Financial Prosperity for the Common Folk: Trust Funds Not Required!
Bob Chitrathorn, the CFO and Vice President at Lennox International, as well as a CPFA and author, has a unique story to tell about wealth-building. Raised by immigrant parents who came to the U.S. with limited resources, Chitrathorn's family's reality was survival, not wealth.
However, Chitrathorn's parents worked tirelessly, often taking on double shifts to afford basic necessities like rent and a mobile home in California. This determination, combined with a clear goal, consistent habits, and the belief that their starting point was just a starting point, paved the way for Chitrathorn's own financial success.
Chitrathorn's strategy for building wealth is simple yet effective. The first step is defining wealth in one's own terms. Wealth, as he sees it, is often the result of deliberate choices repeated over time.
Small streams of income, such as a side hustle, rental property, or online skill, can add up and provide financial stability. Chitrathorn emphasises that you don't need to inherit millions or start with thousands to build wealth; starting where you are with what you have is enough.
One of the most challenging and important milestones, according to Chitrathorn, is saving $10,000. This achievement can serve as a foundation for further investments and growth.
Reinvesting gains instead of cashing them out too soon can help investments grow over time. This strategy, combined with discipline and planning before spending, automating good habits, and surrounding oneself with builders rather than burners, can lead to financial success.
It's important to note that the strategy that worked for Chitrathorn and his clients is not about chasing "get rich quick" schemes. Building wealth requires hard work, patience, and a mindset that doesn't quit.
The information provided is not investment, tax, or financial advice. Consult with a licensed professional for advice concerning your specific situation.
Chitrathorn is also a member of the Forbes Finance Council, an invitation-only organization for executives in successful accounting, financial planning, and wealth management firms. His journey from a mobile home in California to a successful career in finance is a testament to the power of determination, consistency, and a clear financial goal.
