It’s true there’s a difference between rich people and the rest of us. People can become “inadvertently” rich for many reasons: inheritance, family money, winning the lottery, or luck with some awesome stock pick or cool new invention. But it merits pointing out that those “self-made” souls have quite a bit in common when it comes to true wealth building. There’s a mindset of sorts, and if you want to build wealth, it pays to train your brain – literally!
According to Ryan D’Agostino, author of the book Rich Like Them, the mind of a millionaire never sleeps. D’Agostino went door-to-door in the richest neighborhoods in the Unites States and asked hundreds of rich people how they got where they were. The most common answer? They all thought outside the box – and acted on their ideas.
It’s one thing to come up with the next big idea, but it’s quite another to follow through. That’s what separates those who make it from those who don’t: action.
It seems simple on the outside, but you’d be surprised how many people don’t know the basics of compound interest. Get a handle on that, and you’ll build wealth over time – guaranteed.
Too many people get caught in the trap of putting things like saving for college ahead of their retirement savings. You can’t take out a government loan to fund your retirement, so retirement needs to be objective numero uno when mapping out your financial future.
Remember, if you truly want to build wealth, time is your greatest asset. This works two ways – first, leveraging time by investing your money as early in your life as possible will maximize the power of compound interest…
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