Get Rich - Start Young
How would you like to be free of financial worries and not tied to your job or the work you do?
Of course you would. Well, there’s one way you can achieve this that could enable you to become a millionaire and no, I’m not about to start plugging the latest get rich scam!
This way takes time but it’s possible and far more likely to happen than some of the other ways you could earn a million. Having said that, in all your working years there’s a pretty good chance that you’ll have earned close to a million by the time you retire. Unfortunately, not all at once and you’ll have had to work pretty hard in order to achieve that.
However, there’s an easier way. Well, at least if you’re prepared to spend a fair amount of time but with relatively little effort and just a bit of common sense.
What is it?
Simple. Start saving … NOW! The sooner you start the better. You still need to work but if you can, save at least 10% of your income and put it away into a high interest account and most importantly – DON’T TOUCH IT. Do this as soon as you receive your salary and you won't notice it. Increase the amount you save each time you get a pay rise and your savings pot will grow faster.
Once you’ve got into the savings habit use those savings to start investing. Preferably something tax-free like an ISA, then you’ll be growing something that could be worth a not inconsiderable amount of money within a few years. Yes, the value of stocks and shares can go up and down but even with two stock market crashes in recent years the overall trend is upwards, so if you’re in it for the long-term (which is what it’s all about) you will make money - unless your very unlucky or just going for the short-term rewards.
The earlier you start saving, the longer you have to see your investment grow and the more money you’re likely to make. As long as you’re reinvesting the interest you make. It’s all due to the wonderful nature of compounding. (It's the same reason your debts get bigger and bigger.) Even saving £100 a month over 25 years (yes, that is a long time) you could earn close to £100,000 for not doing an awful lot and that’s not something to be sniffed at. Don't believe me - take a look here.
If you want to become an even smarter saver and investor – take full advantage of your annual ISA allowance. If your company offers a Share Option Scheme and you plan to be with them for a while, they're definitely worth investing in.
Once you’ve developed a good portfolio of investments – at some point in the future (give it 20 years) you’ll be able to start living off the income if you want to. That's why you need to start as soon as you can!
OK, this is a fairly simple view but it’s also not something beyond most of us. Saving and Investing is a tried and tested way to achieve financial wealth – even if you’re not able to put away hundreds of pounds every little helps and from tiny acorns … Achieving that million may not be such an impossible dream.
I’m NOT an expert, so make sure you discuss any financial decision with someone who is - an Independent Financial Advisor or at the very least your Bank Advisor.
If you want to check your current Money Habits and start on the road, get a copy of my FREE checklist by sending a blank email to mmtmintro@aweber.com and you'll also get the first chapter of my More Money e-book to read.
Of course you would. Well, there’s one way you can achieve this that could enable you to become a millionaire and no, I’m not about to start plugging the latest get rich scam!
This way takes time but it’s possible and far more likely to happen than some of the other ways you could earn a million. Having said that, in all your working years there’s a pretty good chance that you’ll have earned close to a million by the time you retire. Unfortunately, not all at once and you’ll have had to work pretty hard in order to achieve that.
However, there’s an easier way. Well, at least if you’re prepared to spend a fair amount of time but with relatively little effort and just a bit of common sense.
What is it?
Simple. Start saving … NOW! The sooner you start the better. You still need to work but if you can, save at least 10% of your income and put it away into a high interest account and most importantly – DON’T TOUCH IT. Do this as soon as you receive your salary and you won't notice it. Increase the amount you save each time you get a pay rise and your savings pot will grow faster.
Once you’ve got into the savings habit use those savings to start investing. Preferably something tax-free like an ISA, then you’ll be growing something that could be worth a not inconsiderable amount of money within a few years. Yes, the value of stocks and shares can go up and down but even with two stock market crashes in recent years the overall trend is upwards, so if you’re in it for the long-term (which is what it’s all about) you will make money - unless your very unlucky or just going for the short-term rewards.
The earlier you start saving, the longer you have to see your investment grow and the more money you’re likely to make. As long as you’re reinvesting the interest you make. It’s all due to the wonderful nature of compounding. (It's the same reason your debts get bigger and bigger.) Even saving £100 a month over 25 years (yes, that is a long time) you could earn close to £100,000 for not doing an awful lot and that’s not something to be sniffed at. Don't believe me - take a look here.
If you want to become an even smarter saver and investor – take full advantage of your annual ISA allowance. If your company offers a Share Option Scheme and you plan to be with them for a while, they're definitely worth investing in.
Once you’ve developed a good portfolio of investments – at some point in the future (give it 20 years) you’ll be able to start living off the income if you want to. That's why you need to start as soon as you can!
OK, this is a fairly simple view but it’s also not something beyond most of us. Saving and Investing is a tried and tested way to achieve financial wealth – even if you’re not able to put away hundreds of pounds every little helps and from tiny acorns … Achieving that million may not be such an impossible dream.
I’m NOT an expert, so make sure you discuss any financial decision with someone who is - an Independent Financial Advisor or at the very least your Bank Advisor.
If you want to check your current Money Habits and start on the road, get a copy of my FREE checklist by sending a blank email to mmtmintro@aweber.com and you'll also get the first chapter of my More Money e-book to read.
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