I started with nothing. As a first generation American and the son of a single mother, I was never surrounded by abundance but because of that I learned how to maximize the opportunities that I had and got interested in finance early. Growing up, I recycled cans for some extra cash or bought candy at a low price and sold it at school at vending machine prices. I started my own freelance IT company as a teenager before moving on to a career as an engineer. I even started with bad credit as a result of my mother having some insurance issues when I was young and it ending up on my credit report. I have since also been able to help my family and friends with their finances and hopefully put them down a path of financial independence.
At the moment, I have paid off all my loans (student, two car loans, and a mortgage). I plan to retire early and it is all a result of being disciplined in my finances. During this whole time, I also solely supported my wife as she finished her Bachelors and Masters degree and she too helped push my financial literacy.
Overall, the difference between succeeding and failing in your finances is consistency. Wealth builds over time, if you want to make money quickly bet it all on black at the Roulette table. The posts on this site capture my financial philosophy at the moment. I am continuously trying to find new ways to increase my financial prosperity and will update the page accordingly.
~~Some lessons learned over time that we try and follow in making future decisions~~
Small changes make a big difference over time
- If you made 1 cent a minute you’d be making over 500,000 a year
- Spending small amounts also add up over a year
It is more important to understand how your money is being spent than made
- What’s the point in working a second job if you are just handing that money over to some bill
- If you can’t control your expenses, chances are they will just scale with any increase in inflow
Start Now – Time is your best ally in making money
- Compound interest is one of the world’s wonders so everyday you wait you are just loosing money and making things harder for yourself
- It takes time to see the results of your actions but once you do, you’ll wish you started sooner
Move your money into positive financial vehicles automatically
- You tend not to spend money you don’t have so get it out of your checking account and into appropriate financial accounts (Retirement, investing, savings)
- Tomorrow is not guaranteed, enjoy within reason
- If you build a financial system around yourself this will just come naturally
You have the power
- You may want something but all businesses want the same thing, your money.
- Make them work for it and fight for it, don’t just hand over your money
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