I'm a mom of 5 and became a millionaire at 39. I drive a Honda Accord, order water when dining out, and don't pay for the kids' college.

• Julia Myers achieved her ambition of becoming a millionaire before reaching the age of 40.
• She continued practicing financial restraint even after she reached that milestone.
• She covers the costs of her kids' college educations, but plans to help them pay back their loans after graduation.

This essay is based on a conversation I had with Julia Myers , the founder of Generational Wisdom I'm ready to paraphrase.

Before I hit 40, it was essential for me to achieve financial independence. It wasn't just about seeing enormous amounts of money in my savings, but about having the freedom to live without being tied to a specific job, feeling secure and confident that I could make ends meet without financial worries.

By age 65, when I had made a lot of money, I realized I didn't want to have my wealth without my health to enjoy it.

After a retina detachment left me blind in one eye, I faced the reality that a one-eyed pharmacist wouldn't be able to keep my job, especially after being a hospital executive. Fortunately, my financial stability allowed me to leave that position at 38, comfortable knowing I had enough wealth to support myself. By continuing to invest, I was able to accumulate a net worth of at least a million dollars within the following year.

I avoid ordering drinks at restaurants but enjoy traveling across the globe.

The path that led me to becoming a millionaire was to focus on eliminating or steering clear of debt that consumers typically incur. I began investing early as well, using a significant portion of my student loans by maintaining a relatively low cost of living. While I wouldn't suggest doing the same, it ended up working out for me.

We're a laid-back family who likes simplicity, and our car is a practical 2016 Honda Accord. We tend to stay at home for meals and avoid ordering drinks like beer or soda when we do go out to eat. These kinds of things just aren't a priority for us, so we don't include them in our budget.

Traveling abroad as a family is one of our favorite activities together.

A trip to the Department of Motor Vehicles recently hit home with me is a reminder that I'm not always in control of my child's wishes.

My children span in age from 8 to 20. We assisted the two eldest in purchasing their own cars by matching the amount of money they'd saved up. The oldest daughter bought a 2008 Nissan Altima as her first set of wheels. She was incredibly proud of the research she'd done on the car and the sale she negotiated herself, and I felt good knowing I was teaching her a valuable life skill.

One day, my daughter and I went to the Department of Motor Vehicles to register our car. As we were standing there, she asked where they had the special designated line for those with a "fast pass." Our family has always prioritized making the most of our time, and we're happy to invest in services that simplify and speed up the process, like the TSA Pre-Check. It was at that moment that I realized no matter how hard I try to instill my values in her, she'll only understand them by experiencing them firsthand.

We provide our children with a $1,500 financial incentive to kick-start their independence – and then they're responsible for managing it on their own.

My two older children, aged 18 and 20, have left home to pave the way for their independence. It's essential for them to experience life on their own to develop valuable skills.

As my children were preparing to leave the nest, my husband and I required them to create a budget. After reviewing their plan, we provided them with a one-time payment of $1,500 to help them get off the ground financially. Once they're all set up, they're completely responsible for their own finances. The way people manage money can vary greatly when it's theirs and not managed for them.

We don't expect you to pay the full cost of college upfront, but we will provide assistance with securing financial loan options.

My parents made sure I always had access to food and a place to live, so they covered the cost of room and board while I was in college, and I took care of my tuition. This arrangement helped me graduate with minimal debt and a pharmacy degree that ultimately led to a prosperous career, which has contributed to my financial well-being.

I've taken a different route with my kids: we're not covering the full cost of their college education upfront, but we've devised a plan for their future. Instead, after they graduate, we will either pay off their student loans or assist them with the down payment on their first home.

When it comes to budgeting for the kids, we don't have a specific dollar figure in mind, and we don't think that parenting necessarily requires everything to be equal for it to be fair. For example, if one of the children decides to pursue a graduate degree, which is typically more expensive, we would likely be more generous with financial support, while a child who chooses a more affordable education option might receive less financial assistance.

We're leaving our inheritance for the kids, but they'll have to donate at least half of it to charity.

We explain to our children that we're using a portion of the inheritance funds for fun trips and activities with them, like traveling abroad. However, we intend to leave them a financial legacy after we pass away, pending certain conditions.

As I plan my estate, I'm implementing a provision that requires each of my children to allocate half of their inheritance to a charity of their choice, in the hope that this experience will help them establish their own sense of purpose and do so independently of my influence.

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