The Millionaire Single MomPosted on January 27th, 2011
For most people, becoming financially independent requires adopting the lifestyle of the millionaire next door. Lifestyle of this type is all about disciplined behavior. It is not about merely reading books on the topic, but about applying the concepts to your every day life. All told there have been many more books published and sold on the subject of becoming rich than there are actual millionaires in the United States. Here is a case study from a woman who was determined to become wealthy and she did, even without reading my book!
I was raised by a single mom who immigrated to the US in the early 1980s, who did not speak or write English very well, but who was perhaps the most frugal person I have ever known. She ran the family household like a miserly CEO, by cutting expenses (buying our clothes at the flea market for quarters), and maximizing her profits (by having us 3 kids work in our family run restaurant since grade school). She had multiple investment vehicles in addition to her businesses which grew, but she eventually acquired several shopping centers and then retired a multimillionaire. When gardening, she wears clothes a hobo wouldn't wear (patched up--but functional), and she raises her own chickens (fresh organic eggs). She taught me the value of true character was not in how one "spent" money and allowed money to change them, but how one can do truly great things by accumulating money and treating others fairly. There is no task too undignified as long as it's an honest day's work. Bless her heart.On April 9th, 2011, 9:10 AM, H S said:
I just finished reading The Millionaire Next Door and The Millionaire Mind...will read The Millionaire Woman next! Wish these books had been around when I was young woman (am 41 now), as I made some mistakes (overspending, not saving and investing)...at 41 years old I have a "negative net worth", and I am not proud of it. However, one thing I do have is "grit", and this old dog can learn new tricks...what can I say, I am a late bloomer. Hope to be posting on this site again in the years to come as one of the newly emerged Millionaires (Billionaires..?). To be continued...On March 24th, 2011, 12:39 PM, Sandra said:
I was almost a single mom! Married to a no-good for a good portion of my life, I am now divorced from him.
I did not get started being "stingy" until later, but am now able to support myself and live a good life. My grown children joke about my "cheapness", but are now being forced to adopt my cheapie ways.
One child is now forced to live in my home because she and her husband got in trouble with credit cards, etc. I sure hope they get themselves together. (I moved into a smaller place because of trouble getting up and down steps.)
Thanks to people like Dr. Stanley and others who teach their methods to people like me!
I'm not at all surprised to hear this. I am also a single mom and, if things go according to plan, will become a millionaire within the next 10 years. My "tricks"? Stick to a budget. Buy good furniture second-hand. Start putting away at least 5% of income into a 401K from an early age (I started right out of college). Start putting away savings into a college savings plan from the time kids are born - my son will be able to attend a good state college without incurring debt. Buy one- or two-year old used cars and drive them into the ground. When out shopping, focus like a laser on "needs" rather than "wants." Don't buy the latest technology - we still have CRT TVs, no smartphones, and we all share one computer. No expensive vacations and hardly no eating out (I can't stand huge restaurant portions or poor-quality ingredients anyway). No expensive hair treatments - just a good cut when needed. Borrow books from the library rather than buying them. There are probably other "tricks" we use, but you get the idea.On February 21st, 2011, 1:07 PM, Diana Welsch said:
Your experience reminds me how important it is to live by a budget.On January 31st, 2011, 3:06 PM, Tony Schuman said:
Your experience reminds me of managers that I had early in my stock brokerage career. Most of them loved it when a newer broker went out and bought a new Cadillac because "now he's mine and he'll have to work harder to make money to pay for that car." They would go out and encourage brokers to overspend on new cars, fancy suits and dining out so they would "work harder".
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