The Top 10 Ways I’ve Been Able to Grow My Net Worth
When I look back at my life so far I tend to think I saved money one dollar at a time. While that may true there are certainly some moments in life that helped me reach my savings goals faster. The list below contains most of the momentous events and decisions that helped me save along the way:
- My husband and I both worked in IT. As you know that industry comes with the potential for very high salaries. No matter how much weight one places on saving money, the key to accumulating a high net worth in a relatively short amount of time is earning a lot of dough. Of course you also have to bank that money, otherwise you’ll have lots of fun toys but little cash to show for it.
- No matter what you do for a living if you work hard let your boss know it. In my 12 years as a software developer I received a mediocre review only one time. When I questioned my boss’s decision he told me I made the work look too easy. If you are working hard let your boss know it. If you get too much done without pointing it out your boss may assume the work wasn’t very difficult to begin with and rate you accordingly.
- I began contributing to savings and retirement accounts immediately. A portion of my very first paycheck went into my 401(k). I started setting aside 6% of my salary and raised the contribution level every time I received a raise.
- My husband and I have no student loans. Our parents generously paid for our schooling, which gave us a HUGE advantage after graduation.
- We’ve never had credit card debt. Even though my starting salary was only $32,000 a year I never bought anything I couldn’t pay off within a month.
- After graduation I lived in a group house for $310 a month. Was it absolutely awful to share a bathroom with three other people? No doubt. Would I do it again? In a heartbeat. I saved a ton of money by living this way. An apartment of my own would’ve cost at least $900 a month.
- My parents let me drive their old bomber of a car, which meant I wasn’t immediately sacked with a car loan. The car loan came about a year later, but with no student loans and cheap rent I paid my car off within a year.
- I bought a house in 2001. Good timing to say the least. My property is worth nearly double what we originally paid for it.
- My job provided superior health benefits. For years I suffered from medical issues that interfered with my work and life. My health insurance covered the majority of my traditional medical bills.
- I can delay gratification for unbelievably long periods of time. I’m not an impulse buyer. I live with 1950s bathroom decor and cars built before 2000. I sometimes covet the shiny new toys of friends and coworkers but I rarely pull the trigger on buying them.