Comment by reboog711
9 years ago
In fairness the bulk of The Millionaire Next Door subjects owned their own business and could often pull in salaries of $500K+ per year.
9 years ago
In fairness the bulk of The Millionaire Next Door subjects owned their own business and could often pull in salaries of $500K+ per year.
Yes, owning your own business can be a good way to end up 'middle class' or 'comfortably poor'. But it works and that's good enough for me, and I never paid myself $500K per year either. And still had my first property paid off 20 years ahead of schedule.
Things that helped:
- ability to save
- driving cheap cars (my current daily driver is 20 years old)
- very little debt (usually only to finance the next property)
- buying quality stuff and what I need
- living in a country where healthcare can't bankrupt you
- with free education (though that is changing now)
- making reasonably good money because of my chosen profession
None of the above would matter much if I would work as a store clerk or something like that, that's a much harder situation to get out of.