The Would-be Millionaire’s Pledge
February 15, 2011 14 Comments
By starting early, and socking away small sums in conservative investments on a regular basis, a person can get pretty far ahead in life.The important thing is to start as early as possible to give compounding a chance to work it’s magic.(For more on how compound interest works,refer to this post:http://wealthymatters.com/2011/01/24/compound-interest/. And for an estimate of just how small an amount you need to put aside on a regular basis to become a millionaire,check out the calculator here:http://wealthymatters.com/2011/01/26/want-to-be-a-millionaire-calculator/)
So if you’d be a millionaire later in life why not take the following pledge and get started?
- I will pay myself first always.No excuses.
- I will take advantage of all low-cost government,employer,and other private group benefit schemes .
- I will stick to the budget and goals I set for myself.
- I will spend less than I make each year. I will not get into unproductive debt.
- I will make my credit-cards and other sources of free money earn for me.
- I will read more books on personal finance and implement the wealth-building strategies I learn.
- I will shop around , consider alternatives and negotiate before making purchases.Iwill time purchases to get more for my money.I will not saddle myself with unnecessary crap even if it’s dirt cheap.
The above pledge is modelled on the basis of the original here : http://postgradagenda.wordpress.com/2011/01/27/how-to-become-a-millionaire-sort-of/ .I really wish I had this level of awareness so early in my life.It would have brought more focus to my earlier efforts.