Building Wealth

[frayne]

Preaching to the choir here but a good article to pass on to your youngsters concerning six factors to building wealth.

https://finance.yahoo.com/news/woman-studied-600-millionaires-found-110049408.html

 

[HI Bill]

Thanks...saw that one.

With regards to frugality: I'd say that 'balance' is important. You don't want to end a 30-year carreer being unhappy with your home, your car, or where you haven't travelled. I'm not saying that you need to buy a high-end car or home, but one that's adequate to make you comfortable. I've lived in condos in Hawaii most of my adult life....some sacrifice, but in the ends, saving $ for a later home!

I've done a moderate amount of travel, and am ready to put that into high gear now that I've built up enough funds!

 

[donheff]

For people who like the short version:

- Frugality, or a commitment to saving, spending less, and sticking to a budget
- Confidence in financial management, investing, and household leadership
- Responsibility, which involves accepting your role in financial outcomes and believing that luck plays little role
- Planning, or setting goals for your financial future
- Focus on seeing tasks through to their completion without being distracted
- Social indifference, or not succumbing to social pressure to buy the latest thing

 

[street]

That is good, thanks.

 

[JoeWras]

I'll add "persistence." Maybe this comes with "focus."

You can't take your eye off the ball.

 

[imoldernu]

One more excerpt:

To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high-net-worth individuals.

Though at the lower end of the study, I agree wholeheartedly with the theme of the article.