One of the biggest misconceptions about becoming wealthy is that you need a lot of money to do so.

Most people don’t have high incomes, however it’s not about how much you earn that will determine how wealthy you become, it’s all about what you do with the money you earn.

I’ve seen plenty of people create a wonderful financial future earning $60,000 a year and I’ve seen people earning $260,000 a year who have nothing.

Regardless of your income, there is only one rule you need to know to get started on the path to becoming wealthy – PAY YOURSELF FIRST. If every time you get paid, you make paying some of your income to your future self a bill that has to be paid then you will be implementing the key strategy required to become wealthy!

What if I told you that if you could save and invest just $10 a day, i.e. $70 a week, you could become a millionaire? Sound too good to be true? Well, there are plenty of get rich quick schemes out there being sold to people at ridiculous prices designed only to make the people selling them rich. I want to talk about getting rich slowly.

Let’s see what $10 a day could do for you if invested wisely and earned a solid return of 8% per year:

• In 20 years, you could have created $180,000
• In 30 years, you could have created $445,000
• And in 40 years, you could have created $1,018,000 (A MILLION DOLLARS!)

For someone earning $80,000, saving $10 per day equates to only 6% of their take-home pay.

Combine that sort of saving level with the money your employer puts into super, invest both wisely, and suddenly someone earning an average income starts to become MUCH wealthier than the average.

Keep in mind that the figures above don’t make any allowance for pay rises. Every time you get a pay rise, you should be able to save and invest more, magnifying the wealth you can create.

What could that money pay for? I’ll leave that to your imagination. But… every moment spent not creating wealth, is costing you money. Time is the best friend you have when it comes to creating wealth. Make use of whatever time you have left working. It’s never too early to start, but by the same token, it’s never too late to do something. Don’t waste another minute and if you’re not sure how to get started, then get in touch to discuss how our financial advice process works.

People don’t become wealthy by accident, they become wealthy because they make it happen.

Cheers,

Daniel