May 16, 2014 Leave a comment
I am now a multi-millionaire, and I have never had my own business, invented anything or inherited one red cent. What I have always done is paid myself first. Especially in your twenties, max out your retirement deductions, or at the minimum put in an amount that maxes out your company match. The money I contributed in my twenties now accounts for ⅔ of my net worth, even though I contributed much more each year in my thirties and later. Such is the power of compound interest!
I never spent much on items that depreciate, such as cars, boats, RV’s, etc. Now I am at a point where I can drive what I want.
Keeping up with your family, friends and neighbors in terms of what they buy, and where they vacation is a sure way to an empty bank account. Keep in mind that many of them live beyond their means, and paycheck to paycheck.
I know this is boring, however not everyone is special in their earnings potential. But anyone can end up wealthy if they follow my advice.-Alan Hamilton,Age 56