Last Friday I posted an article from Biz Daily which highlighted the findings from The Millionaire Mind about the importance of having a supportive spouse while building a business and wealth. As I said in the beginning of Chapter 6, Choice of Spouse:
Can you live forever? Marry the wrong spouse and every day will feel like an eternity. Marry the right spouse and life will be a joyful and perhaps even a rich experience.
I have asked thousands of millionaires, What can you tell me about your spouse? Among the first things they say include: down to earth, unselfish, has traditional values [frugal], my emotional backbone, patient, understanding.
A recent e-mail from a “supportive spouse” gives testimony to the importance of couples working in unison for the common good and productivity of the family.
Both of us have relatively high paying jobs. Together we make $185K on W-2 and we also own a bunch of rentals including a commercial retail building, a 1bed ski condo and two other condo units. We have a 10 year loan on our mortgage and we have 8 years left. We own three cars, all paid with cash. And we have one baby girl who just passed her 1st birthday. We saved $450K in our retirement, close to $100K in cash and taxable account and $500K equity in all of our real estate assets. 10 rules: 1) get really good education and credentials( I went to Ivy League grad school and my husband is a CPA) 2) Go for the high paying industries – I am in IT and he is in financial world 3) Live well below our means (We bought our house for $305K, while our friends who make half of what we make buy more expensive home) 4) pay big ticket items like cars with cash. No cash, no things. And always buy used cars. 5) pay off credit card charges every month so we benefit from kickbacks while maintaining no debt. 6) put money away like squirrels put nuts away for winter. 7) spend money on things that matter, like family, friends, experiences (i.e. travel) instead of THINGS. 8) Study and acquire financial and investment knowledge 9) have a plan and let money grow on auto pilot. 10) save, save, save and invest, invest, invest.. A bit of background on me since I brought 90% assets into the marriage. I am a Chinese immigrant. My mom taught me how to save and invest while we started with just $200. So, looking back, it’s a long way from no money at all to a million bucks. I thank my parents for their teaching and persistence on giving me the best education they can give to me… Without education, I can’t be where I am now. So love you mom and dad!!