My wife is my lover, best friend, business partner, and wealth-accumulation teammate. We recently moved into the wealth accumulation phase of life, and I can now share some experiences on our fantastic journey.
A quick backstory. My wife and I met over 17 years ago and married 15 years ago. I was a young Sergeant (E-5) in the US Marine Corps when we married in 2006. We started with nothing, renting a house in San Diego, Ca.
Over the years, I worked my way to the top enlisted pay grade in the Marine Corps, Master Gunnery Sergeant (E-9). My wife worked her way up from cashier to a Human Resources Assistant making $40,000+ a year.
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Those years were the hustle-grinding years of life. When you start with nothing, you have to build yourself up the hard way. However, building yourself up the hard way prepares you for the passive income grind that I will discuss later.
Along the way, we had two children and bought three houses. We started a dividend portfolio that will be at $200,000 by the end of 2021. Now we are moving into the wealth accumulation phase of life. Let me explain.
The Wealth Accumulation Phase. The wealth accumulation phase of life is when your mindset, work ethic, and income potential are all at their maximum levels. Everything you do during this phase is sustainable for the long-term. Let’s break down the three components of the wealth accumulation phase.
Mindset. Having the correct mindset is the most important part of anything we do in life. As a couple, we both have to be on the same page. Many people do not want to do the work to get and stay married, thinking single life is easier. I wrote an article titled “What’s So Great About Being Independent?” where I question this mentality.
There are a few books I would recommend for couples who want to become powerful together. “Mindset” talks about the growth mindset vs. the fixed mindset. It is vital that both individuals progress towards a growth mindset if they want to become rich.
A more technical book on finances is “Smart Couples Finish Rich.” This book will guide you in the retirement planning and wealth creation phase of life. “Make Your Family Rich” will guide you through the wealth accumulation phase.
Our Kids Need Financial Education and Assets
A good way to stay on the same page is to constantly talk about your rich life together. My wife and I have the same future planned together, so there are no questions when we have to make a move or decision. But, we had to work to get to this point.
Work Ethic. Hard work is the backbone of any great marriage. Sorry, both spouses need to be early risers and hard workers. You can’t have one spouse busting their behind at 5 am, while the other sleeps until noon. That won’t work.
In our wealth creation phase, early in the marriage, we worked hard at our jobs. We wanted to be the best at what we did. Now, we work hard at our businesses. I am working hard creating an ebook series while my wife is running our real estate business and selling here sewing wares.
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We must convert from working hard for someone else to making ourselves and businesses a top priority. We can leave any business, home, portfolio, or collectible we accumulate to our family.
Many of us think that our jobs are critical to our long-term success and wealth. Nope. If the pandemic has taught us anything, it’s that jobs are fleeting. Knowledge is power; it requires hard work.
Income Potential. Being able to create income is the final step of the wealth accumulation phase of life. We have to see money through our eyeballs at all times. Everywhere you look, someone is making passive income. We need to understand where it is and how to create it for ourselves.
When my wife and I look around, we see billboards, arcade machines, ATMs, parking lots, trees for harvesting, rental cars, RV hookups, casino slots, bench advertisements, car washes, etc. Passive Income is everywhere.
Part of my goal on Military Family Investing is to open your mind to various passive income sources. Eventually, you will want to build your stream of passive income—something new and different.
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Without knowledge, you will limit your income potential and, therefore, your wealth accumulation. If you don’t know where to start, I wrote “The Biggest Book on Passive Income Ever!” for your reading pleasure. Don’t worry; I am working on Part 2 as we speak.
Wealth Accumulation as a Team. It is far easier to be rich as a team than as a single person. Single people assume they can make more money alone, but that’s not the entire truth. Without someone to have your back, you will often be limiting yourself.
My wife and I work as a team on all parts of the mission. We are force multipliers, and together, nothing can stop us. Sometimes one person has to take charge of a situation; don’t fear delegation.
When both partners train themselves in the ways of passive income, now you have two sets of eyes that can envision wealth. Our goal is to reach $1 million in our dividend portfolio before I retire from the military.
I have no worries that we can do this together, as a team. By myself, it would be much more challenging. It would also be a lot more boring. You see, accumulating wealth, whether your first $100,000 or first $1 million, is fun as a member of a team.
Good Debt vs. Bad Debt
The Wealth Accumulation Phase never ends. Yep, you guessed it; the wealth accumulation phase never ends. Others will tell you to spend all of your hard-earned cash during the retirement phase. But why?
Building wealth will be part of your soul by the time you retire. The goal will be to make as much passive income while doing the least amount of work. So, instead of starting a business, you create an automated business.
Instead of starting an Airbnb business, you begin a passive Airbnb business. That is where the fun lies in our day-to-day lives. We can enjoy our time on the porch while building wealth. More importantly, while sharing our knowledge and letting our children accumulate their wealth.
Conclusion. Life is only as hard as you make it in your mind. If you see a world of scarcity, where there is a limited amount of money—that is what you will receive. But, if you see a world of abundance, where every conversation, article, or book is a clue to unlocking more wealth—that is what you will receive.
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If you believe that being single is the way to wealth, keep grinding, my friend. Here is an article from Insider on Millennial Millionaires—most are married. Yes, it can be hard to find someone with the same core values as yourself. But, who said life was easy.
As you learn more about passive income, living a minimalist lifestyle, stopping toxic consumerism, and reducing debt, your “friends” will start to drop like flies. People love others that spend like them. Once you lose your friends, you will begin to accumulate new friends.
From this new batch of motivated people, one will emerge with the same values, work ethic, and future dreams. And wham, there you have it—your special someone. You’re welcome. While you wait, work on your growth mindset and finances. You’ll be glad to reach the wealth accumulation phase with a partner. Trust me!
- Build Passive Income: 21 Passive Income Ideas (book)
- Free PDF Downloads: Download FREE PDF books here
- Financial Mindset: Become CEO of Yourself (book)
- Retirement Planning: Don’t Gamble with Retirement 4 (Free PDF)
- Investing: The Pros and Cons of Dividend ETFs (Free PDF)
- Cryptocurrencies: The Magic of Cryptocurrencies (Free PDF)
- Real Estate: Real Estate is a Mindset (Intermediate) (Free PDF)
- Business: Retire Rich, Retire Comfortable with a Business 2 (Free PDF)
- Everything!: The Biggest Book on Passive Income Ever! (book)(Web Edition)(Art Edition)
- I bought a Kindle Oasis: Check it out Amazon
- Read My Books for Free: Free Kindle Books Schedule
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- My first Children’s book: A Child’s First Book on Passive Income (book)
- Book Reviews: 54 Takeaways from 54 Books (book)
- Want to Build Passive Income from Books and Affiliate Marketing? (Learn here)
- Writing: Can Grammarly Make You a Better Writer? (direct)
- My Favorite Chromebook: The Ultimate Chromebook (direct)
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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