If ever I feel discouraged about my money — that I won’t have enough to retire one day, buy a house, or take the vacations I want — I remember one thing: You don’t have to start rich to become rich.
I learned that important lesson from the dozens of people we’ve profiled on Business Insider, from early retirees to real estate investors to teachers turned travelers, many of whom saved their way to million-dollar net worths while earning an average salary.
Below, we’ve rounded up the best pieces of advice from these super-savers so you can begin to implement their successful strategies for building wealth.
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Think about every purchase in terms of cost per hour
Saving 70% of your income is an impressive feat. It’s doubly impressive when you’re living in New York, the second-most expensive city in the world. But that’s exactly what one woman did to be able to quit her job at 28 with $2 million in the bank.
Though JP Livingston was earning six figures in her finance job, she lived modestly in a three-floor walk-up, staying there even when her salary increased.
Ultimately though, her No. 1 piece of advice for saving money comes down to a shift in mindset: Don’t take prices at face value, but consider them in the context of how many hours of work it would cost — a strategy she picked up from Vicki Robin and Joe Dominguez’s book, “Your Money or Your Life.”
“If you think about how much you earn and you divide it by the number of hours you work, you get the amount of money per life unit,” Livingston told …read more
Source:: Business Insider