Achieving financial independence is one of life’s greatest milestones. Unfortunately, it’s a rare accomplishment in America. By financial independence, I mean reaching a point where you no longer need to work because your savings and investments cover all your expenses, leisure activities (travel, hobbies, etc.), and everything else you need to comfortably live each day.

Investments can take many forms: rental properties, stock and bond accounts, 401(k)s, business income, gold and silver bullion or other precious metals, royalties, and more. For this post, I want to focus on another type of investment: savings accounts, checking accounts, or any other place where your cash is stored or kept safely.

I grew up in a poor family. I don’t believe either my mom or dad were that knowledgeable about investing or managing money. We never sat around the dinner table talking about money or topics like investments, retirement, stocks, or bonds. All I knew was that money was tight, and my family didn’t have enough of it.

My mom did make at least one excellent financial decision, though: she bought the house we lived in on the east side of town, within walking distance of the high school I attended between 1974-1978, Sahuaro High School.

Though I don’t know any of the details on this house purchase or when she first bought it (probably in the early 1970’s), she lived in it until the day she died, in 2017, at the age of 89—about 50 years she lived there.

In looking on Realtor.com, it says this: “Year built: 1971. $24.9K in 1971. Estimated value: $305,800.” My half sister inherited this house and she still lives there to this day, I believe. As anyone can see, this was a fantastic investment for my mom and I give her credit for making such a wise decision so many years ago.

We were so poor that I vividly remember going to junior high and high school in Tucson without money to buy lunch at school. From what I understand, school lunches are now free for everyone, funded by taxpayers. But in the 1970s, that wasn’t the case. I made my own lunch and carried it in a brown paper lunch bag, which I had to bring home and reuse until it fell apart. After eating, I’d fold the bag, put it in my back pocket, and use it again the next day. I even saved and reused the plastic baggies I used for my sandwiches.

I remember looking enviously at the “rich kids” in the cafeteria line, holding their trays as school employees served them hot food. I can still recall the aroma of the meals being cooked, knowing I’d never have the chance to taste any of it.

Back in the 1970s, a popular treat at my high school was chocolate and maple-covered eclairs, often called long johns. They came either plain or filled with custard and were sold for what seems like pocket change by today’s standards—around five cents to a quarter. Whatever the price, it was more than I could afford.

Occasionally, after I started working as a grocery bagger at Fry’s or Food Giant during high school, I could splurge on one. They were delicious, and for a moment, I felt like one of the “rich kids” who could afford to buy one or two every day. For me, they were a rare delicacy.

Growing up in near poverty made me acutely aware of the value of money and the stark difference between having it and not. The experience of being poor came with many negative emotions, but one of the most persistent was a deep sense of shame and embarrassment.

Every dark cloud has its silver lining, and for me, the benefit of growing up poor was the realization that having money put you in a far better position than not having it. This understanding instilled in me a lifelong discipline to save, a value I have carried throughout my life.

To achieve financial independence, you must become a disciplined saver. You need to set aside money that you never touch except in the most extreme emergencies. Your default mindset should be to build and protect a nest egg, regularly adding to it.

I’ll admit this: if not for my discipline as a saver, I would never have achieved the modest success I have today. I consider saving money one of the cornerstones of financial independence. Without it, you risk becoming trapped in a cycle of debt, living paycheck to paycheck, and constantly struggling to escape the hamster wheel of credit and interest payments.

Throughout my life, I have been fascinated by money, business, and investments. Growing up poor fueled this interest because I didn’t want to stay in that position forever. I started reading and learning about the strategies others used to achieve financial independence and build wealth.

It’s often said, and my own experience supports this, that there are three main paths to financial success: starting your own business, investing in real estate, or investing in the stock market. I have tried all three. Starting my own business has been the most successful path for me, leading to the modest achievements I’m grateful for today.

Real estate has also contributed to my success, though not as significantly as running my own business. The stock market, on the other hand, has been a personal disaster. I’ve lost a significant amount of money there.

Saving money is the foundation of investing—you can’t invest what you don’t have. But saving is only the beginning of the journey to financial independence. To truly grow your wealth, you need to put your money to work through smart investments. I plan to explore this topic in a future post.