It is actually the least likely way and otherwise slow way, to get rich, with the mindset that money is limited. You describe the old way of getting 'rich'. In business, money is unlimited, you do not need to live frugal or cheap at all, neither are debts a issue. You just need to invest a proper amount from the youngest age possible, monthly. If you start very young even 300$ a month could be enough, if it started 30 years ago.
The funny thing is that most people not think about it until 40-50, same you describe ''when i was about 40''.