Got any recommendations for us younger folk?
(For the record, I have no debt beyond whatever’s currently on my low-limit credit card [notice the singular there], and I have a job that pays well and is at least consistently interesting.)
(For the record, I have no debt beyond whatever’s currently on my low-limit credit card [notice the singular there], and I have a job that pays well and is at least consistently interesting.)
I can only tell you how I did it. You are off to a good start I think. No debt is the first key. Second is income with growth potential, In my case starting with straight commission sales and working up to district and regional manager level at salary plus bonuses. An hourly wage or union job, no matter how good it may seem early in your working life, just won't cut it. You need to be able to increase your income through hard work and save your money by being frugal. And by "Saving" I mean investing. Learn how to invest your savings so they will grow. Ten years of disciplined investing, a little each month, will set you up for life. A lot of people who made much more than I did are still working to pay for fashionable new clothes, cars, toys, vacations and houses too big for their needs. I spent only what I had to, asking myself before each purchase "Will spending this money get me closer to my goal?" A few shares of blue chip stock each payday will get you there. A night spend pub crawling will not, nor will a new car or motorcycle or expensive haircut.
A lot of people now ask how I did it but they don't like the answer. I put off instant gratification and denied the urge to impress. I spent more time working and less time partying.
But the key is to define what you really want out of life. I wanted to live aboard and cruise in my sailboat. Permanently. Not drive around Honolulu in an expensive sports car and live in a condo in Waikiki, going out clubbing five nights a week. (Why I was broke at forty)