital. He cleared 750k a year with bonuses. He passed away after a month in the ICU after an accident.”
Money isn’t everything. Although this user had a lucky financial break, he’d prefer to see his father alive instead.
“I worked in IT and made a good salary for nearly 20 years. I have a master’s degree in Engineering with a focus in Comp Sci. A few years ago I started making videos on youtube and worked it as a 2nd job (that I loved) for years as my public popularity grew. While this happened I did not increase my spending, I increased my saving. Compared to my youtube peers I also did a better than average job with branded integration deals.”, one user said.
Wealthy Doctor Inheritance
Another user commented, “…My father was a very successful doctor who founded what became a large regional medical practice and was earning about 10 million a year for 15 years.”
Like other family members, this user inherited his father’s wealth once he passed away.
Small Calculated Moves
Someone remarked, “Our smartest move was to buy a cheaper house, which we paid off in 4 years. It was surprisingly easy. We bought it for 335K in 2006 (height of the market), when people “like us” were all buying 600-700K places. We got a 15 year mortgage and made double payments every month. We max out our 401(k)s and contribute about 1k/mo to taxable investment funds, mostly index funds. I know 1k isn’t a lot, but it adds up.”
Investing Money in Diverse Places
Living frugally isn’t sexy and often hard. However, by doing so, you can invest your money in other areas that will allow it to grow exponentially. This user invested in stocks, retirement, and real estate to accumulate millions.
“Saved almost all of my money from everything. Lived frugally most of the time. Got scholarships to college/law school. Took saved money and hit pretty big on a tech stock. Got a good paying job. Max out my 401k and Roth. Bought a house, fixed it up, sold it for a decent profit. Bought more houses, fixed them up, and now rent them out. Got more cash from that, bought a 6 unit appt complex, rent those out. Invest money in low cost index funds.”, commented a passionate user.
“Started a small business in my 20s. As it was taking off, sold my share in the partnership to the other partners. This one actually netted below $500K, but it gave me enough seed money for the rest of my ventures/investments.”
Choosing the Right Career
“Became a doctor. Paid off all of my loans. Saved half of my salary for five years.”
Most of us know that doctors are paid well. However, you’d need to spend at least eight years in college to land this title. One user chose to save his salary for a few years, and it paid off big time.
Often, it’s not only how much you earn but how much you keep. This couple worked together to build millions. Nothing fancy, mainly discipline and cooperation to build wealth.
“Spouse and self both blessed with a lack of acquisitiveness. Both worked “member of IT staff” jobs to retirement age, spent less than we earned, made some modest real-estate investments. Secret to retiring with a few mil?” someone commented.
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