After watching the democratic party primaries I was impressed by all the canididates and I admired how they had been able to build amazing lives for themselves and their families. I wondered if I would be at their level when I reached their respective ages
- Would I be able to afford that beautiful house I saw in Iowa?
- Would I be ready for retirement?
- At bernie’s age would I be able to stop working and go on vacation all over europe?
- Would I be among 1% like Bloomberg?
- How would my peers compare to me?
These simple thoughts run through my mind and I knew they were a little self-indulgent but as a student I wondered if I am on the right track or not.
Over the past couple of months I have followed these candidates tracking their networth and comparing my simple finances with theirs.
As a student life is easy ,however, life does have funny a way of getting more complicated once you graduate and I am no exception. For these candidates there’s too much going on for them and everything seems to be lining up for them. I hope to be in such a position before I get to may late 50s
After seriously tracking how they grew their net worth. I figured out some of the ways these leaders were able to get comfortable all the way to a point that they felt that they were able to lead the most powerful country in the world.
They started investing early
They knew that investments were not just for the wealthy and therefore they invested their time and money wisely and this paid off. They acheived great feats during their 20s and 30s and this makes sense since during this time most people dont have expenses like mortgages and kids.
With investing:- the amount you invest does not matter:- what matters the most is the time you start.
They paid and reduced their debts
Like most Americans all of them apart from Bloomberg have discuessed their experiences with debt. One of the way that I think they were able to handle their debt situation was through paying more than the minimum monthly payments. With this they were able to significantly reduce their debt.
They chose to reduce spending on things they did not need
This does not mean that they are frugal, it means that they chose to reduce expenses on the things that they did not need like 400$ sneakers.
They might have spent extravagantly on education, suits and on dinners and meet ups with political partners since they were politicians but they did not waste money on things they saw on commercials. So I think its important to spend money on things that truly matters to you and ignore splurging on things that do not matter.
I therefore think that if I am able to focus on my goals and work hard maybe one day I will be on that democratic debate stage.