Saving your way to riches? HA HOW BORING! After all, we all dream of striking it rich by some magic stroke of luck, such as winning the lottery, receiving a large wire transfer from a Nigerian Prince looking to park their cash in YOUR checking account (HAHAHA!), or by entertaining our overbloated self-belief in that our start-up will be the next (insert multibillion Dollar ‘wet dream’ of your choice HERE).
Hey, DREAM BIG and have no fear in being seen as a foolish opportunist! Chase after it, just like many of the self-made millionaires out there today did! Yet, it makes sense to consider plan B, in the unlikely event your are not that lucky bastard or undiscovered business genius. Stop reading NOW if you are one of those ‘who needs a plan B’ braggers…
Anyway… there is one piece of ‘advice’ everyone can implement TODAY!! What it is? Well live by the mantra ‘Pay Yourself First’. This key principle, which comes the book The Richest Man in Babylon: Now Revised and Updated for the 21st Century (Paperback), basically tells us to foster the self discipline to save a tiny amount of our pay check. It will quite literally help you retire filthy rich! Something to do with compound interest and all that…
Did you know that by saving just 100 Dollars of your income a month during your working life and investing that against 8-10% returns per annum, will ensure you will be worth over 1 MILLION Dollars by the time your retire?!? Can’t save 10% of your income? Start with 1% and build it up from there! If worse come to worse, skip the occasional latte if your really must ;)! Come on guys we can all do this! In the video below, Brain Tracy explains how you can save your way to riches! Bonus feature: His hand gestures are HILARIOUS!!
The calculation below is one example of how saving 5 a day and investing this against 10% per annum can allow you to retire a millionaire. To lazy to do the calculation yourself? Try the CNN Millionaire Calculator!
