A recent Business Insider video has highlighted a group of parents who have pursued financial independence through a range of strategies, from financially sensible to intense. The video focuses on their actions and the methods they employed to build generational wealth for their children.
Jeremy Jacobson grew up in a trailer in Minnesota, recalling memories of "deprivation." His wife, Winnie Tseng, grew up in Taiwan, where her parents could not afford to feed her, leading to her placement in an orphanage. "I am afraid of spending money," Tseng told Business Insider. The couple bonded over shared financial values.
Ja’Net Adams described her middle-class upbringing as an African American family as different from the American middle class. She became a first-generation college graduate but accumulated $50,000 in student debt with no safety net. Sam Dogen learned money discipline early, taking a job at McDonald’s around age 14 and recalling embarrassment when encountering classmates there.
These childhood experiences influenced their approaches to wealth-building. Dogen set a target of $3 million, using Excel spreadsheets to track progress. He spread his money across stocks, real estate, bonds, and cash, believing that saving should be uncomfortable to be effective. Jacobson and Tseng opted for a simpler strategy, investing everything in low-cost index funds to avoid hands-on management stress.
To eliminate debt, Adams implemented a temporary plan: no eating out, no vacations, and no gifts for two years. She aimed to wipe out $50,000 in debt before her second child was born and succeeded, though her methods were severe. Jacobson restructured his entire life, selling his house and car, renting a room, biking everywhere, and tracking every dollar. He saved up to 80% of his income, leading to retirement after years of extreme sacrifice.
Dogen achieved financial freedom at 34, becoming a stay-at-home dad and author. His children, ages 5 and 8, help with landscaping rental properties, where he hopes they learn the value of work. He worries that giving kids too much too early can reduce motivation. Jacobson and Tseng run a "mommy and daddy bank" for their kids, ages 10 and 5, where allowances and gift money go into savings, earn interest, and only half can be spent. They have established Roth IRAs and 529 plans.
Adams’ children, ages 17 and 13, have Roth IRAs and savings accounts. If they want something, they pay for it. Her son JR stated he has learned the importance of knowing what to do with money rather than spending impulsively.