40-Year-Old Self-Made Millionaire: 5 Habits That Helped Me Get Rich

At just 40 years old, Jonathan Sanchez has already achieved the financial milestone many aspire to: becoming a self-made millionaire. His journey from a humble background to amassing a net worth of over $1 million is a testament to his disciplined approach to money management and wealth-building. Sanchez shares five frugal habits that have contributed to his financial success, which can be adapted by anyone looking to improve their own financial situation.

1. Going to the library: Sanchez is a firm believer in the power of free resources. He borrows books, board games, podcast equipment, and attends free community activities at his local library. This not only saves him money but also exposes him to new ideas and skills. By embracing the library as a valuable resource, Sanchez has been able to expand his knowledge and experiences without breaking the bank.
- Quote: "I've borrowed everything from books to board games to podcast equipment from my local library, and attends free community activities, such as baking classes, art tutorials and self-defense training."

2. Brewing coffee at home: As a daily coffee drinker, Sanchez understands the appeal of grabbing a cup from a café. However, he chooses to brew his coffee at home to save money. By buying a $16 bag of coffee from the grocery store, he estimates that it lasts him at least two months. This simple habit adds up to significant savings over time.
- Quote: "I'm a daily coffee drinker, which can get expensive if you’re going to cafes every day. Instead, he buys a $16 bag of coffee from the grocery store, which he says typically lasts him at least two months."

3. DIY repairs: Sanchez takes pride in taking care of his belongings and extending their lifespan. He recently fixed a dresser that he and his wife have had for 13 years, demonstrating his commitment to maintaining his assets. By fixing items himself, Sanchez avoids unnecessary spending on replacements and maintains the value of his belongings.
- Quote: "To me, frugality isn’t just about saving money, but taking care of the belongings we already own. He recently fixed a dresser that he and his wife have had for 13 years."

4. Care with credit: Sanchez is mindful of his credit card usage and only charges items if he has budgeted for the expense and has the cash available in the bank. He also takes advantage of reward points, using them towards flights, hotel stays, or purchases like a new TV. By using credit responsibly, Sanchez maintains a good credit score and avoids unnecessary debt.
- Quote: "Sanchez only uses plastic if he’s budgeted for the expense and has the cash available in the bank. When he racks up reward points, he puts those toward flights, hotel stays or purchases like a new TV."

5. Only buying used cars: Sanchez prefers to purchase used cars, as they offer better value for money. By keeping his cars for an extended period, he avoids the depreciation that comes with buying new vehicles and maintains the value of his assets. This approach allows him to invest more money into his wealth-building strategy.
- Quote: "When he and his wife purchase a vehicle, they get their money’s worth. 'We try to keep our cars as long as possible. We have a 2005 Saturn Vue and a 2013 SUV,' he says. 'Both have over 100,000 miles on them.'"

By adopting these frugal habits, Jonathan Sanchez has been able to build wealth and achieve the financial freedom he desired. While his approach may not be glamorous, it demonstrates the power of disciplined money management and the importance of making intentional decisions with your finances. By learning from his example, anyone can improve their own financial situation and work towards their own wealth-building goals.

Word count: 598