I’m a Self-Made Millionaire: Here’s What I Gave Up To Become a Woman With Wealth

17/06/2024

Pensive ethnic business lady using smartphone in car

When it comes to building wealth, certain sacrifices must be made along the way, especially if you want to be one of the 7 million female millionaires in America. The key is to decide which sacrifices you’re willing to make and which ones are worth it.

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This is why GOBankingRates reached out to self-made female millionaires to learn what they had to give up as they focused on building wealth.

Also check out the state of women and money in America in 2024.

Being a People Pleaser

“You’ll undoubtedly have to make tough decisions when it comes to finances, so embrace it, don’t worry about what people think, and keep it moving,” said Saundra B. Curry, the co-founder and COO of BC Holdings of Tennessee, LLC. “Believe me, it gets easier over time.”

If you want to build wealth, you’ll have to give up trying to please everyone. When you make certain sacrifices, you may upset those around you. However, the goal is to do what’s best for your situation so you can focus on building wealth.

Workplace Complacency

“If you desire to become an entrepreneur or to move up in a company, be a sponge and learn as much as you can about the industry,” Curry said.

If you want to build wealth and become a self-made millionaire, you must give up workplace complacency. As tempting as it is at times to get caught up in workplace politics and issues, you’ll want to avoid these traps.

Curry added, “Also, learn the most effective way to manage a successful business by volunteering for projects — internal and external — that will allow you to expand your knowledge and skill set.”

By learning new skills on your own and avoiding workplace conflict, you’ll gain the wisdom needed to help you become wealthy on your own.

Old Social Circle

You may have heard the expression that you become the average of your five closest friends, and Curry believes the key to building wealth is to choose the rich people to be around.

“Surround yourself with individuals that are on the same path or those who have made it,” Curry suggested.

She stressed the importance of positive energy in staying on course with business and financial goals. Becoming a self-made millionaire may require you to give up your old social circle.

Impulse Decisions

Curry noted that she does her best to always sleep on big decisions because impulse decisions could hurt you financially. When you rush into an investment or a project, you can end up on the wrong path without even realizing it.

Curry added, “You might not get much sleep, but you’ll be surprised how things become very clear when you are alone in a quiet place with your own thoughts without distractions while lying down.”

Self-Limiting Money Beliefs

“The biggest thing I had to give up was my beliefs around money,” noted Kirsti Jane, the founder and CEO of House Of Motorsport – The Agency.

Self-imposed or socially ingrained money beliefs could be holding you back without even noticing. Growing up in a small town, Jane said, her social circle felt that those with money were considered greedy. This self-limiting money belief followed her for many years.

“Most of the beliefs I had around having money were centered around the negative beliefs I had picked up from my environment and childhood,” she said. “I had to give up the beliefs I’d spent my whole life growing up with and living with. I had to give up caring about what others would think and give up my pre-existing relationship with money.”

You may not realize it, but there could be self-limiting beliefs that are preventing you from reaching the next financial level. It’s crucial that you do whatever possible to give these up if you want to build your wealth.

Limiting Frivolous Purchases

“A big one that helped me save is not buying coffee out every day,” said Leah Wise, an attorney and founder of Leah Wise Law Firm. “Going to Starbucks every single day buying a $7 or $8 latte adds up to around $250 [per month], so making coffee at home and eating at home is a great way to save.”

Wise stressed the importance of giving up daily indulgences that could hold you back, because those small expenses could add up quickly. While buying the occasional latte or treat doesn’t feel like much, you could be investing these funds into your future.

How did Wise save money to build her wealth?

“Cooking, maybe buying meal preps instead of going to restaurants would also help me to save money because eating and drinking out too frequently adds up fast.”

Outsourcing Everything When You Can Do It Yourself

Wise said she was able to save money by choosing to do certain tasks on her own instead of outsourcing. These tasks can range from filing your own taxes to cleaning your own home as you’re trying to save money.

“Another way I saved money was by doing my own nails,” she said. “There [are] so many different at-home gel and dip kits now … and that’s an easy $100 that you save doing your own nails.”