Friends, this is such a short and simple essay, but it is so rich and valuable, I just have to share it. Now, you share it with others, especially if you have children and any grandchildren!
“There are two characteristics of all wealthy investors… The rich do have a secret!
If you want to become a wealthy investor, you need to develop two characteristics of your own. Learn the secret of the rich and start employing it today!
If you’d like to understand how to truly build wealth, and use it to live freely, here’s how you need to think…
1. Save religiously.
2. Invest for the long term.
These are two simple steps… but they make perfect sense. Save money, and allow it to grow by investing for the long term. That’s how you build wealth.
So what exactly qualifies as “saving religiously”? Everyone should start by socking away at least 10% of their annual income. Try to bump that up to 15% as you get comfortable with your new spending habits.
Saving equals more wealth. There’s no getting around it. But saving alone isn’t enough…
If you don’t invest the money, it’s barely worth saving at all. Saving is a good start… But in order to truly grow your wealth, you will need to invest for the long term.
Importantly, wealth itself is not the goal. Wealth is simply a means to enjoying your life. One principal benefit of wealth is having money to spend on a few things that bring you joy. When you learn to stop buying things that don’t make you happy, you’ll have the freedom to enjoy the things that do… like time or relaxation.
Building wealth is a two-step process… Make sure you’re doing both today.” Just DO IT!!!
Here’s to your successful investing!
Harold F Crowell