During summer 2015, I was wondering how I could get relevant external advices on how to become rich - let’s say 1 million dollar is a good start.
As many books describe it, one of the best way to achieve something big in a specific area is to learn from the people who master this very area.
Hence, I introduced the “Richest Blogger Single Advice” series in which I interview the Richest Bloggers out there.
I based my choice on the famous Net Worth Tracker from my US fellow J. Money.
Right after our Canada trip, we hosted the East Coast Canadian FrugalTrader from milliondollarjourney.com who explained us how he used goal setting to be where he wanted to be: above the 1 million dollars mark.
Today, it’s time for Justin from rootofgood.com (first US guy of this serie, from North Carolina) to answer THE question: “How can I be rich like a millionaire as you managed to do it?”.
Justin aka RootOfGood single advice to build wealth
“There’s a few things to focus on.
Getting your income high enough to allow significant savings.
Structure your finances and investments to keep taxes as low as possible.
Closely examine your spending and particularly focus on the big three: housing, transportation, and food. Those three expenses comprise more than half your total budget, and any cost cutting in those areas can free up even more money to put toward saving and investing to become a millionaire.
Last but not least, give it time. You won’t get instantly rich overnight, but over time you will.”
Note from MP
The last sentence above is why I became Mustachian only from 2014 on.
After having stumble upon MMM’s blog, I understood that I had to build a strong personal finance basis (many optimizations in spendings and savings, start investing, etc.), and then let it work for me while I learn to be patient.
Before that, I thought about rich as a state you either reach in one night when having a new mobile app smart idea, or a state you never see in your life.
Mustachian’s best quality is patience.
This makes me think that I would be so glad if more Universities start to give FI courses from frugal bloggers such as New York University with Mr and Mrs Frugalwoods so that millenials wake up earlier than I did.
Next interview : Mr1500 at 1500days.com
For the fourth post in the serie, we’ll be lucky to host the famous Mr1500 from sunny Colorado, US. In the meanwhile you can already check his blog.
Let’s see what his single recommendation will be!