After graduating from college, Grant of Millennium Money went home with only $ 2.26 in his bank account.
“It was a huge wake-up call for me,” the 31-year-old – who bears his first name exclusively, told CNBC. He took a screenshot of his balance, set a goal of having $ 1 million in assets in five years, and immediately started making inquiries.
“As soon as I started this journey, I searched for the best personal finance books on Amazon,” says Grant, who reached seven digits exactly five years after he took the screenshot, thanks to a side business he turned into a lucrative consulting firm.
The Chicago-based self-made millionaire has since read over 360 personal finance books and “The Best Money Age Book” just happened to be the first he picked: “Your money or your life, by Vicki Robin and Joe Dominguez.
It changed his relationship with money and his approach to spending and saving, he told CNBC: “The premise is that you trade your time for money. And when you start to think by the number of hours in your life that it took you to save the money to buy something, you really start to think twice about your purchases. “
For example, “let’s say I work eight hours a day and after tax I earn $ 10 an hour which means I earn $ 80 a day. I want to go out for a nice dinner on Friday and it costs around 80 $, which means I spent a whole day of my life working for that meal. And then you start thinking about even bigger purchases, like a $ 1,000 TV, and you’re like, ” How much of my life have I traded for this? Is it worth it? “”
During his five-year, seven-figure journey, Grant saved 50% of his income. Today, despite his financial success, he still focuses on a simple life and sets aside 40-50%.
He doesn’t just save half of his income, he puts it to work. After all, “to build wealth you have to make as much money as possible out of your money,” Grant writing on his blog. “Because you can’t make that much money in just any career, invest really is the key to wealth. “
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