@MFT_Get_Funded The first 3 - but I would say #4 and most important is intelligent risk taking. Taking calculated chances whether in business or investments that can pay off big. Working hard as heck when you start a business or research investment is important as well.
@MFT_Get_Funded I started feeling wealthy around home paid off and $2M in investments. Just wealthy enough to not need a job but not quite wealthy to blow money. Ultra wealthy is when I can max out gifts to my kiddos every year. I think that’s around $5M in investments.
@ImpactSRLLC@KnuppelRodney Uh - Bonds hit the furthest ball ive ever seen in my lofe against the Angels. This isnt even a question - Roids Bonds was greatest hitter ever.
@Norman2wmj@sweatystartup If that’s your gig then embrace it. Exercise and being active is important to me as it increases longevity and keeps you going later in life so you can travel, cook, hang with grandkids and do all the fun stuff.
Don’t quit your job until your side gig or business is making more than your job pays you. Always save 20% no matter what while working 9-5 and learn a business or trade by working in it and figuring a way to do it better. Lastly, learn how a p&l works and always keep expenses lower than revenue. So many business owners never figure this out and fail. Price whatever service or product of your business at a price that’s competitive with market and run a tight ship expense wise. Doesn’t hurt to hustle like crazy the first 5 years until you get it running smooth. The above worked for me.
I lived this firsthand. I was the sibling with the least financial resources, yet my wife and I took on much of the responsibility of caring for my mom during her final years.
And you know what? I’d do it all over again.
But this experience taught me something important: Equal isn’t always fair.
The time, emotional toll, sacrifices, and responsibility of caring for an aging parent are things you can’t put a dollar amount on.
I don’t believe inheritance should be based on which child needs the money most. But I absolutely believe parents should recognize the child who sacrifices years of their life to care for them.
Sometimes the greatest contribution to a family isn’t financial. It’s simply showing up when you’re needed most.
30 years ago, my wife and I made a decision that changed our family’s future.
We moved away from family to a lower-cost city and state so we could afford to raise our kids on one income.
I’d make that same decision today.
You don’t always have to earn more. Sometimes you need to live somewhere that costs less.
Where you choose to live is one of the biggest financial decisions you’ll ever make.
You have more control over your future than you think. Sometimes it just requires being willing to move.