The first mistake most people make is to think that wealth building isn't possible for them. That they simply don't have enough to bother with, not enough margin for savings, that whatever they could put aside regularly just won't make a difference.
The second mistake they make is to gamble with their money, taking far too high risk in pursuit of fast money.
Let me show you how time and consistency can build your wealth, without the need to gamble. Let me introduce you to Steve.
Steve is 19 years old and working to completing his degree. He doesn't really have savings and doesn't expect to be able to set aside very much. Budgets are tight and there are bills to pay.
But Steve decides to give savings a go, and sets aside ten dollars every week. Making it weekly rather than monthly helps build the positive habit and makes it easier to keep up. As with most people, Steve's situation changes over time and he decides to regularly improve his habit. Just like how you can run longer after regular jogs, or lift more after frequent gym visits, Steve increases his savings every year, by ten percent. The first year, he saves ten dollars every week. The second year, he saves 11 dollars every week, and so on.
His money is invested wisely in the markets. Markets go up and down over time but going back a few decades, the stock markets have returned about ten percent per year on average.
So here's the million dollar question. If Steve keeps this habit up, how much money will he have when he turns 60?
That's right, he'll have a cool million dollar savings account.
The point with Steve and this thought experiment is this. Building a million dollar savings account is possible for anyone, if you start in time. It requires time and patience, but it can be done.
The issue is that most people don't know about this until it's too late.
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