This mindset is the opposite of the majority of workers. Most of us seek to own a home, enjoy some of life’s benefits of travel, recreation, and other amenities while saving for the future over a longer term period. For example, people may accumulate up to or exceed $1 million in their retirement accounts by starting early in their career and exercising discipline in the process over time. Surely you have read stories of janitors who leave multiple millions of dollars to universities, hospitals, and other charitable organizations when they die. These individuals live a life of frugality that many of us could not endure.

Ronald Read of Vermont accumulated more than $8 million during his lifetime. He worked as a janitor and gas station attendant most of his life. What he did to accumulate such a fortune may be difficult for most people. He drove an older car and resorted to patching his clothing instead of replacing them when the fabric became worn. What is the mindset shared by Mr. Read to amass such an amount of money? Being born in an impoverished family gave Mr. Read the mindset to change his trajectory in life and he established a lifestyle to empower his savings of the meager salary he earned each year.

By utilizing discipline in the process, whether to save until you are 92 years of age as did Mr. Read or to become a FIRE individual, you can accomplish your financial goals. Do not be distracted by the “shiny objects” of life but rather invest appropriately with balance and you may achieve far more than you had dreamed.

One method of starting a savings program is to seek the advice of a CERTIFIED FINANCIAL PLANNER® practitioner who specializes in comprehensive life planning. By evaluating your current cash flow and budget, you may find areas where adjustments could be made and savings occur. Taxes detract from your savings potential so it is important to take advantage of opportunities within your tax return. Lastly, review and understand your retirement plan options with your employer or, if self-employed, the many options for maximizing your tax deductions today. Not all of us desire to omit the benefits of full life by sacrificing so much of it early in our career. To each is his own. Find what works best for you and your family and stay focused on the goal. See you on the pickleball court!

REGISTERED PRINCIPAL SECURITIES OFFERED THROUGH CAMBRIDGE INVESTMENT RESEARCH, INC., A BROKER/DEALER, MEMBER FINRA/SIPC. JIMMY J. WILLIAMS IS AN INVESTMENT ADVISOR REPRESENTATIVE OF COMPASS CAPITAL MANAGEMENT LLC, A REGISTERED INVESTMENT ADVISOR. CAMBRIDGE AND COMPASS CAPITAL MANAGEMENT LLC ARE NOT AFFILIATED. 215 E. CHOCTAW, SUITE 101, MCALESTER, OK 74501. CAMBRIDGE DOES NOT OFFER LEGAL AND TAX ADVICE. PLEASE CONSULT YOUR LEGAL AND TAX ADVISOR FOR SPECIFIC ESTATE AND INCOME TAX PLANNING STRATEGIES. THE INFORMATION IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE TAX ADVICE. FURTHER, YOU SHOULD NOT RELY ON THIS INFORMATION TO MAKE INVESTMENT DECISIONS.