Single mom with two kids in college becomes millionaire at age 45 — here’s what she wants you to know about money
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Here’s how a single mom of two with a net worth of $1.6 million handles her finances.
In September, 143 readers took our 2019 Charlotte Millionaires Survey. Here’s a closer look at how one anonymous respondent built her wealth.
She made $315,000 in her single best year yet and hit $1 million at age 45.
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(1) What’s something you want our readers to know?
I am a single mom of two and had zero support financially or parenting from my ex-husband.
Both of my kids, who I support, are now in college. So it is possible to do this, to have it all. It is hard, but doable. You just have to be smart, disciplined and follow your life plan.
(2) How did you accumulate your wealth?
Working hard.
I’ve saved at least 30 percent of every paycheck since I was 12 years old; this amount was split between retirement, 529 for kids and savings.
(3) What’s your No. 1 piece of career advice for young people?
For women, once you’re in your career field, ask people about their contracts. It’s important to learn how to negotiate and know your own worth.
Also, start saving and investing your paycheck early — don’t touch that money.
(4) How do you invest your money?
Mutual funds, IRAs, and real estate.
(5) What’s your best purchase under $100?
A Kate Spade bag from her outlet store in Palm Springs. I’ve used that bag almost everyday for the last 1.5 years — talk about return on investment!
(6) Best purchase over $1,000?
My house in Plaza Midwood. I love it here!
(7) Do you track your spending?
Yes. I had my identity stolen more then once, so I check credit card statements and bank account weekly. I have a budget that I review monthly. I hire financial advisors to review my investments.
(8) Finally, does money still motivate you? If not, what does?
My career. I love it; I would do it for free.
Editors note: These responses have been lightly edited for clarity and grammar. Agenda related stories: 50 Charlotte millionaires answer, “What’s your No. 1 piece of personal finance advice to young people?”, At what age do people become millionaires in Charlotte?, How do Charlotte millionaires spend and invest their money? And what’s their best purchase under $100?