Investing

How to Live a Rich Life

By John Del Vecchio  |  May 17, 2019

I read recently that our incomes peak when we’re 45 years old. That got me to thinking about retirement.

One way or another, I’ve been preparing for the “long term” ever since my dad told me a long time ago to “pay cash for everything.”

That’s not the way it is for everybody, though. And I’ve actually done some work to come with a solution for folks who might need to do some “catching up”… you can learn more about that right here.

 

Today, though, in this five-minute video, I talk about how to avoid “lifestyle creep.”

I’ve pretty much stuck with my dad’s advice and lived within my means.

When my income climbed, I resisted the temptation to buy a bigger, “better” house… mine was perfectly fine. In fact, it was nice. So, I paid down my mortgage.

I continued to max out my contributions to my tax-advantaged 401(k) and IRA accounts. I didn’t spend like crazy. I wanted to be free of “The Man” as soon as possible… And I paid off that mortgage in 11 years.

I’ve moved on to my second house.

Decisions I made a long time ago have given me the flexibility to do things like take care of my father. He lives with me now. I did spend a little more than I thought I might. But I did it because we wanted to have certain things that made it easier for my dad to live here.

I continue to live well within my means. If there’s one thing you can do right now to make your future a little brighter, it’s don’t buy s**t you don’t need.

That’s the bottom line of my talk today…

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John Del Vecchio

John Del Vecchio is the author of the bestselling book, Rule of 72: Compound Your Money and Uncover Hidden Stock Profits and What’s Behind The Numbers: A Guide To Exposing Financial Chicanery And Avoiding Huge Losses In Your Portfolio.

As the in-house stock market guru and forensic accountant for Dent Research, John stood on the shoulders of the great David Tice, James O’Shaughnessy and Dr. Howard Schilit, and built a framework of algorithms and a multi-factor grading system that has made him one of the more successful short-sellers around.

John is also the executive editor of our Hidden Profits newsletter and our trading service Small Cap All-Stars.

He graduated Summa Cum Laude from Bryant College with a B.S. in Finance and was awarded Beta Gamma Sigma honors. He earned the right to use the Chartered Financial Analyst designation in September 2001.MORE FROM AUTHOR