In my 20’s, I started watching the personal finance show hosted by money expert Suze Orman.
The show ended in 2015, but I learned a ton about managing money from her. Continuing on my $500k journey, I knew if I wanted to be rich, that I had better invest my money.
Suze was hilarious though in her approach of telling people what they could and could not afford. It was watching this segment of “Can you afford it,” that put me on the path to conserve versus consumption.
I rejected buying new cars and instead invested that money. I started reading every book I could on investing from the Automatic Millionaire to the Millionaire Next Door. I would go to the library and browse the personals finance sections on read the books while commuting to work and on weekends.
Like Ramit Sethi, I like to ask the “$30,000 questions.” Personally, I really like to ask myself $10,000 questions. Meaning what in my life can I get for $10,000 less. How can I spend $10,000 less?
I want low fixed expenses. I didn’t need a $70,000 Tesla to make me happy. No offense to your boy Josh there in the video. I would rather have $70,000 invested in the market than driving around in one simply to go to target and have a nice fancy car to drive around in while I pick up my toothpaste.
That’s right Colgate, feel this leather and enjoy this new car smell while I take you home in my $1,200 per month shiny new car. Screw that! Let me make this money work for me. I want to earn $70k in dividends and interest, not pay interest on $70k.
Don’t get me wrong, I prefer the finer things in life…when I can afford them.
As a teenager, I worked as a telephone operator and a waitress so I know the value of dollar. I really didn’t know a lot of people that were socking away huge amounts of money in savings or investments. I just knew I wanted to have money to be able to take care of myself and not have to spend so much time worrying about how to pay the bills. I took the advice of Robert Frost.
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.
Instead of buying $50,000 cars, luxury vacations, expensive clothes and $500,000 homes, I poured my money into stocks. I started with $5 dollars. Then slowly worked my way up to $100,000.