As a Christian I struggle a lot with this question and what inside of me pushes me to want to be frugal, save, and invest. Yesterday I came across a quote that sums up exactly why I do all the above things to one day be a millionaire:
“Many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us,” writes author Kristyn Kusek Lewis. “What motivates them isn’t material possessions but the choices that money can bring.”
Its not the attraction of lots of material possessions that stimulate me but the fact that I can 1) make my dollar go further, 2) create more options on what I can spend my hard earned dollars on 3) create the possibility of giving more, and 4) invest more then the average American does.
What is your motivation for being frugal, wanting to be a millionaire, retire early, or just get out of debt?
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Why do I want to be a millionaire?
January 19th, 2008 at 12:41 pm
January 19th, 2008 at 02:00 pm
You are well on your way to hitting your target. Using simplistic calculations, the $170K you currently have saved would total almost $800K by the time you hit 52 years of age, assuming an 8% return and 4% inflation. And that assumes you never put another dime in savings, which I doubt you would follow. I know that this does not take into to account the ups and downs of the market, but again, shows you are off to a great start.
Most of the reasons you give for wanting to be a millionaire are right on the money for me. My wife and I are both 54 years of age, and are already in that category. We have no mortgage, carry no debt (except for the mortgage I carry for my daughter and son-in-law, another perk of being self-sufficient, helping your loved ones), and have never lived beyond our means. We will never inherit a penny; in fact, we have supported my wife's mother year in and year out for almost 30 years now.
Buying things is not a turn on for me, although it is nice to be able to pay cash for things when we want it. Have fewer worries when the economy tanks, as it is now, the ability to retire early, the ability to volunteer more and give more to charity - these mirror your own.
Keep going; you guys are going to reach your goal and have your heads on your shoulders at the same time. Your child should grow up with the same sensibilities. Congratulations!
January 19th, 2008 at 04:15 pm
What motivates me is that i want to (semi) retire early. I'm too much of a free spirit, and i've never liked having to stick to a regular work schedule, showing up at a certain time and staying til a certain time. I don't like to answer to someone else, would rather answer to myself. You'd never know all that if you saw me on the job, i do what i need to do in order to earn a paycheck, but i'm really very independent.
I want a million so i can retire from f/t work at 60, but i will still need to work p/t to keep health insurance til i'm 65. If getting health insurance for p/t work means working at Costco, then so be it.
Being wealthy and having money has everything to do with FREEDOM....the freedom to make your own choices, the freedom to consider any number of options, and not feel locked in to some lifestyle or job choice solely becus you need the money. Being wealthy means having a big enough cushion of savings so that you don't lose sleep at night when you have a health problem or need a new car. That's how i define wealth.
January 19th, 2008 at 06:42 pm
January 19th, 2008 at 10:10 pm
Money, as a friend has ironically pointed out to me, is only a means to an end, not the end in and of itself. Oh, how I so whole-heartedly agree with him. However, I also had to add that without the means, no ends can be achieved. And thus, for not the love of money, but for the need of money is that which motivates me.
In fact, I don't even really care to be a millionaire. I have no arbitrary ticker or poster graph of a thermometer in my bedroom charting such a goal. However, to achieve my true goal of financial freedom, a multi-millionaire is probably where I would need to end up anyways. I just hope that others, especially my own friends and family, will be able to see that as well.