How do I get rich from stocks when the interest percentages are so small?

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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.

The thing is, they all say about the same thing.  In my experience, if you follow that advice, it will work to generate wealth.  In this article, I've picked out the top 10 steps you can take to generate wealth for the long haul.  Following these steps, I've added another $100k to my net worth in the last 3 years, so they do work.  Certainly there is some value to reading all of these books, but I for one like to keep things simple.  So let's get started!  Here are my 10 steps to generating wealth.
  1. It Can be Done
  2. Pay Yourself First
  3. Give Some Away
  4. Create a Plan
  5. Execute the Plan
  6. Prepare for Emergencies
  7. Work Hard
  8. Find Mentors
  9. Invest
  10. Enjoy Life

Continue reading for details on each step:  10 Steps to Creating Wealth

About the Author 

Don Smith

Former bank director who enjoys helping people master their finances. Father of five, founder of The Personal Growth Channel, and business owner.

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