Welcome to the 7th edition of The Wealth Letters, a collection of insights written by people from all walks of life (the everyday unknowns to the titans of success) on pursuing wealth, wisdom, and purpose.
If you haven’t done so, please read or listen to the manifesto before diving in to the collection, as it will give a clear vision of the project; the Who, What, and Why.
The following letter was written by Chad, specially for The Wealth Letters. He has been kind enough to take the time to write his personal insights on what he has found to be true wealth, for readers of The Wealth Letters.
Chad is attempting to build a $1M net worth on a $50,000 salary, and has a true passion for sharing his journey and helping others like him achieve the same @Chadmoneymatter on Twitter. Chad is a father and husband, who shares his journey 7-year journey of “failing my family to leading it.”
Chad went from $0 in net worth, pushing 300 pounds, and being a “poor husband and worse father” at age 30, to a net worth over $115,000, down 70 pounds, and being a “strong father and great husband” at age 37.
The TLDR/L (Too long, didn’t read / listen):
Chad reveals that a rich life can be lived on an average salary if one’s lifestyle aligns with that salary (if you look at Chad’s picture at the top, it is evident what he values).
He always has been, and continues to be, frugal mainly because of lack of income. The frugality, especially on the largest three expenses most of us have (housing, transportation, food), has allowed Chad’s household to increase its net worth (Example: paid off mobile home, paid off car, and average under $500/month in food).
Chad and his wife realized that putting one’s money to work (investing) would be the driver in being able to do more than just “survive.” The conversation he had with his wife “completely changed the trajectory of my family and our goals.” He is a first-hand example of a household that doesn’t “make a ton of money, but able to make the most out of it.”
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