I couldn’t disagree more. The concept of systematic saving and hoping for a solid average return in the markets isn’t something that I believe in anymore. I’m 32, and have been investing in the markets since I was 18, under the assumption that if I set up automatic contributions throughout my life I would ultimately be “rich”. I started by maxing out my SEP-IRA and then by maxing my Roth. I invest monthly in a range of products, again, all with the goal of cost averaging the market to my benefit over time. Fast forward 14 years from when I began, and I have accumulated less than $60k. My invested dollar amount exceeds my current total, as it did even at the recent market highs in 2007. In other words, investing for the long haul doesn’t work like it used to, particularly for my generation. The first https://youtu.be/TwWDKpiGQww of wage earning is the most important in terms of compounding interest, and we have just experienced a completely lost decade. The hopes for recovery to make up for that lost decade (14 yrs in my case) do not appear reasonable. David
Real estate millionaires put in a lot of hard work early on, but it pays off later in the form or residual rental income. Those who take venture into the development of real estate projects (think Donald Trump) also take on significant risks; some of which pay off big, and others which create losses. Be prepared for ups — and downs — with your real estate ventures.
Because there are a LOT of ways to build wealth. Every millionaire has a different story of how they made their millions. To chronicle every single possible strategy for making millions would take a lifetime to type.
But, let me clarify, Cuban is not saying everyone who starts a business on a loan is a moron and neither am I. If you get a loan from family, a mentor, etc., that is a great way to start out. Just avoid bank loans for starting a business from scratch.
“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). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”
Most people now are so lazy they want everyone else to do all the work for them. Completely undisciplined. They require instant gratification. They cry about their lives, and circumstances. They look for lazy ways to make a lot of money that doesn’t involve hard work. They want something for nothing. READ MORE…
YES! It is absolutely possible to make side money (or even a second income) online. And yes, it is possible to do it WITHOUT getting involved in scammy “Get Rich Quick” schemes that deceive you into a major disaster.
In the Bible there’s a verse in the book of Romans that reads “Do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is the good, acceptable, perfect will of God.” When it comes to reaching millionaire status, it’s important not to be conformed to this world. The majority of this world believes that keeping up with the Joneses and showing off their success with “stuff” is the right way to achieve success, when in reality, their accumulation of depreciating assets is destroying their chance of becoming a millionaire. Don’t make that mistake and fall into the pack of “follow the leader”. Instead, pave your own road to financial freedom and show others how to follow you.
In my quest for information about working online I must say Martin Lewis is the only Person who has spoken sense so far. Erica I also appreciate your well targeted article and I can say you are smart in marketing yourself. Keep moving.
Building wealth isn’t just about strategy; it’s about having the right mind-set. Sarah Fallaw, founder of DataPoints, a behavioral finance research firm that analyzes wealth potential, says the four key traits to making money are frugality, confidence, responsibility, and social indifference—that is, the strength to avoid fads.
Spend your tax refund wisely. In 2007, the average American tax refund was $2,733. That’s a lot of money! Can you use that money to pay off debts or create an emergency fund instead of blowing it on something that will lose half its value the second you buy it? If you invest nearly $3,000 wisely, it could be worth ten times that much in as many years.
I’d say an interesting thought to add would be an idea suggested by Mark Cuban a while back on his blog. It was basically the idea that you’re not necessarily saving money so that you can invest slowly and retire comfortably, but that you were saving every possible penny, at every moment, so that when an actual fantastic opportunity came around you’d have money to invest.