2 Minute Read
From the start, Paul and Elaine knew saving—even little by little—was the key to success.
"We were putting away what we could," Paul said. "It started with $21,000 a year and putting aside $10."
That $10 might not sound like much, but it laid the groundwork for what would later become a nest egg for these millionaires. So how did it grow?
Paul and Elaine knew compound interest could multiply in a bad way after their past encounters with credit cards.
"But it started to look really sweet when you saw what compound interest could do for even modest savings," Paul said. As their income increased, the amount they were able to save each month began to increase as well.
Saving money was their priority over buying a house or expanding like their friends and family were doing. They stayed committed to their plan and were renters for eight years before they bought a home.
"I don’t think any rent check was a waste of money," Paul said. "It put a roof over our heads for another month and got us another step toward where we were going. We’ve always had this sense that the long view matters."
Paul and Elaine had to live on a budget each month in order to have the money to stash away in their savings.
"Having that budget is how we got to where we are right now," Elaine said.
To stay on track, Elaine carries a small note in her wallet to remind her of their goals and priorities, and she keeps the details of their budget at her fingertips with a budgeting app.
So what’s their best advice for aspiring millionaires?
"Have patience. A small paycheck in your 20s or 30s shouldn’t cost you your dream," Paul said. "Getting rich slowly works!"
Watch below for more of Paul and Elaine’s slow-and-steady millionaire story!
For more inspiring stories, check out The Dave Ramsey Show.
Local experts you can trust.Find an ELP