My auntie has never ever worked throughout her life. At 70 years old today, she is single and she has enough money for her old age while her sibling (my uncle) who has worked all his life is dependent on his children for his retirement. How did this happen? The key is to start building wealth early.
How do you start building your wealth early? The answer is very simple and not new as it has been shared again and again by many respected financial authors – Spend less than you earn and save or invest the difference.
Since my auntie graduated from school at 18 years old, she has never stepped into the society. At that time, my great grandmother was still alive and my auntie took care of her. She later went on to take care of my aged grandparents until their passing. Her siblings including my dad appreciated her commitment as everyone else had their own life while my auntie stayed home to look after the old folks.
My parents and some of her siblings started giving her monthly allowance when my auntie was about 25 years old. My auntie enjoyed buying stuff for her nieces and nephews but she would never spend more than what she had received. She diligently saved a fixed sum of money every month.
On the other hand, my uncle has always valued status all his life. He had lived very well. He used to love luxury cars and would change them whenever a new model arrived. He ended up spending all the money that he earned. There is no balance to save let alone invest. He missed out on so many great opportunities that will give him financial independence.
Savings is the easiest way to start building wealth early but many people spend most of what they earn. It requires a lot of self-discipline and can take a long time before you eventually enjoy financial independence. My auntie took her lifetime to save enough money for her simple old age lifestyle. It does not matter how little the amount is but you just have to start somewhere and savings will get you there if you start very early. The rich and successful always start with spending less than what they earn, they save and then they invest when opportunity arises.
In order to achieve financial independence early, we need to start building wealth early. Look for ways to increase your income so you can save more and invest wisely in either paper assets or real estate to multiple your money.
Start building your wealth early and immediately! We will show you how you can save more and convert spending into savings. At the same time, if you want to earn more income, we will show you how you can build a Mall without Walls business partnering well-known stores like Walmart, Home Depot, Sears, etc.