In this final Part 2/2. I share my thoughts and real-world experience on how my frugal habits led to saving $2500 and owning property, and my psychology degree evolved into financial literacy to eventually becoming financially independent! Its been quite a journey. Hope you enjoy it.
The Latest Post from Late Bloomer Wealth!
Part 1/2
Every personal finance book discusses infinitely that if you want to achieve financial independence, you must discover how to live within your means, and then save a little each month during your working career. It doesn’t really matter if you are young or old, high earner or less than average wage earner, I am here to share my experience for your edification.
As a 70-year-old, I have years of life to draw stories and experiences, so you can find your strengths and develop them. Hopefully, you will discover a few nuggets of how you can evolve into this wonderful state pursued by just about everyone–financial independence.
In Part one, I discuss what I discovered growing up on a dairy farm in Northern Wisconsin. The influence of my parent’s frugal habits motived me to begin saving right out of the gate, and my older brother’s serious schizophrenia motivated me to finish college.
The Benefits of Financial Literacy are Many and Positively Powerful!
During my married life with Dan, we planned relentlessly for retirement. It was long before marriage equality and domestic legal partnerships. We just thought it was a good idea to set aside money. It wasn’t until we got ripped off by annuity agents and I got a cancer scare that we learned to manage our money and prepared for life without the other (the unthinkable).
Preparing for retirement is a beautiful idea. But don’t forget to include the financial literacy of your surviving spouse so she (or he) can carry on financially without you, OR all of the family’s planning and lifelong savings might be at risk.