Check your inbox or spam folder to confirm your subscription.
Go to main Voices page »
Majoring in engineering and going to work right after completing my undergraduate degree. I was able to get a decent income right out of the gate (even in a government job) and caught the financial independence bug early in life. That feeling of supporting yourself (and eventually others) was addictive and drove me to work hard at my career. I was able to start saving early in life, and a brief detour to graduate school after four years of working helped me pivot to the private sector while staying in engineering, upping my income dramatically.
There was no one big move, my financial position is the result of several factors…
The moves I’ve made:
-Studying hard to enable a good career (pharmacist/pharmaceutical development).
-Working in a lucrative industry (pharmaceutics)
-Living below my means and saving outside of my 401K plan
-Marrying someone with similar views on spending
-Following a lot of Jonathan’s advice from his Getting Going columns.
The moves the cosmos have made (luck):
-Being born to a father who preached and practiced “save, save, save”
-Investing in an era of high market returns; I made money despite some of my goofy fund selections.
-Being born with decent intelligence.
I have been fortunate to make many great moves and learn from my mistakes. The best? As long as Congress doesn’t change the rules in the middle of the game, funding a Roth IRA and aggressively investing in some huge winning stocks.
A couple come to mind.
1) Starting a Roth IRA at age 18 and maxing it out each year I could since. It led me to develop good saving and investing habits.
2) Going after the CFA Charter. I doubted myself but made it through. Now I run my own business providing content to financial advisors and investment firms. It was more than worth it. And my former employer picked up the tab for the exam fees!
Purchasing a duplex and living in it! It was a game changer.
Luck and timing played huge roles in the two smartest moves I ever made.
The first was getting vested in a state retirement pension that is ridiculously generous. The plan I’m vested in has since been discontinued (for new employees) because it simply wasn’t financially sustainable.
The second was becoming vested in a retiree health care plan at my current employer. In just over a year (at the age of 55), I’ll be eligible to receive health care insurance coverage for myself, and my spouse, for the rest of our lives. A large portion of the premiums will be paid for by my employer. When I turn 65, my employer will cover the cost of Medicare supplemental insurance premiums for myself, and my spouse, as well. It’s a benefit that my employer stopped offering to new employees almost 20 years ago. Without it, the thought of retiring early wouldn’t be possible.
Start saving (at least up to the amount of obtaining maximum company match) in 401K, the day I started my first job out of college.
Quitting my first job and becoming an entrepreneur. 100%
Marrying the smartest woman I’ve ever met.
First and foremost was investing for the long term in the stock market. Second, I was fortunate to not own any Tech stocks in 2000 and also not own any Bank stocks in 2008. However, I’m not sure if that was smart or just dumb luck.
The smartest money mood I’ve made is to buy a house. One day I might sell it to cover the cost of us staying in a retirement home.
Funny, I consider buying a house the worst long-term investment I ever made. Paid cash 24 years ago. The value has gone up about 3x in that time. But I am certain would have made a lot more money investing all that money in stocks the past 24 years and leasing a residence.
Finding and marrying an incredible partner. Together we have done more, saved more, accomplished more, and experienced more than I ever would or could have alone.
The sense of pride and accomplishment that comes from hunkering down together to save over 20% for our first house downpayment, paying for our wedding and honeymoon on our own, and tackling numerous medical bills together has proven just how important finding the right partner is.
Not sure if the smartest, but one of the things I’ve been consistently doing is saving every bonus that I’ve ever received and most of my salary increases. I think that keeping costs and avoiding lifestyle creep is important.
This was how I paid off my house in 6 years. I was fortunate to work for a large company that provided good bonuses (up to 40% of my total wages and I was not in sales). We lived off of our regular salaries and just used the bonuses to pay off the house. I no longer work there so no big bonuses anymore 😔