How did you make your fortune?
This is a cross-post from Reddit where I wrote down some brief thoughts on building wealth. A few things to think about as I'm rounding another corner on my own journey.
- Have parents willing to sacrifice for you and whip you into shape you until you're ~17. Helps, but not required.
- Hound a good college to get in. Don't settle for cut-rate education if you can.
- Get a degree in something you can tolerate better than most, not something you love. Sorry, but this is work. If it were fun, they wouldn't pay you.
- Hound companies to give you an internship over the summers. If the only options are unpaid, change majors.
- Study your ass off and git gud. You don't need to be the best, just better than the next guy/gal.
- Hound companies to give you a long term job (including those internship companies).
- Do the job. Respect the boss, care for your colleagues, learn, get better, and show up on time.
- Find mentors. 80% of people that are where you want to be are willing to help- just ask.
- Pay down highest interest rate debt first (i.e. credit cards first, car loan last).
- Buy what you need and a little of what you want; stay within your means.
- Buy a house when you need the space and it's competitive with renting. Take care of it and collect your tax credits.
- Work hard and keep your job during the bad times. Be indispensable but not trapped.
- Live by r/frugal and r/fire and max out your 401(k) in due course. Go full mega backdoor Roth if you have the funds.
Do that and I guarantee you a million in net worth before retirement.
P.S. Find someone nice and marry them. That's another million right there.