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Special guest, John Pugliano, shares his experiences of spending with purpose for more than 30 years.
He and his wife made purposeful purchases in order to afford the things they needed to raise their young family and accomplish his goal of retiring early.
“One of the key decisions I made in my life that allows me to be financially independent was buying an old ugly station wagon instead of a new suburban.
“I hated that car. It was blue and had fake wood panel on the sides. I would park it far away, so that less people would see me getting out of it but I drove it for about 5 years.
“That decision was a crucial step to me solidifying my commitment to being debt free and being careful with my money.”
Other things John Pugliano did
- Never had cable TV until he was 40 years old
- Paid off their mortgage
- Paid cash for all cars except for one
- His wife was always a stay-at-home mom with 6 kids. Her being at home gave him the freedom to focus on his earning power
- Their kids paid for their own college
- Never paid more than 3x his salary on a house
His testimony is one of ‘staying the course‘. John was always a disciplined saver but at times he was tempted to keep up with the Joneses. As John advanced in a white collar corporate America job he saw people fall into the trap of financing a lifestyle that always exceeded their promotions.
Now they’re still trapped in their country club mortgages (and cubicles) while John maintained freedom to do what he wanted.
Thanks for having John on the show Steve and thanks to John for sharing his story. It was encouraging to hear his story and what his family has been able to do now after 30 years’ worth of purposeful purchases. Personally my wife and I are starting to build some wealth after being intentional with our money for over five years now and it is excited to see all the options we’ll have in our future.