ILLUMINATION CHALLENGE 100 — DAY 51
Contrarian Money Advice For Wannabe Millionaires!
Reject it only if you want to stay broke forever!
Do you want to increase your net worth to a million dollars or more? Do you want to do this in 10 years or less? Do you want to move away from a daily job that you hate to working on fun stuff you love and/or traveling the world?
If the answer to any of those questions is YES, then you really should follow the publication ‘Making of a Millionaire’.
That said, here are 3 stories I recently read on Money that blew my mind!
My dad is an accountant and his advice usually goes along the pages of the book ‘The Richest Man in Babylon’ — earn more, spend less, save/ invest/compound interest! So far, dad’s advice has helped me build a solid financial cushion while also doing things I love (travel + books!)
But these 3 stories are contrarian, yet profound! They resonated so much that I just had to share them! They are not get-rich schemes of any sort, and they also need discipline. But they will help you achieve your monetary goals faster than the usual advice from your grandparents!
Without further ado…
#1] Ditch Your 401(k)
As someone who has been religiously maximizing her retirement account since day1 of working, I almost gagged when I read the title. Employer match is FREE money — how can anyone reject it? However, the article does make a lot of sense, and a smart person might want to keep their options open! Written by the astute Tabitha Diaz, the graphs alone are worth bookmarking for eternity!
#2] Financial Freedom Without Being Cheap!
The FIRE movement may be all the rage, but it always felt like you had to sacrifice your present and live like Scrooge McDuck for a very dubious future! I like my creature comforts very much!
If you also feel that way, then this article by Ben Le Fort is an excellent way to shift your perspective and balance your present and future money lives!
#3] Treat Your Money Like Your Children!
This is a brilliant piece by Niru who suggests that personal finance is like parenting. Every child is unique, so should your plans for retirement! As a new parent, #7 on this list really hit home!
Also, if you have not read the book Richest Man in Babylon, please do so — or you can read the practical summary by Niru again here.
Work culture is no longer what our parents or grandparents followed. So why should money advice be the same?
Is there any other contrarian “money advice” you follow and recommend. Share in the comments below!
