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Myth: No One Ever Got Rich by [X]

February 23, 2022 by Lazy Man 6 Comments

I’ve read many personal finance bloggers repeat some from of “No One Ever Got Rich by [X].” It may not be a complete lie, but it’s dishonest nonetheless.

Usually [X] is “saving money on coffee.” Sometimes it’s saving money on other things. Recently, I read a new twist, “You’re not going to get rich on credit card points.”

If you take each claim by itself, it is probably true. However, coffee could cost you a 1/3 of a million dollars. (That example includes a lot about compound interest. However, that’s simply what is possible when you save money and invest it over a lifetime.)

The problem is that these are singular claims. It ignores that your total money mindset is made up of many beliefs and actions. It’s unlikely that you are going to be frugal in just one area. Usually, if you are saving money on coffee by making it at home, you are also the kind of person who brings their lunch to work. It doesn’t have to be every day, but it’s probably going to happen more often than not.

Credit card points add up over time. I probably get $750 back a year or more. My grocery card gives me 6% (American Express Blue Cash Preferred) on at least $6,000 in groceries a year. That’s more than $350. I’ve been getting cashback for probably at least 20 years now, so that’s about $15,000. My car, Subaru Forester, was around $20,000, so it’s kind of close to getting a free car. I probably made up the other $5,000 with the bonuses when signing up for credit cards. It’s fairly easy to get $500 if you are spending a certain minimum anyway.

Let’s sum up this whole idea in one sentence:

“Success is the sum of small efforts – repeated day in and day out.” – Robert Collier

The quote wasn’t necessary about personal finance. It works in many areas and personal finance is just one of them.

It’s very important to get the big things right too. You definitely don’t want to make a huge mistake buying a house or skipping health insurance. It’s not great if your car payment eats up half your paycheck. Keeping all your money under your mattress instead of investing isn’t smart either.

The big things are important. The small things that happen a lot are important.

Everyone’s heard the stories of a janitor who died with millions and millions dollars. He is the guy who “Got Rich by [X].”

Filed Under: Frugal, Investing Tagged With: coffee, rich, saving

Have You Decided To Be Rich?

August 1, 2011 by Lazy Man 16 Comments

Last week while on an airplane, I finally caught up on some reading. I brought three books with me… Millionaire By Thirty, You’re Broke Because You Want To Be, and 422 Tax Deductions for Businesses and Self Employed Individuals.

While reading You’re Broke Because You Want To Be, Larry Winget wrote something that stuck with me.  Loosely paraphrased it was “if you want to be rich, you need to make the decision to be rich.” I thought that it sounded pretty obvious, perhaps a little too obvious for the average person to think about. I tried to think back to when I was 24, and I clearly hadn’t decided to be rich. I was preoccupied with trying to woo the hot girl from my Spanish class, making my boss happy, drinking a little more than I should, and just about anything other than getting rich.

Flash forward to this plane ride… I could have brought the copy of the Buffy Season 8 Comic Book which my wife got me for Christmas. I have been looking forward to reading it for some time. However, here I was with three financial books… one being possibly the most dry topic off all-time… 422 Tax Deductions… and tax time is a good 10 months away!

I don’t know when I made the decision to be rich, but it seems that I clearly did.  I have no other explanation as to why I would bring those financial book vs. a book that I’ve been looking forward to.  I obviously still have a long way to go, but I think I might be moving in the right direction.

Have you made the decision to be rich?  If so, how has the decision impacted your finances?

Filed Under: Psychology Tagged With: airplane, Amazon, books, Buffy, comic books, rich, taxes

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