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.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Nothing Phone (2a) blue edition launched
- 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