I don’t believe I’ve ever represented reaching financial independence as being easy. Like losing weight, it is fairly simple, but I wouldn’t call it easy.
My parents were good financial role models. Despite my father earning a solid income as a dentist, my parents have always enjoyed shopping at thrift stores and garage sales. I learned the Rule of 72 as a pre-teen.
They helped me start an IRA when I worked at a grocery store in high school and continued to help fund it when in college and most of the work I did was of the volunteer and research variety. I earned enough in the summers to justify an annual $2,000 contribution, but not a whole lot more.
I graduated from college debt-free. I was granted one of four full-tuition scholarships from the real U of M. I also received a Robert C. Byrd scholarship worth $1,500 a year for four years and a number of additional one-time scholarships.
Between these scholarships, the $6,000 to $7,000 a year from my deceased grandfather, living in cheap apartments near campus, and summertime work, I was able to graduate from undergrad with a positive net worth. My final medical school loan balance was below average.