A former waitress living paycheck-to-paycheck who now owns 35 rental units shares 2 principles she followed to achieve financial independence
She learned two important principles that have helped her go from broke to financially independent.Ashley Hamilton knew that if she wanted to build wealth, she'd have to get creative.
Still, two concepts resonated with her that she says helped her go from living paycheck-to-paycheck toInsider verified her home ownership by looking at the City of Detroit's online records, as well her closing documents.The first principle that stuck with Hamilton was,"be willing to spend a couple of years living how most people won't so you can spend the rest of your life living how most people don't," she said."What that meant to me was delayed gratification.
Rather than take that small windfall and spend it on a vacation or shopping spree, she used it to buy a $6,300 foreclosure in cash. She renovated it that year — it took her three months of working overtime to save up specifically for renovation costs — and moved in with her two kids, meaning she didn't owe rent anymore and, for once, had leftover money each month.
It takes more willpower to say,"just because I can get the new iPhone, I'm not going to get the new iPhone," she added. That's when you want to remind yourself of your long-term goals. Before making a big purchase or financing something you can't really afford, think about how much that will set you back from buying your first home, for example.
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