If you develop one of these conditions, the insurer sends you a lump sum cash payment, ranging between $10,000 and $50,000, that can be spent however you want. Howard isn’t crazy about this type of insurance, “where unless a specific situation happens, you don’t get anything back.”
- A man with a $1 million net worth said getting there required some sacrifice.
- Moving away from family was the first hard decision, but it changed the trajectory of his and his wife’s financial life.
- They started degree programs, which limited their social life, and remained conscious about spending even as their income went up.
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Sacrifice is almost always required when you have big financial goals.
For Drock, a lobbyist who lives in Washington, DC, and his wife, the road to a $1 million net worth by 35 was littered with trade-offs.