By: Brian Tracy
Anyone, Starting From Wherever They Are, Can Become Wealthy In America
Here is some great news. Wherever you are in your financial life, you can become wealthy over the course of your working lifetime. If you start early enough, work hard enough and do what other successful people do, you may even become a millionaire.
Looking Back
In 1900, there were less than 5000 millionaires in the United States. Today, there are more than five million millionaires and the number is growing rapidly. There are more than two hundred billionaires as well.
Everyone Starts From Nothing
Most of these wealthy people are self-made. That is, they started with nothing and they earned every penny by applying their talents and abilities to the opportunities that came along. The number of millionaires is growing at the rate of 15% or more per year. Someone, somewhere becomes a millionaire every 3-4 minutes. And what these other self-made millionaires have done, you can do as well.
Anyone, Starting From Wherever They Are, Can Become Wealthy In America
Here is some great news. Wherever you are in your financial life, you can become wealthy over the course of your working lifetime. If you start early enough, work hard enough and do what other successful people do, you may even become a millionaire.
Looking Back
In 1900, there were less than 5000 millionaires in the United States. Today, there are more than five million millionaires and the number is growing rapidly. There are more than two hundred billionaires as well.
Everyone Starts From Nothing
Most of these wealthy people are self-made. That is, they started with nothing and they earned every penny by applying their talents and abilities to the opportunities that came along. The number of millionaires is growing at the rate of 15% or more per year. Someone, somewhere becomes a millionaire every 3-4 minutes. And what these other self-made millionaires have done, you can do as well.
You Can Do It, Too
The wealthy are not very different from you and me. They have simply used more of their God-given talents and done things in a different way from the majority. The wonderful thing is this. And I cannot repeat it often enough. If you do what other successful, wealthy people do, you will eventually get the same results. You can start right where you are, even deeply in debt, and achieve financial independence if you do the right things over and over again until you get the results you desire.
Save $100 Per Month
If you save $100 per month from the age of 21 to the age of 65 and it grows at a compound rate of 10% per year, you will have more than one million dollars when you retire.
If you earn $25,000 per year and save just 10% of your income, or $2500 per year, and invest it carefully so that you earn 10% compounded over the course of your working lifetime, you will be worth $1,794,762 through the miracle of compound interest.
The key to riches is simple. Save and invest 10% of your income throughout your working lifetime and you will become rich. It is as simple as that.
Action Exercises
First, make a decision today that you are going to save 10% of your income for the rest of your working lifetime. Set it as a goal, make a plan and then discipline yourself to save that amount for the rest of your career.
Second, go to the bank today and open a special account for financial independence. Deposit whatever amount you can in that account. From now on, think every day about how you can put more money into that account and then invest it wisely. This will change your financial life.
The wealthy are not very different from you and me. They have simply used more of their God-given talents and done things in a different way from the majority. The wonderful thing is this. And I cannot repeat it often enough. If you do what other successful, wealthy people do, you will eventually get the same results. You can start right where you are, even deeply in debt, and achieve financial independence if you do the right things over and over again until you get the results you desire.
Save $100 Per Month
If you save $100 per month from the age of 21 to the age of 65 and it grows at a compound rate of 10% per year, you will have more than one million dollars when you retire.
If you earn $25,000 per year and save just 10% of your income, or $2500 per year, and invest it carefully so that you earn 10% compounded over the course of your working lifetime, you will be worth $1,794,762 through the miracle of compound interest.
The key to riches is simple. Save and invest 10% of your income throughout your working lifetime and you will become rich. It is as simple as that.
Action Exercises
First, make a decision today that you are going to save 10% of your income for the rest of your working lifetime. Set it as a goal, make a plan and then discipline yourself to save that amount for the rest of your career.
Second, go to the bank today and open a special account for financial independence. Deposit whatever amount you can in that account. From now on, think every day about how you can put more money into that account and then invest it wisely. This will change your financial life.
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