The Forbes 400 list became wealthy because they made money utilizing their skills through a company in some way, or they inherited money from someone who did.
The key to wealth is to both first optimize your income, and then to also invest smartly.
Reality allows us to see what is, and make changes for the better based on that reality.
The reality is you don’t get wealthy from earning 10% on your investment account unless you’re already quite wealthy.
Investing is one very important step in the wealth equation, but the first, fastest, and more enlightening way is to first increase your income, and then also invest well.
In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that.
The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income).
Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
Bill Gates has said, "If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake."
www.MintcoFinancial.com
Planning for the future, independent financial advisors: www.MintcoFinancial.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.