A Millionaire on Less than $60K

[jeffrey]

... For most Americans one's desire, discipline, and intellect are more important factors in accumulating wealth than earning a high income. The problem today among many high income earners is that they think that money (income) is the most easily renewable resource. Consequently they act according to the principles found in the "Handbook for Hyper Consumers."

But not all Americans follow such principles or the path taken by the modal crowd in America. They think for themselves. And most rich people in this country become rich and remain that way because they receive much more satisfaction from building wealth and financial security than displaying expensive store bought badges. So it is with Mrs. C.C. who was kind enough to share some of her thoughts on becoming financially independent without once earning a high income...

A Millionaire on Less than $60K

[Broken Arrow]

Very nice story.

[eric eckman]

Great story, but one quick devils advocate point- she mentions that she is married. Even though she points out that her finances are separate from her husband and that she manages them herself, her cost of living expenses out of her own finances are much less as a married person. She likely shares some of the cost of mortgage, property taxes, groceries and entertainment with her husband. If she's paying 100% of the bills, that's impressive, but she's likely paying 50% of the bills or less, so this example doesn't demonstrate that a single person with a $60,000 salary could achieve the same financial success.

Again, I'm only being a devils advocate and I certainly believe in the power of frugality, wise investment and avoiding debt as a bedrock personal finance principle.

[Caoineag]

Actually Eric, being married is one of the common traits of a millionaire. So marriage (at least good ones) do significantly contribute to financial security.

[eric eckman]

Originally Posted by Caoineag

Actually Eric, being married is one of the common traits of a millionaire. So marriage (at least good ones) do significantly contribute to financial security.

No doubt, and that was my point. I was saying that her marriage has made it easier for her to become financially independent because she wasn't faced with the full brunt of expenses such as mortage, insurance and groceries on a solitary $60k budget. I'd be much more impressed with the story if she was a single person who had achieved that success. I'm just pointing out that the article conveniently leaves that concept out. I'm not trying to rain on her parade and still think it's a good story and I do believe it's possible for a person to achieve financial independence on a single $60k salary, but this woman did not do that.

[Credit Girl]

Interesting article! Just goes to show that you don't have to make an annual salary of a million to become a millionaire.

[Saving_spree]

Interesting article