Millionaire mom-of-five reveals the simple financial hacks that helped her strike it rich before turning 40
A Missouri mother-of-five and financial literacy expert shared the simple money habits that helped her become a millionaire at 39.
Julia Myers revealed that her secrets to managing her wealth include living ‘frugally’ – stating that she is not paying for her kids’ colleges up front and her family shares a 2016 Honda Accord.
‘I focused on getting rid of or avoiding consumer debt and started investing early,’ Myers wrote in a Business Insider essay.
‘I even invested a portion of my student loans after keeping my cost of living low. I wouldn’t recommend that, but it worked for me.’
Myers has held on to her money-conscious tactics even though she has accomplished her goal of making a small fortune before 40 – and instilling the lessons into her kids, aged eight to 20.
‘We rarely eat out, and we don’t order alcohol or sodas when we do. These things aren’t important to our family, so we don’t spend on them,’ she wrote.
She helped her two oldest kids buy their cars by matching the amount of money they saved on their own.
Myers also said her 18 and 20-year-olds moved out already ‘because it’s important to me that they are independent.’
Julia Myers became a millionaire at the age of 39, and has shared her simple tricks to building while also managing wealth
The mother-of-five retired from being a pharmacist at 38 years old because of an eye injury, but was able to do so comfortably thanks to her financial situation
Before sending them off, Myers offered them a ‘one-time $1,500 launch payment.’
In terms of educational funds, Myers said her kids are not on their own.
Even though she will not pay for their full tuition, she will either help her children pay off their loans or contribute to a down payment on their first home.
Myers has even considered what will happen to her money after she is gone, deciding that each of her children will be required to give away half of their inheritance to a charity.
The financial expert said: ‘This is one of the many ways I’m encouraging them to create purpose in their own lives, independent of me.’
Myers has been enjoying her early retirement by traveling internationally with her family.
She started up Generational Wisdom, an organization that consults families on how to manage their money.
Myers founded Generational Wisdom to help other families manage their money
Her stable financial situation allows Myers and her family to ‘splurge on the things that have real value’ to them.
She said: ‘Growing up, my dad went to work every day and saved hard for his retirement at 65. By the time he’d built wealth, he didn’t have the health to go with it. I didn’t want that to happen to me.’
Myers worked as a pharmacist, but had to retire due to a detached retina.
Now she’s focusing on helping ‘families pass on financial maturity while avoiding entitlement with wisdom and common sense,’ according to her website.
