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Discuss Latest WCI Blog Post: Going from Broke to Millionaire Status in Just 5 Years

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  • Discuss Latest WCI Blog Post: Going from Broke to Millionaire Status in Just 5 Years

    I was going on maternity leave, and our income was about to dry up. Oh yeah, and we had a negative-$250K net worth. So, here's what we did.

    The post Going from Broke to Millionaire Status in Just 5 Years appeared first on The White Coat Investor - Investing & Personal Finance for Doctors.



    Click here to view the article!
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    “Hubby and I took a CME trip to Hawaii to celebrate, and there, we took the time to dream and draft our written financial plan. ”

    I think this is the most unusual piece of financial advice I have come across!
    Problem: Too much too soon.
    Wanted everything they wanted because they could get loans.
    Answer: Sold the house and got everything they wanted one step at a time.
    Takes 5 years.
    Where have I seen that financial advice before?
    Sounds familiar.

    Comment


    • #3
      Good for them, but overall wasn't anything new for the regulars. Made more money by adding another income, spent less money to save more of it, then used leverage to make money work for them harder.

      Comment


      • #4
        Originally posted by Nysoz View Post
        Good for them, but overall wasn't anything new for the regulars. Made more money by adding another income, spent less money to save more of it, then used leverage to make money work for them harder.
        There is nothing new under the sun--the preacher.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

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        • #5
          Originally posted by Nysoz View Post
          Good for them, but overall wasn't anything new for the regulars. Made more money by adding another income, spent less money to save more of it, then used leverage to make money work for them harder.
          post isn't meant for the regulars. There are far more people out there who think they can't become financially free than those who know they can. This post is meant for the former folks. Basic takeaway is that if you keep doing what you've been doing nothing will change. If you make a plan though, your chances of changing your trajectory go up a lot, and that's just by making a plan! Of course you need to execute the plan too but usually making it is the hardest step

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