377: Net Worth Of $1.3M - Building Wealth: It's Easier Than You Think

Summary

Lawrence is in his early 40's and works as a federal auditor. He shares his journey from having over $150,000 in debt in 2014 to a net worth of $1.3 million. He started by utilizing tax-advantaged accounts like 401(k)s and HSAs to lower his tax liability and increase his refund. Lawrence also focused on reducing his expenses, particularly food costs, and separating happiness from spending money. His goal is to retire with a net worth of around $6 million, travel the world, and give back to others to help them achieve financial security. He discusses his strategies for saving and investing, including maxing out his retirement accounts and utilizing an HSA as an investment vehicle. Lawrence emphasizes the importance of having a supportive spouse and open communication about finances. He also talks about his plans for the future, including reaching a net worth of $2 million and considering early retirement.

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[mrmicromanager]

Lawrence has such a great attitude, he is a pleasure to listen to. Best of luck to him and his wife.

[danelston]

Great episode from a fellow immigrant and DMV resident. I do notice a huge difference here with those with kids versus without kids, my local daycare is $2300 a month. Nonetheless, incredible effort from them both!

[halamadrid]

Congrats well done. Most can't break the matrix