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Not based on the percent of the population that are millionaires...........
Most people wil notl do what the millionaires will do to achieve the goal. Most people aren't willing to sacrifice and wait. People don't have patience and have proper education.
The real problem is not earning. It is the spending.
Be frugal and have a plan. Quit spending on things you don't need.
the truth is except for basic food ,shelter and clothing there isnt much we really need. all the other things just make life a whole lot better or more fun. im a saver and it pains me to buy certain things .
i like money for the security and feeling of being under my own control .
my wife is a spender,she likes money for the things money can buy.
who is right? both of us. money means different things to different people and hoarding it and saving it isnt something everyone wants to do and thats okay as long as their bills and goals are being met.
im trying to be more like her at this stage.
we know people who enjoy earning money for neither of the above. for them they like making money more than the things money buys. for them its the art of the deal or investing and being right.
its not about what you save either. wealth is not created from what we manage to save from our pay checks at the end of the day.
wealth is created by investing and compounding of capital gains on that money we manage to save .
the 100k i invested in 1987 from the sale of a property has compounded to 1.2 million today in my market investments without adding a penny.
the wealth compounding now can generate more in some years in income then we even earn working .
just throwing what you save from a pay check into a bank or a bad or incompleate investment plan will never create wealth. you my save a few bucks up but real wealth will never be had.
the how by reducing spending is only trinkets in the scheme of things. its how those trinkets are invested so they compound greatly over decades that matters.
my point is you can save by cutting spending as much as you can and end up with a relatively small nest egg decades later if just left in a bank.
or you dont have to cut spending as much and invest much more effectively and come out much further ahead.
you always hear people say out of habbit its not what you earn but what you spend and i say it may not be true. a penny saved can be a penny forever.
its what you manage to save and mostly what you do with it thats going to matter. kind of like when people say practice makes perfect and i say bull. its perfect practice that makes perfect.
im not one who belives many sayings are really accurate.
Last edited by mathjak107; 07-04-2012 at 06:37 AM..
the how by reducing spending is only trinkets in the scheme of things. its how those trinkets are invested so they compound greatly over decades that matters.
my point is you can save by cutting spending as much as you can and end up with a relatively small nest egg decades later if just left in a bank.
or you dont have to cut spending as much and invest much more effectively and come out much further ahead.
you always hear people say out of habbit its not what you earn but what you spend and i say it may not be true. a penny saved is a penny maybe forever.
its what you manage to save and mostly what you do with it thats going to matter. kind of like when people say practice makes perfect and i say bull. its perfect practice that makes perfect.
im not one who belives many sayings are really accurate.
So to summarize, investing money helps. Got it.
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