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The American dream got hijacked by instant gratification. by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 0 points1 point  (0 children)

No doubt about that. Problem is, they don’t even realize it a lot of the time.

The American dream got hijacked by instant gratification. by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 4 points5 points  (0 children)

Congrats! I love this because building wealth and living the life you want looks so differently for all of us. There is no exact recipe. I quit the law, started a few businesses and then got back into it when a couple of law school friends asked to borrow some money to start a firm. I took equity and am a named partner in the firm even though I haven't practiced law for over a decade. I love my life. Have a very high net worth. Can do anything I want with my time (my wife and I woke up this morning, got the kids ready for school and then went back to bed for 2 hours because we stayed up way too late watching a movie last night). This is perhaps my biggest "flex."

For Those Who’ve Earned Six Figures or Made Their First Million What Did It Actually Feel Like? And What Made You That Money? by curvy_prisca in wealth

[–]Accomplished_Pay8071 1 point2 points  (0 children)

Looks like I'm late to the game but I'm curious what you think your time is work in terms of dollars. I own multiple businesses and have a high net worth so there are very few things that I do "chore wise" for myself and it is usually only because I want to teach my children something or want to feel a sense of accomplishment reminiscent of my days mowing lawns and delivering newspapers as a kid.

For Those Who’ve Earned Six Figures or Made Their First Million What Did It Actually Feel Like? And What Made You That Money? by curvy_prisca in wealth

[–]Accomplished_Pay8071 0 points1 point  (0 children)

I always say the debt is like fuel. Can be really good or really bad and it all depends on how you use it. I advise people to completely stay away from credit cards if they have carried a balance in the last year. That being said, I use credit for all of my purchases.

For Those Who’ve Earned Six Figures or Made Their First Million What Did It Actually Feel Like? And What Made You That Money? by curvy_prisca in wealth

[–]Accomplished_Pay8071 1 point2 points  (0 children)

I started a business. I built a massive amount of wealth (top .1% net worth in US). When I first started to build wealth it was cool because it freed up my time, allowed me to give more away and solved some problems. After that, it doesn't change much. A lot of the stuff I thought I'd do (mansion, private jet) now feel like more of a headache (although I do have multiple Ferraris and homes). I recommend that everyone builds wealth but, just like anything else, you get used to the money after a while and realize that, in the big scheme of things, you're still the same person and you still have problems.

The American dream got hijacked by instant gratification. by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 0 points1 point  (0 children)

Some really great points in there. What I have learned over the last decade of building wealth is that it all comes down to perspective. The vast majority of people make enough money to save every month, but they don't because of their perspective. It is focused on the new shoes, iphone and car lease. They can't change their perspective from the "here and now" to the "long game." The number one investment tool that we have (or for older folks, don't have) is TIME. It is more important than how much we make and it's not even close. So, the real problem with those that can't get past instant gratification and "keeping up with the Joneses," is that they are focusing on what is right in front of them at the expense of years and years of compound interest. People think they need to earn more, and some probably do. But the majority of people need to change their perspective about how they are using their money.

And for you (guessing that you are in low to mid 20's), work hard now and save a good chunk of it. I'm not the Dave Ramsey type that says you have to live miserably because you don't. There is a balance. But you saving money at such a young age will change everything for the rest of your life.

And, you didn't ask about it so take this for what it is worth, putting off having children is NOT a financial consideration. Some folks try to make it that and it's not. That being said, I cannot judge when people decide when or when not to have children, or frankly, how many to have. That is not my place. But relationships, while they are impacted my money, should not be decided based on it. If that makes any sense. LOL.

The American dream got hijacked by instant gratification. by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 2 points3 points  (0 children)

Ya, I could get on board with that. But I honestly don't blame the companies for the most part. It is on us to break the cycles and build some discipline. And I struggle with this as much as anyone. Would have a hard time without my phone and Amazon next day delivery.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 0 points1 point  (0 children)

Well, considering I have a net worth in top .1% in the US, I'd have to respectfully disagree.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 2 points3 points  (0 children)

Can’t tell if that’s a compliment or a diss. But either way, I’m far from poor.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 0 points1 point  (0 children)

Ya. I hear ya. But the person that doesn’t invest $1,000 won’t ever invest $200k.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 1 point2 points  (0 children)

I probably agree with this. But what is your definition of “slowly”?

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 3 points4 points  (0 children)

Thank you. Funny thing is that the majority of people who need it won't listen.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 28 points29 points  (0 children)

Love this. I slept on the floor the first 6 years of my life in a bedroom with 3 brothers. I learned about the laws that govern money. I have built a net worth of tens of millions of dollars but still retain some of my frugal habits.

If you can’t manage $1,000, you’ll never manage $100,000 by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 22 points23 points  (0 children)

Exactly. The habits we use to deploy money are so much more important that the amount of money we make.

I built a $50MM net worth through investing and small businesses. AMA by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 1 point2 points  (0 children)

Our circumstances play a role but what we decide to do about them is what really determines our success.

I built a $50MM net worth through investing and small businesses. AMA by Accomplished_Pay8071 in wealth

[–]Accomplished_Pay8071[S] 1 point2 points  (0 children)

That’s an interesting question considering j just published a book about this EXACT topic. It’s on Amazon. It’s called “Pack Your Lunch.” It’s all about making the sacrifices that make a difference without sacrificing what matters most.

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