I am fascinated with the sacrifices some people make to get rich.
This week, Washington Post personal finance writer Jonnelle Marte, featured young millionaire Grant Sabateir.
In his 20s, Sabateir, found himself too broke to buy a burrito. With just $2.26 in his bank account, Sabateir said he decided to cut his expenses to the bone with the goal of saving a million dollars for retirement.
“The low point served as a wake-up call for Sabatier, who took an image of his balance and set a goal of saving so much money that he could retire early if he wanted to,” Marte wrote.
Sabatier, now 32, reached hit is mark and writes the blog, Millennial Money.
“In his mission to make as much money as possible, Sabatier sacrificed a lot of time away from friends and family since he was spending the majority of his nights and weekends at work,” Marte reports.
Here are some tips Sabatier offers on how he made it to the millionaire’s club.
The one tip that really stood out for me was this: He went from saving 15 percent of his pay to more than 40 percent.
That’s aggressive and probably not doable for the average person, but his point is every time you can, up what you are saving, which you then can invest.
Then I read this Yahoo story: 4 self-made millionaires share their No. 1 strategy for building wealth.
Grant Cardone, an entrepreneur and New York Times best-selling author, says the way to wealth is to develop multiple streams of income, which is one of the things Sabatier did.
“Find other ways you can add income to the job you already have,” Cardone says.
You can be an entrepreneur and still have a day job. Read this by Cardone: Forget skipping Starbucks. Here are 5 real ways to get rich
“I can promise you will not get rich by skipping your daily latte,” Cardone writes. “Look, if you don’t have income then there is no money to save. Don’t let anyone give you the idea that you need to skip your Starbucks coffee and save $3 a day and that will somehow turn into a fortune.”
So do you have what it takes to get rich?
Color of Money question of the week
What are you willing to sacrifice to become a millionaire? Send your comments to firstname.lastname@example.org. Please include your name, city and state. In the subject line put “Millionaire.”
Live chat today
Join me for a live discussion at noon (ET). My guest will be David Clark, who has written several best-selling books on the investing shrewdness of Warren Buffett. Clark provided commentary for this month’s Color of Money Book Club selection, “The Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway’s Vice Chairman on Life, Business and the Pursuit of Wealth.”
Looking for inspiration for your finances read this book. Here’s the review: This is how the rich think
To participate in the discussion click this link.
Color of Money columns this week
Knowledge isn’t power. The right knowledge is power.
Stay informed about your money. Read and share my columns for this week.
— Yes, pro athletes often make poor money decisions early in their careers. But didn’t you, too?
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Have a question about your finances? Michelle Singletary has a weekly live chat every Thursday at noon where she discusses financial dilemmas with readers. You can also write to Michelle directly by sending an email to email@example.com. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read more Color of Money columns, go here.