"Stealth Wealth" and Humility
Have you ever heard of the statistic that there are millions of Millionaires out there? Who are they and where do they live? Apparently, there are many millionaires who live very normal lives and they just fly under the radar. The majority of them are humble people who have built up their wealth over a long period of time through due diligence.
Stealth Wealth is what it sounds like - it's the practice of keeping your wealth hidden. Though Camilla and I aren't exactly stealthy about our current status and our future pursuits, we aren't incredibly wealthy either, so this doesn't apply to us yet. hahaha. We will be one day - we're working hard at it! This concept resonated with me when I recently listened to the audio book version of The Millionaire Next Door by Thomas Stanley and William Danko.
You don't always want people to know that you have money. There are plenty of benefits associated with Stealth Wealth: You can avoid plenty of uncomfortable situations simply with the fact that if people don't know you have money, they won't ask you for it. You don't have to keep up appearances for appearances' sake - that is, if you move into a neighborhood with expensive tastes, you'll be pressured into making expensive choices (expensive cars, expensive decorations, etc.). You're less likely to be the target of theft - thieves often target expensive and valuable things; if you don't have any, they probably won't want your stuff! These are just a few things The Millionaire Next Door made me think of. I'm sure we could all think of more benefits of Stealth Wealth, but I'd be surprised if you could think of legitimate disadvantages to why you'd practice Stealth Wealth.
You might be surprised to know that there are many millionaires who live in normal suburbs and own their home outright, drive modest cars, and work very normal jobs. They may be folks who have modest salaries and have lived frugally to save up a lot of their money over decades. They don't flaunt their income or net worth. They understand their time is worth money and that time is a precious non-renewable resource. They shop for bargains and rarely ever pay retail price for anything. And overall, they know that financial freedom also means freedom to choose to do the things they want to, not be stuck doing the things they have to.
I guess the point of all of this is that the foundation of the Financial Independence movement is based on these philosophies. It's not a get-rich scheme; it's a get-rich slow philosophy that helps you shift your mindset with money. It's meant to highlight the fact that there are millions of people out there who are slowly grinding away toward financial freedom while living humbly and enjoying their lives as best they can without going into debt.
We want to be humble millionaires when we're older. Once we reach our FI goals, we'd love to share that and celebrate with you, and you won't hear about it again (we promise). We hope to always have fun trying to beat our $2/serving goals, never buy a brand new car, not repeat my mistake of buying a house that is "too big," living within our means, investing with a simple plan, not inflating our lifestyle, have fun with our side hustles, and continue to learn more about personal finance.
Do your plans look like this at all? Camilla and I feel very fortunate to know a few people who practice these Stealth Wealth concepts. These folks have millions of dollars to spend, but continue to be frugal and humble about how they carry themselves. They're wonderful mentors and we look forward to be in a similar position as them in the future. What are some things we should look at for inspiration to speed up our pace toward Financial Independence? We'd love to hear your thoughts.
Humbly yours,
Khang
P.S. We love getting emails from you! Please share your FI journey with us by emailing us at FaithAndFI@gmail.com. A huge shout-out to our new friend Jess! She sent us a beautiful email with her family's story and has filled us with more energy and encouragement to keep writing.