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    • says

      Very true. It has taken me years to get to where I am, and I am a long way from millionaire. Keeping focus and being patient for the long-haul is hugely important.

  1. Julie @ Freedom 48 says

    I think cutting frivolous spending is key. We try not to spend on unnecessary things… but still, looking back on the past year, we could have easily cut our spending by $5,000… and saved that much more!

      • Julie @ Freedom 48 says

        We spent $5,000 on vacations alone! We also bought some “big ticket” items like a canoe, an iPad, a laptop computer etc. It’s tough to balance out the “needs”, the “wants” and the “savings”

        • says

          A CANOE! Whoa. I hope you get lots of good use out of it. I used to take the canoes out when I worked at a summer camp, but it has been a long time.

  2. says

    Being patient is certainly important, but sound investing is just as much. Not losing your capital through bad investments is important as growing your capital. I tend to focus on dividend payers who have a history of increasing their dividends. Generally means they are cash rich, growing earnings, and unlikely to disappear over the long term.

    • says

      I think it takes a combination of patience and smart decisions. I usually guide people toward low-fee mutual funds, many of which are heavy in dividend stocks, so they don’t have to make difficult “stock picking” decisions.

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