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As a financial advisor, I saw wealthy clients follow the same path to millionaire status. They kept their debt low, delayed gratification, and invested at least 15% of their income. But my strategy changed when I met Grant Sabatier and realized I wasn't enjoying my money the way I wanted to.
On paper, the process for wealth-building is simple: Spend less than you earn, keep your debt low, and invest 15% or more of your income. After about 20 to 30 years of discipline and modesty, you could retire wealthy. That was the template for wealth-building I had come to embrace, the path of least resistance, and the most proven route to financial freedom that I abided by for the majority of my career as the best financial advisor I could be.
Every high-net-worth client I met with was confirmation of this strategy, as most of them were in their late 50s and 60s and had reached the million-dollar mark by delaying gratification and playing the long game. But as tried and true as that method is, it doesn't mean that following it for decades is easy. The conversation that changed my thinking Personal finance is essentially a series of trade-offs.
Spend and enjoy the majority of you.