Del Hedgepath of Kansas City had a crystal clear goal. He aimed to be a millionaire within five years. This was 1995, and his published net worth was $590,000, largely in real estate investments. So when a local newspaper offered to have a financial planner review finances for free, Hedgepath figured, why not?
Hedgepath, a 35 years old Kansas City bachelor, achieved his $1 million goal, not in five years, but in two. By May 1999, he reported that a bank financial statement had pegged his net worth at "a little over $2 million.
He completely ignored the financial planner's advice. Diversify and put some assets into growth and, to a lesser extent, aggressive growth categories, the financial planner had advised.
Hedgepath, instead, listened to his gut instinct and common sense. "I know what I've been doing works," he bluntly told the Kansas City during the makeover attempt. "I don't know if I should take the risk of getting into something I don't know as well." He never did.
You might not think that Hedgepath is the millionaire type. He dropped out of Johnson Country Community College, Overland, after one and a half years. Nevertheless, at this writing he was just beginning to change his understand lifestyle thanks to his newfound health. He had bought a 3,500 square-foot house for $500,000 - a lot of money in the Kansas City market - and began driving a 1997 Chevrolet Camaro convertible in addition to his pick up truck. An admitted tightwad who used to go so far as to reuse tea bags, he stopped that habit when its mention in a news paper article drew tease from friends. He was splurged on a house-keeper, and instead of mowing his own lawn, he has a maintenance person from one of his apartment buildings do the moving. "I don't have time," he explains. He also spends more for his haircuts-$15 instead of the $9 he had spent a few years earlier, although he still does his shopping at Kmart. "If i can save money by taking the red eye flight, I'll do it...........
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