Dear FutureMoneyTrends.com Member,
This one act changed my life forever… it is without a doubt my single greatest investment. Not even my $1,200 publishing business investment that turned into millions in less than 18 months compares to my best return.
Looking back at my life thus far, a key person who helped me generate extraordinary wealth is my wife. When I consider the value of having a life partner, which includes having them become a financial partner, I can't think of a greater way for any of our readers to build wealth.
Two people focused on a goal, a burning desire, and relentless in completing their objective.
I always knew my wife was good with money – a compulsive saver while dating, and super cheap. Almost too cheap, in many circumstances... I remember when I was 18 and cashed my first 4-figure check. We went to a nice steakhouse in Pasadena, California, and I was embarrassed when she asked if they offered free refills. She was probably 17 at the time, wearing jean overalls, while the waiter’s assistant scraped the bread crumbs off of our table cloth.
On our honeymoon, we each had $100 to go gamble with in a casino near Lake Tahoe. After being gone for an hour while I was at the blackjack table, she came back and I asked her where she went. She said she just went for a walk because she just couldn't find it in herself to risk losing a penny.
The qualities of my wife have more to do with our family's wealth than anything I've ever learned in a book, seminar, or business dealings.
In 2011, despite making more money than we had in the previous 10 years, we spent not a penny more than we did in 2010. In fact, in 2012, we saved 90% of our income, and lived off of the other 10%. My passion for getting rich was equally as strong as her passion of never being poor.
Here are 7 qualities I think are helpful for you and your spouse… or future spouse, if you’re still on the market:
- Relentless saver. A person who wants to save – not because they have to, but because it makes them feel good.
- Hates debt. Outside of buying real estate, most debt should be treated as toxic.
- Strives for something better in life. Isn't looking to keep up with the neighbor, but is interested in quality of life.
- Willing to take on a specific role in the marriage. In my own life, I am the money partner – it's my passion. My wife is the homemaker. It works, and she's the cornerstone for the whole house. By both of us pursuing our passions, our home is happier, healthier, and it creates synergy.
- Loyal. Loyalty in a marriage goes without saying, but when you commit to making financial sacrifices and all your friends commit to financing the good life, both you and your spouse need to be focused on the big picture. My wife and I, for a long time, were probably looked at as the poorest amongst friends, even when we were making half a million a year. But the truth was we were the richest, focusing on the next 1, 2, 3, 5, decades of our lives, with zero attempt to keep up with the Jones'.
- No compulsive shopping. Excluding Costco, of course, where I am convinced I will lose my membership if I don't spend $500 on each visit. If the person you are with is a compulsive shopper, treat this as you would a drug or alcohol addiction.
- Belittles materialism. It's not enough to just not be materialistic; one of the coolest things about my wife is that she almost despises it. Sure, she loves high-quality goods and services, but she looks down on excessive and wasteful spending, which has honestly saved and made me more money than 99% of my investments.
As with all our Weekly Wealth Digests, I hope this one is especially helpful to you and your loved ones.
P.S. Looking for a licensed investment fiduciary to give you unbiased advice? Call Nicholas Green, CEO of Investment Advisory, for a no-risk, no-commitment consultation about your investment strategy today (480-759-0132).