A Missouri mother of five and financial literacy expert shared the simple money habits that helped her become a millionaire at age 39.
Julia Myers revealed that her secrets to managing her wealth include living “frugally” – claiming she doesn’t pay for her children’s college education up front and that her family shares a 2016 Honda Accord.
“I focused on eliminating or avoiding consumer debt and started investing early,” Myers wrote in one Business insider essay.
“I even invested some of my student loans after keeping living costs low. I wouldn’t recommend that, but it worked for me.’
Myers has stuck to her money-conscious tactics even as she achieved her goal of making a small fortune by age 40 — and teaching the lessons to her children, ages eight to 20.
‘We rarely eat out, and when we do, we don’t order alcohol or soft drinks. These things are not important to our family so we don’t spend money on them,” she wrote.
She helped her two eldest children buy their car by doubling the amount they had saved.
Myers also said her 18- and 20-year-olds have already moved out “because it’s important to me that they be independent.”
Julia Myers Became a Millionaire at 39 and Shared Her Simple Tricks for Building and Managing Wealth
The mother of five stopped working as a pharmacist at the age of 38 due to an eye injury, but was able to do so easily thanks to her financial situation
Before sending them away, Myers offered them a “one-time launch payment of $1,500.”
When it comes to education funds, Myers said her children are not alone.
Although she won’t pay the full tuition, she will 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, and has decided that each of her children should give away half of their inheritance to charity.
The financial expert said, “This is one of the many ways I encourage them to create purpose in their own lives, independent of me.”
Myers is enjoying her early retirement by traveling internationally with her family.
She founded Generational Wisdom, an organization that advises 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 “spend on the things that have real value to them.”
She said: ‘When I was growing up, my father went to work every day and saved hard for his retirement at the age of 65. By the time he built wealth, he didn’t have the health to match. 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 focuses on helping “families pass on financial maturity while avoiding entitlements with wisdom and common sense,” according to her website.