Have you ever wondered how people get rich from the stock market when the average stock market return is only 7%?
The chart above answers this perfectly, the answer is in compound interest.
Once you put money into the market, that money creates a little more money, which is called interest. Now that money plus the interest earns even more interest the next year, which gets added in to generate even more the next year. This is how money works for you, the longer you leave it in, the more money it creates to make even more money for you. Get the picture? Start investing now on a regular schedule, and it'll add up big time long term! Don't wait though, the difference of just a few years will cost you big time later!
Investing is only one of the many steps to becoming wealthy. Read on for my 10 step formula to building wealth.
- It Can be Done
- Pay Yourself First
- Give Some Away
- Create a Plan
- Execute the Plan
- Prepare for Emergencies
- Work Hard
- Find Mentors
- Enjoy Life
Continue reading for details on each step: 10 Steps to Creating Wealth
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