A self-made billionaire says a lesson he learned from his parents has made all the difference with his money
Courtesy of Anthony Hsieh
He stumbled upon the mortgage industry by mistake, but it didn't take long before he became a major player in the field. At age 25, he purchased the mortgage brokerage company he was working for with his own savings and a loan from his uncle - a decade later, he closed a deal with E-Trade to create E-Trade Mortgage.
Today, the self-made billionaire is the CEO and chairman of nonbank consumer mortgage lender loanDepot, which he launched in 2010.
He credits much of his entrepreneurial success to a lesson his parents instilled in him from a young age, after leaving Taiwan, where he was born, for the US: Always live within your means.
"Growing up as an immigrant, you watch your parents make tremendous sacrifices because they're uprooting their family and all of the comfort by moving to a foreign land," Hsieh tells Business Insider.
"You see sacrifice and hard work, and it's always been installed in us kids to live within your means and not get into a situation where you can't keep up with your expenses."
While an invaluable personal finance lesson for anyone to grasp, Hsieh applied it on a larger scale - with each of the companies he's founded, he's made it a point to spend consciously and diligently.
Learning to live within your means "has helped me quite a bit and that's one of the reasons I've survived and flourished in consumer lending for 30 years," he explains. "My career spans four different economic and housing cycles and I'm still sitting at the table as a key executive in consumer lending. I think part of that is my discipline of making certain that the company and myself don't overspend."
Hsieh isn't the only billionaire who keeps his spending in check. Mark Zuckerberg, Warren Buffett, and many other wealthy people choose to live frugally.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market