Throughout the years, I have conducted interviews with numerous millionaires aiming to gain insights from their experiences and expertise. I’ve shared these as Millionaire Interviews, highlighting my particular questions and their replies. After several hundred discussions, I discovered incredible wisdom within various questions I posed, particularly when the answers from different respondents are viewed consecutively. I’ve chosen to present these here on ESI Money in my Millionaire Wisdom series. Please note, not all millionaires responded to every question, and I occasionally modified questions, which is why every millionaire isn’t included below. Today we carry on with the series featuring millionaires responding to the following inquiry: How did you amass your net worth?
Millionaire 178: Our net worth stems from earning, saving, and investing. I consistently had a solid income as an engineer and did everything possible to increase earnings. We led lives focused on saving and compounding for many years. We were also lucky to have intelligent children who worked diligently and earned scholarships.
Millionaire 179: I saved as extensively as possible, primarily through my 401k. Everything I saved was invested. I firmly believe in the markets. The fear of losing can prompt investors to adopt overly cautious strategies. My approach was always gradual, but with steady savings.
Millionaire 180: No inheritance, no hidden tricks. At first, it was merely consistent, regular 401K savings. I paid off my mortgage and student loans as a priority.
Millionaire 181: My net worth was built through hard work and a $250k advantage provided by my father. I spent considerable time working and enhancing the parks.
Millionaire 182: We are both fortunate with promising careers, and we’ve invested regularly. We consistently spend less than we earn and have maintained this since we began our careers.
Millionaire 183: I worked diligently to optimize my earning potential, saved as much as I could, steered clear of debt, and invested the remainder. I did not inherit any of my net worth.
Millionaire 184: I accumulated my wealth by saving and investing, living within my means, and constantly questioning whether I truly needed a purchase.
Millionaire 185: I primarily developed my income through career advancement and ongoing self-education.
Millionaire 186: Earned, saved, and invested. I focused on a lucrative field and secured well-paying jobs with substantial bonuses that were directed into investments.
Millionaire 187: I controlled my spending and assessed my budget to seize bargains. I received redundancy pay at an opportune moment to invest in properties.
Millionaire 188: Half of the money I initially invested was saved from a young age, with the rest derived from earnings and investment appreciation.
Millionaire 189: I began without any inheritance and was raised in a middle-class household. Robust earnings combined with a high savings rate positioned us favorably.
Millionaire 190: I earned good money, invested early in my 401K and IRAs, and avoided consumer debt. I aggressively cleared our mortgage and other debts.
Millionaire 191: A CPA father shaped my saving mentality, and wise investing contributed to my wealth. I inherited $200k, which stays invested.
Millionaire 192: All my net worth originated from job income and saving to invest wisely. I strive to motivate others to reach their financial aspirations.
Millionaire 200: With no initial constraints, I concentrated on a high-paying discipline, worked hard, and invested wisely. I took calculated risks with start-ups and real estate following 2008. This single choice has significantly driven my net worth growth and almost all of my current cash flow.
Plenty of valuable insights, right? Stay tuned, as we’ll be expanding this series in future posts.