Billionaire Sam Zell: "The 1% work harder."

[joeglow3]

110. I have found that situation is not as common as you may think.

Sure, if you are living in the shittiest, cheapest place and driving a bike to your job and have nothing else, then you can't "pay yourself."

I am a 36 year old professional who makes $125,000 in Omaha Nebraska. Guess when I got my first cell phone.

Last year. However, I know PLENTY of people making a LOT less than me who have had them. My wife and I bought our first new TV a few years ago. Before that, we had hand-me-downs and old tube televisions we bought second hand. Second hand stores have refused to accept these tvs for years because no one will buy them because they want flat screen tv's now. I have owned 3 american made cars (bought 3 years old to maximize price and remaining life) that I drive into the ground.

My wife and I bought a 30+ year old house when everyone we knew were building new houses. As our income improved, we stayed in our house for almost 15 years, before into a 50 year old house (for 187,500), when these same friends were building 300-500k houses.

Essentially, one should try to live as far below their means as possible for the first couple decades of their life. As Dave Ramsey would say: "live like no other so you can live like no other."

Clearly, this does not apply to everyone, but I honestly have met few people could not cut SOME costs somewhere in their life (eating out, fast food, cell phones, cigarettes, alcohol, etc.).