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The 'Secret' Path to Wealth for Everyone!

September 14th, 2015 at 02:16 pm

There is a 'secret' way you can become wealthy, and it doesn't matter much how much money you make. The boxer Mike Tyson spent all of the over $100 million he made. On the other hand, I have a couple who are clients. She works as a clerk, he works as a carpenter when he can find work. They are worth well over $1 million. There is a 'secret' (well it's not very secret) to their success, and to Mike Tyson's failure.

The trick? Live on 85% of your income and invest the rest. If you save 15% of your income (generally considered to be the magic number), it almost doesn't matter how much you make, you will eventually accumulate significant wealth. And if you live on 105% of your income, you will eventually be bankrupt no matter how many millions you made. Easy? No. Though unlike a diet, it does get easier as you go. The more money you accumulate, the more you can accumulate.

This website is a great place to find ideas about how to get to that 15% number. There is *nothing* like the easy sleep you'll have when you have enough savings to weather any storm.

1 Responses to “The 'Secret' Path to Wealth for Everyone!”

  1. VS_ozgirl Says:

    Great advice!

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