Sacrifices Super Savers Make to Get Rich

“Super Savers: The Sacrifices They Make to Get Rich”

Many of us dream of becoming rich, but for some, that dream becomes a reality through disciplined saving and smart financial choices. These individuals, known as “super savers,” are the unsung heroes of the financial world who quietly build their wealth year after year.

According to Principal Financial Group, super savers are those who save at least 90% of the maximum allowed in retirement plans each year or defer at least 15% of their salary into retirement accounts. These individuals are the “millionaires next door” who prioritize saving and investing over flashy displays of wealth.

While there is no one-size-fits-all formula for becoming a super saver, these individuals often make sacrifices in the present to secure a brighter financial future. A recent survey by Principal highlighted some common sacrifices made by super savers on their journey to wealth.

One sacrifice many super savers make is owning a modest home. Instead of splurging on a lavish property, 35% of super savers are content with a more humble abode. This echoes the philosophy of legendary investor Warren Buffett, who still lives in the same modest home he bought in 1958.

Another sacrifice super savers often make is doing household projects and chores themselves. By taking on tasks that others might outsource, 36% of super savers save money that can be redirected towards their financial goals.

Additionally, 38% of super savers admit to not traveling as much as they would like. While this may seem like a sacrifice, these individuals understand that delaying gratification now can lead to greater rewards in the future.

Lastly, 44% of super savers drive older vehicles instead of buying brand-new cars. This frugal approach to transportation helps them avoid the steep depreciation that comes with buying new, allowing them to allocate more funds towards savings and investments.

In a world where instant gratification is often prioritized, super savers serve as a reminder that delayed gratification and smart financial choices can lead to long-term wealth and security. By making these sacrifices today, they are paving the way for a prosperous tomorrow.