Money, Matter and More Musings' post on 10 Simple Steps To Becoming Wealthy gave me the idea to write this post.
Here are our ten reasons we will become wealthy:
10. My parents and my spouse's parents are frugal. *
9. My spouse is frugal. *
8. I am also frugal * and buy only what I need.
7. Our college degrees led to good jobs, covered our student loan debt, and led to higher paying jobs.
6. We pay ourselves first and spend less than 80% of our income.
5. We put the maximum into our IRA, 401K and college saving plans.
4. We have diversified our investments in stocks, fixed income, and real estate.
3. Our only debt is a fixed rate mortgage on the house.
2. Our health is good and we have good insurance.
1. We are happy with our lifestyle.
* Borrowed from The Millionaire Next Door.
Of course, there are no guarantees. However, I believe having these ten factors will significantly improve our chances :-)
For more on The Practice of Personal Finance, check back every Wednesday for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2007 Achievement Catalyst, LLC
you spend less than 80% of your income?
ReplyDeletethats quite a feat!