On my path through middle class (which I happen to be in the middle of,) I started off quite destitute.
At one point, I worked part time, at minimum wage stocking shelves at Kroger. During that time I did not have health insurance. I did not take any subsidies or government entitlements. I did not have furniture, much food, a cell phone, games, books, pens or paper. I didn’t have a chair.
I did have a pillow and an inflatable mattress in my studio apartment at $525 a month, which also included gas, electric, wifi, water, and garbage. I’ve mentioned before that there were some days where I just didn’t have money for food. When I mean food, I don’t mean like I avoided ordering pizza to stay frugal. I mean, bare shelves. I skipped lunch daily already. So when I couldn’t buy groceries…you just kinda…live off of your body fat.
I learned too late, but not too late, the secrets to wealth. While I’m poor, a lot of my poverty is self-inflicted. I have financial goals and aspirations that require a huge sum of my take home pay. As such, I don’t have much left for kids and other luxuries. I don’t think my goals are unreasonable either. I want to have a house paid off, and enough money saved where I can retire at 65 and not have to use Social Security. In order to reach that, I have to invest.
As a result, I invest a lot. Both in my own business and in stocks, bonds, funds, trusts. As a result, I learn a lot of people do NOT do this.
Poor people buy stuff. Middle class people buy liabilities. Rich people buy assets.
You can be rich if you buy assets. You can improve your live if you think about things from the point of view of investment.
If you don’t have a 401k, get one. If you don’t have a house, get one. If you don’t have any investments on the side, get some.
Motif Investing is a fun method.
TD Ameritrade is very solid and has educational materials free.
If you want to know what stocks to pick, write down ten companies you use a day for five days. Pick the top ten. Johnson and Johnson, Lowe’s, Kroger, Walmart, Coca Cola, Pepsico, Amazon, Google.
Invest. Because a penny saved is a penny depreciated by inflation.