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Saving Money Is A Waste Of Time
I've met plenty of rich investors but I've never met a rich 'saver'.
If you're one of those people who think they should put their extra dollars away in their bank account so you can start saving for retirement you're in the wrong state of mind. I'll keep this short and sweet so here's an example...
High interest banks these days return about 5% per year on what you keep in an account there.
That's not bad, but considering inflation is right around 4% per year, what do you expect to accomplish by stashing away your cash. Unless you already have millions put away and spread over several accounts you are probably losing money after taxes and banking fees.
So what's the smart thing to do?
8 Reasons You Aren't Rich
Unsuccessful people tend to make very similar mistakes. Here are the 8 most likely reasons you aren't as wealthy as you would like to be, in no particular order. Reason #1 - You Care What Other People Think
Fear Is Your Worst Enemy
Fear loves to see you fail over and over again. I just heard a story about a couple that invested several thousands of dollars into one company back in the 1960's. It was most of their savings and one of the first times they ever invested that amount of money. Several weeks later the company got some bad news, then several months later the economy was in a downturn. They watched most of their life savings dissipate in just a couple months and decided to pull their money out before any more was lost. The company they invested in 40 years ago was PepsiCo. Had they left their few thousand dollars sitting where it was when they invested it, it would have been worth well over $3 million dollars today. Surprisingly this isn't a new story at all. I've heard accounts of the same thing happening to everyone, almost on a weekly basis. Although it may be a different scenario each time one thing always stays the same. Whoever made the error in judgement always seems to have made their decision based on the fear that things would get worse. Fear is what makes people keep their money in a bank account, under their mattress, or some other low risk alternative regardless of the fact that inflation slowly but surely takes some of their earnings out year after year. The Definitive Way To Make A Million Dollars
Below you will find how to accumulate $1 million by age 65, at any age. AT AGE 25 AT AGE 35 AT AGE 45 AT AGE 55 |