Double your net worth?

Well, looks like we are all doing this in some form or fashion.
Anyone think they can double their net worth next year?

Very interesting video! Not sure I could ever double my net worth in such a short time. The only way I know to for-sure double my money is to take a dollar bill and fold it in half. :slight_smile:

Seriously, working to increase one's net worth is a worthy and important goal to help achieve long-term financial security. Might be an excellent New Year's Resolution!

The "Networth" fellow seems to be advocating a common sense approach to increasing one's net worth, but now we must ponder the problem as to how people can double their common sense each year to the point that they will actually be able to practise what he teaches. I totally get his notion that one should not try to look rich because this would cause one to spend money and decrease one's net worth, and I have followed this practice of trying to look poorer for many years until I now look like the squatter next door, but could well be the millionaire next door. Train engineers must earn some decent money, if this fellow is able to spend much less than he earns every year.

Yep, engineer in California, I would imagine at least $100K... very likely $200K.

Or---Locomotive Engineer Salary in Los Angeles, CA | Salary.com

Highly doubt he works with trains. haha

Same here, which brings to mind a funny and true story: When I go out on my early morning walks I wear my "tier 3" clothes, the type that most donation centers would reject as not in good enough condition, seriously frayed, worn, faded, etc., and I am not shaved or cleaned up yet. Well, one day several years ago, I saw a homeless man approaching everyone he met along the way, asking for money, food, whatever they could spare. But when he saw me, he turned around and went the other way. He probably thought I'd ask him for a handout!

Also... regarding the "millionaire mindset", I read about how some people can live on less than they earn: They create an environment of "artificial scarcity" by siphoning off funds for savings and retirement accounts first, then living off whatever is left. A nice alternative to the discipline of creating and sticking to a budget.

I concur, one knows they're doing something right when the homeless see you and try to avoid you. I suppose one could say dressing down is a also a creative way of avoiding panhandlers. I also agree that creating and sticking to a budget is so yesterday, so old-school, and so restrictive for many people. Feeling like a million bucks is all that matters, until you don't.:frowning:

Yes, it has been said that budgeting is the financial equivalent to going on a diet... no fun, hard to stick with, and once you reach your goal it's back to business as usual which, often, undoes whatever you achieved.

No fun:--Eat, drink, and be merry, until one is broke again. How'd we get from doubling one's net worth to this? I guess seeing how not to double net worth is instructive , too.