Once they were gone, I put that same amount of money into investing in my Roth IRA. I now have three years’ worth of living expenses in my Roth alone. Giving up $5 coffee four times a month won’t increase my wealth as much as saving $500 in rent a month by living with a roommate. “That was important to me because my parents are unable to retire. They didn’t learn about financial literacy until I started to share my learning with them (they’re in their 60s). I’m now using the excess income to employ family members in my business, and invest in brokerage accounts that are earmarked for them. Having multiple income streams is allowing me to create generational wealth and break the cycle of poverty, and that’s my biggest source of pride.” There’s only so much we can cut from our spending, especially as prices on things like food and housing increase. Earning more is a better use of my time and energy. This means talking about money with family and friends, being in a supportive business group, and donating to organizations that share my values. Money isn’t just something to keep to ourselves; it’s a tool to use to support your personal values. Avoiding high interest debt is an important part of my millionaire plan. I want my money working for me in assets, not sent away to someone else in the form of a debt payment. “I recommend the avalanche debt repayment strategy. You set up minimum payments on all debts owed and then put any additional payments toward the highest rate debt only! If all interest rates are high across your debts, then consider loan consolidation through a lower rate personal loan from a local credit union or fintech company!”
