One house, one wife, and compound interest. One house - The transaction cost of selling a house is roughly 6%. This eats a lot of the profit made from appreciation. Also if you stay in a house for 30 years and don't cash-out refinance, your house will be paid for. It can be either a retirement fund if you downsize or just a reduction in living expenses. One wife - This is pretty self explanatory but divorce takes 50% of the combined wealth. This is probably the largest reduction in wealth people can face. Also change wife to husband or partner as applicable but it is wife for me Compound interest - "The most powerful force in the world is compound interest" - falsely attributed to Albert Einstein. Whether he actually said it or not is not the point. The point is a 5% increase every year for 30 years is a 332% increase. That sure is powerful. The Stanford marshmallow experiment - delay gratification, save for the future We anticipate and remember experiences more than things — you probably fondly recall the Thai cooking class you took with your spouse on your second date, but never give much thought to the living room furniture you bought last year. Buy fewer material goods but more experiences. You go into debt to buy your house and education (maybe) your car. Everything else... EVERYTHING else, you buy if and when you have enough cash. Up-front investments can save you a lot of money in the long run, especially for things you do frequently. Defer Parenthood Until You Are Married and Stable Manually record each and every one of my expenses. Things like Mint can help make it painless and track all your digital transactions (paypal, bank, credit etc) You'd just need to manually enter cash transactions in the end. Invest in yourself! Keep learning and improving. In business, you never get what you're worth, wNobody ever got rich working for a living.t you deserve, or what you earn. You get what you negotiate. Take risks when you're young. Nobody ever got rich working for a living. It is easier to spend less than to make more. Never go by what you or others make. Only value what you or others get to keep. School does not teach you how to become wealthy. The rich are not the hardest working people, they got there by working smarter.