This may not seem like much, but if you can manage to put away an extra $10 per day from new business activities or projects, at 10% over 40 years, you’re talking about having $1.6+ million! People aren’t trained to think like that, and our education system certainly doesn’t seem to be giving them these tools. You cannot attempt to put aside huge sums – fortunes are built $1 or $3 at a time. That money compounds, grows, and builds. It’s just the nature of things. An acorn doesn’t become a mighty oak overnight, or even in a few years. It takes time.
How to Amass the First $100,000
By Joshua Kennon, About.com Guide
One way to add more money is grow your income pie, not just try to cut more expenses from your existing lifestyle. If you have a talent or skill, maybe you could freelance on the side to pick up a couple hundred dollars per month, all of which can get dollar cost averaged into blue chip stocks. Perhaps you work in a factory; can you pick up extra hours? By bringing in more money, you’re funding your investments without touching your ordinary life. That’s very important because it’s more likely you’ll be willing to stay the course as you won’t feel deprived.
Prev
- How to Amass the First $100,000
- Know the Tax Code
- Go After Free Money
- Create Cash Generators Just For Investments
- Simplify Your Life
- Learn to Manage the Liability Side of Your Balance Sheet
- It's Important That You Reinvest All Dividends
- Keep Costs Low- and Consider Indexing
Explore Investing for Beginners
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