[RooRoobird20]

The vast majority of today’s American millionaires inherited no money from family. Read “The Millionaire Next Door”.

There are hundreds of thousands-maybe even millions—of high income low net worth individuals/couples in this country. Their problem is they blow their high income on things like McMansions, BMW’s, designer clothing and accessories, and they never really increase their net worth.

Then there are the “millionaires next door”, usually middle class income, but they live comfortably below their means.

Mr RooRoo and I graduated from college with essentially nothing but the clothes on our back. We have lived below our means, but we are not frugal freaks nor cheapskates. We’ve lived a nice comfortable lifestyle in a nice 2000 sq ft home in a nice upper middle class neighborhood. We have ALWAYS saved money and invested wisely. We’re in our early 60’s, our house is paid off and our net worth is closing in on $2 million (does not include the equity in our house).

It’s possible to be a self-made millionaire. Self-discipline and patience over time is the key.

[edh]

“We have ALWAYS saved money and invested wisely. We’re in our early 60’s, our house is paid off and our net worth is closing in on $2 million (does not include the equity in our house).”

Thanks for sharing. What you’ve achieved is my goal ... and I am on target. My wife and I started out just like you and your husband too :-).

[CurlyDave]

...It’s possible to be a self-made millionaire. Self-discipline and patience over time is the key...

+1 on the whole post.

The patience over time is so important. I have tried to teach so many people that it is possible to "get rich slowly", but that get rich quick schemes usually end poorly. So far the only one I have convinced is DW. All others get a little bit ahead and suddenly develop a huge need for some new depreciating possession.

If they would learn to develop a need for a new investment instead of a car/remodel/better house they could become rich.

[gloryblaze]

You are so correct. Live within means. We have family who think they are hot stuff, with their traveling, long vacations, sharp cars, etc. And willingness to give advice... totally clueless, and no clue they’re clueless.

[joma89]

The Million Next Door and The Millionaire Mind, the follow up book to the former, are great reads. I highly recommend both.

JoMa

[PA Engineer]

Agreed with everything you posted. My wife and I are in the same position with the same savings. We have positioned ourselves to slowly transition into a busy retirement creating a charitable medical foundation and providing research to children suffering rare diseases.

Both of us literally had the shirts on our backs, beater cars and debt when we graduated. We quickly became debt free with positive net savings. The rest was just discipline.

Heck, I drive a 16 year old car. We literally are the millionaires next door.

[rlmorel]

Seriously, it is one of the greatest things about this country of ours. If you have guts and persistence you can make it regardless of your beginnings.