One of the goals that we all have in common is that we all want to be financially independent. We all want to have enough money so that we never have to worry about money again. We want to build a financial fortress around ourselves. We want to make a high income, get out of debt, put money in the bank and have the ability to do the things we want without being worried about the costs. The only question is, “are we going to do it or not?”
The good news is that there are more people achieving financial independence faster today than ever before. There are currently almost four million millionaires, most of them self-made, first generation. Somewhere, somehow, someone becomes a self-made millionaire at the rate of one every four and a half minutes, 365 days a year. And for every person who becomes a self-made millionaire, there are many, many more who are achieving a net worth in the hundreds of thousands of dollars through different wealth creation strategies such as developing a millionaire mindset, developing habits of wealthy people among others..
By setting financial accumulation and financial independence as your career goals, and then by making a plan on the one hand to get better and better at what you do while on the other hand saving more and more of what you earn, you will become financially independent, if not a self-made millionaire in the years ahead.
Most great fortunes are built slowly. They are based on the principle of compound interest, what Albert Einstein called, “The greatest power in the universe.” In full 99% of cases where people become wealthy, it is over a long period of time, and it is based on slow, incremental growth as the result of compound interest.
Every dollar that you save, properly invested and protected, has the ability to grow 5% – 10% each year. As your money grows, it compounds on itself, and grows even more. According to Stanley and Danko, it takes the average millionaire 22 years to accumulate a million dollars from the time he gets serious about his financial life. Most wealthy people get rich slowly, by gradually increasing their earning ability, saving more and more from their income, and investing it carefully and intelligently so that it grows and compounds over the years. You must do the same.
Thank you for reading and lets look forward to creating sustainable wealth.
