Tuesday, August 29, 2006

Building Wealth On Just $1 Per Day

I love articles that break tough tasks, like saving money, into doable chunks. Even saving as little as a dollar a day can build significant wealth, over $400,000 in 50 years. The key is sufficient time, investment growth, and enough discipline to not spend it while it is growing.

The challenge, of course, is that I need to do it in a shorter time and at lower investment growth. I don't have 50 years and I typically don't get 10% investment returns. (I haven't done the calculation for 6% at 30 years, which I think I could get.) However, it is encouraging that I can start my children at 3 and create reasonable wealth for them by 53.

So start early even if it is small. You don't need to have brilliance or luck to become wealthy, just enough time and a mindset to save. I think I'll start my children on this plan before they're two:-)

This is not financial advice. Please consult a professional advisor.

Copyright © 2006 Achievement Catalyst, LLC

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