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Reply to "What has been your money epiphany?"

Want multiple seven figure wealth before retirement...

Buying on credit: Continue to buy cars and appliances forever. Use a savings or stock account to pay for items purchased over time. Start an automatic payment to that savings account and never stop it. Especially after the item is paid off. You will have that account to pay cash for the next car, appliance, etc. If you follow the advice below this could be easily $1K+. Mine is $1.5K a month into an account that has $600K in it and growing. I can pay cash for anything my heart desires and that isn't much.

Cars: Buy used. A three year old lease return at the dealer usually is low mileage, has had all the maintenance completed by the dealer, has a guarantee and costs $0.40 to $0.50 on the new dollar. Now drive the car for 30 years to drive the total cost of ownership way down. OBTW your savings account above will grow and grow.

Houses: Buy houses that meet your needs and not one that wows you. Pay it off on a 15 year mortgage. Once paid off split the dollars and put the P&I into your stock or IRA account and the T&I into your savings account.

Say no to repair insurance for cars, appliances, etc. That, "For just $25 you can extend the warrantee two years " sales pitch. Take those dollars and put them in your payment savings account as explained above and you will always have money for repairs.

The One-Half Rule. All income raises are split in half. Half is a direct deposit to a Roth IRA and half you get to add to you monthly recurring budget. Over a 45 year working period an easy mil plus.

Dental Insurance: Self insure, dental insurance cost about $50/mo/person and only pays for preventative care and then 50% or so for fillings, crowns, etc. For my wife and I that is $1200 a year. Since 2000 we have only had checkups and cleanings, about $180 each, or $7200 over 20 years vs $24K into the savings account described above. This year she had an addition $200 for wisdom tooth extraction and I am getting a $3K bridge. Still way ahead of the game by $11K.

For all Grandparents: Pass on wealth to grandchildren by purchasing a single pay whole life policy at birth. $3000 at this time can buy about $200K of whole life that will be worth $2-3M at retirement.