–What a baloney. With 6 billion people on the planet, not everyone is going to be able to service EVERYONE ALL THE TIME. So she could tell how she did it, how long it took, and other steps. But to do that would be generous, and in these times, I’ve noticed that is sorely lacking in the USA. We’re only abundant in greedy and duplicity.

a. This was a partnership and she gives credit to her partner. However she points out that she feels it was her investing and financial skills that took them to a higher level and gained them their financial freedom.
b. She worked, both to get her part of the business to the point where she could manage it only a few hours a day and then to learn about investing.

Also, yes, she got “lucky” by selling her property at a high point in the market which added significantly to her investment portfolio. But that also came with both of them putting work into the property to make it salable, and also putting the work into her paying attention to the markets and economy and chosing a course that led to that “lucky” timing.

Is what she is saying necessarily new? No, most blogs aren’t. It’s just her take on how she did it. I agree with MMND that this is not a get rich quick story and shouldn’t be taken as such.

With respect to the sexism, I’m sure if I wrote an article entitled “How I aced College with no debt” and then described how my wife worked full time to pay for our living expenses and my schooling costs, while I spent my time attending study groups, getting good grades, and working for low wages at College to help defer some of the tuition, I’d hear how I didn’t and couldn’t have graduated without debt without her contribution.

[...] was her guest post on December 9th at Get Rich Slowly, a well respected personal finance blog. How I Became a Millionaire While Working in My Pajamas ? Get Rich Slowly I’ve provided the link above so you can form your own opinion. What happened there in the [...]

Telly (#83) wrote: “This is maddening. I’m beginning to believe that any male can say he’s a millionaire and not have to give every last bleeding detail but the minute a woman (and much worse, a MOMMY!) does, everyone is throwing accusations of it being false or, even worse, claims “it’s nothing new”. It’s just too bad some people are so skeptical that women can actually be successful.”

I, too, am frustrated by the blatant sexism I (and many others) experience on a regular basis. My life is wonderful and it is real. I firmly believe those with a clear vision of their “good life” are able to make appropriate choices and take the necessary baby steps, allowing one’s own personal dreams to come to fruition.

Which do you think successful people are more likely to think and say?

“That’s impossible. That won’t work. I can’t do that.”

or

“Anything is possible. Let me think of a way to make that work. I can do anything I set my mind to.”

Don’t let the skeptics bring you down.

[...] post of the week was a guest post by Millionaire Mommy Next Door  on Get Rich Slowly called How I Became a Millionaire While Working in my Pajamas. She talks about how she and her husband started young with a small income and achieved financial [...]

Can you tell me one thing that you think people are taking away from MMND’s story that is potentially bad advice?

This was a heck of a testimonial. Why don’t more Americans do this? We would be a lot happier with our lives. And just maybe Corporate America wouldn’t have the stranglehold on people, the economy and our politicians that they now enjoy.

Anyway, what is my attitude? Skeptical? I am sure that if you asked MMMND if she just blindly believed everything anybody tried to sell her on her way to her fortune she would readily admit that she would be in the poor house now. She may argue that she is not trying to sell anything, which is probably a blatant lie, because I am sure she is trying to “sell” hits to her website to build up traffic for advertising or something else (a potential book deal, etc)…but even if that is not the case she is still trying to “Sell” you her story. My points are real, if you want to get rich, you need to ask tough questions of people and you will have to work hard..and most likely change out of your PJs from time to time. I just do not understand questioning my attitude because in a post I am skeptical that this advice is actually good advice for most people.

As for the Warren Buffett reference, you completely missed my point, Warren was a student of Ben. Warren followed the exact method laid out by Ben, it is called Value investing and it is much more then a couple landmarks which you keep referring too. Which was of course my point, you said there were no roadmaps to which I disagree, mostly, there are tons of great roadmaps and Warren followed one…will you follow it and make billions..probably not, but you have a much better chance of following it and “growing rich slowly” then you do by following MMMND’s landmarks!

You can keep hating on me, but I am trying to help you, and I really have no hidden agenda.

NoHater: Of course it’s my opinion. You’ve given plenty of yours, why can’t I give mine? I never said anything about you being a failure, but there is a difference between failing in general and failing to take advantage of the opportunities life gives you. Maybe you’ve done a great job of finding and exploiting these opportunities, what do I know, but your attitude makes me think otherwise. That doesn’t mean you’re in financial ruins, it just seems like someone who had had their own successes wouldn’t take such issue with MMND’s story.

I’ve absolutely heard of Warren Buffett and Ben Graham. If you somehow mean to tell me that I can simply follow their teachings and I’ll be worth $52 billion when I’m 80, I have to say I’m skeptical. There are some good landmarks there, but I’ll have to find my own road.

Seeing other people’s landmarks helps prod me to think about how I might identify my own.

“…shut up, stop asking dumb questions…”

I’d rather ask a question and be a fool for five minutes, than ask no question at all and be a fool the rest of my life.

Wow, I have talked nothing of my own success and yet you are able to jump to the conclusion that I have not capitalized on my own opportunities and therefore I am a failure. Do you see the irony here, this is exactly my point. You then go on to say that there are no roadmaps to follow and yet there are some very good ones, FYI Warren Buffet followed one, have you ever heard of Benjamin Graham?

Let me take this another way, you say you found some good landmarks from this story, please tell me what they are.

If I had to guess, I’d say you’re too busy trying to find ways to undermine the success others have achieved to see your own opportunities and capitalize on them. Perhaps I’m wrong, but it feels like the people who are criticizing are basically saying that they can’t use MMND’s story as a roadmap to follow. Well, here’s the best piece of advice I can give you: there are no roadmaps, and you can’t follow someone else’s path to success. The best we get are landmarks along the way, and that’s what stories like this one give us. You get those landmarks, you put them together, and you’ve got your own path set out ahead of you.

No one can help you if you just don’t want to do the work.

I have one simple observation. MMND is by her own account, a millionaire.

How many of the rest of the commenters on this blog are?

That’s pretty much the thing that counts here.

[...] How I Became a Millionaire While Working in My Pajamas ? Get Rich Slowly [...]

@MMND
I have read the book Millionaire next door and actually most of Millionaire mind..and I guess that is why I am skeptical of your story because it literally seems ripped right from the pages of those books or something Carlton Sheets would hock, again that is just as it appears. Furthermore, it just seems disingenuous to somehow claim you made your fortune in your pajamas (perhaps as a metaphor to how easy it was), because I have tried my hand at plumbing and know first hand that it can just be awful work. Finally, what nobody talks about on here and what I have not seen you mention is that for every one of you there will be 9.6 other people that fail on your path…it is just a fact ~90% of small business owners fail in the 1st 5 years and ~80% of the remaining will fail with in 10 years…or about 96% of new business fail with in 10 years. Should that discourage someone from trying, no, but if you are thinking of trying I hope you don’t think it is guaranteed to be easy…actually a book that has some interesting perspective is Robert Kiyosaki “own your own corporation” book, while overall it is not a real good book, he does make some good points too.

Anyway, credit where credit is due, you did have to start a business and you did have to learn to invest and you did those things. However, you were in 2 markets (housing and stocks) which were explosive beyond belief for the last 10 years, I think your results would be hard to replicate in the coming years and that is all I am saying.

a) A successful partnership works — if MMND had been a non-related equal business partner who had handled all the business management and income diversification for the business instead of a spouse, would you have as much of a problem with that? It doesn’t sound like MMND’s DH is very good at running a business, and perhaps is not interested in running a business. They are a complementary business team.

b) Investments can eventually return more income that a paying job. It takes smarts and the ability take calculated risks to achieve financial independence. It sounds like this also was not MMND’s DH’s area of expertise or interest. You can make all the $$ in the world at your job, but if you or someone looking out for your interests doesn’t save it and make it grow, you’ll be living paycheck-to-paycheck forever.

MMND contributed her wages and business earnings to the family/business coffers, then her time and expertise at developing a business and investing capital. DH provided his skills at providing superior service. Any business would be fortunate to have such a team.

I mean this blog is based on a guy getting out of debt and you don’t see people complaining about how that’s been done before.

That’s what blogs are all about – telling your story.

Mike

JD has had several guest posts about home renovations. That’s nothing new but guess what, some of us enjoyed those posts, just as we do this one (and I would argue that being a millionaire at 40 is definitely something “new”).

MMND, keep up the great work and JD, thanks for an interesting guest post. It’s just too bad some people are so skeptical that women can actually be successful.

But also understand that just as my husband worked for income, *I* also worked. My efforts and businesses also contributed a significant share of our income. I didn’t, as you seem to suggest, invest only the money he earned alone. Both of us worked and made money during those 20 years, together.

My husband is proud of my business and investing skills. That is why he often “brags” that I make more than he does (ie. when our investment return is often double or more what he earned as a plumber). We respect one another’s strengths and are grateful for them – and one another.

You mention above (comment #31) that you make more money than your husband. But I believe the whole premise of the story was the fact the money made from the plumbing business was invested, and now provides income.

So it seems that, money that “you make”, is in fact produced from money that your husband earned once upon a time. You manage the money he has made. Any returns generated are from his initial earning power.

I find it odd that a member of such a “team” would find it necessary to point out who makes more money than who. Some of your remarks seem condescending towards your husband. That seems very inconsistent with the remaining portion of your story.

Imagine if you’d discussed your real estate opinion here! Yikes!

Great guest post!

I’m not sure exactly what you mean by “this”…

If you mean start my first business – I worked my job during the day and organized my new business during my breaks or in the evenings at first, then quit my job and went full-time in my biz.

If you’re referring to learning to invest – I started educating myself after selling my business and starting one up for my husband. Managing the plumbing business was FT for me at first, then 5-10 hrs/wk after I had everything organized and running smoothly. That’s when I “cracked the books” and learned how to invest.

One point about which I am curious: Where did you find the time for this while you were working full time?

I have spent some time going through your story as well as the comments.

I enjoyed the story and am motivated by it.

Continue telling us your stories. Those of us who want to, like me, will learn from them. I have.

Cheers