With Every Dollar You Save, You Are Becoming Richer
A dollar saved is a dollar earned. With that in mind, you have to start saving as early as today to become richer than you are now.
Most people think that to become rich, you need a cash windfall in the thousands at the very least. They are suffering from a mentality borne of everything being insufficient for their needs, everything seen through the big picture of the big bucks, and everything about wealth in the grand scale.
What they dont realize is that with every dollar you save, you are becoming richer. How so? Well, the billions that Warren Buffet, Bill Gates and Carlos Slim Helu have in their possession was built one dollar at a time. Take away just one dollar and they will be one dollar poorer, the billion other dollars notwithstanding.
Save Early, Save Steadily
Almost nothing is more important than saving early and often. Every time you decide to save a dollar instead of spending it -- on fast food, at the store, or anywhere else -- you're choosing to be one dollar poorer. The more often you choose to save a dollar, the sooner all those dollars will add up to thousands.
Compound interest is the key reason for starting a savings habit as quickly as possible. In essence, it makes your money earn more money, without any effort on your part. The longer your money is in the bank, the more money it can earn for you. Saving one dollar now instead of a year from now means you'll have even more money in the long run, despite saving the same amount.
Lest you think that saving is hard because of the limited income that you have now, well, thats all the more reason to save! You can adapt these practical tips to save a dollar a day:
- Buy clothes on sale or at thrift and consignment stores. - Buy food in bulk to get volume discounts. - Buy generic; in most cases the quality is equal to name-brand, but significantly cheaper. - Combine errands and walk where possible to avoid driving costs.
Before you know it, you'll be saving at least a dollar a day without expending any effort. Once you reach this point, you may find saving just one dollar a day isn't enough -- and start aiming for two dollars a day. This will make you twice as rich, twice as fast.
Invest Early, Invest Wisely
While saving money and earning compound interest is smart, the best way to maximize the potential value of your money -- and become richer even faster -- is to invest it. Options for investment include IRAs, stocks, bonds, and securities.
Stashing your money in a sock or a piggy bank might have worked when we were children, but your dollars can't increase in value while they're in your house. Instead, invest your money as soon as you can, which gives it the maximum opportunity to earn even more money for you. This is particularly true with compounding interest.
Whatever investment choice you make, be sure to do your homework beforehand. There are many scams out there looking to take advantage of honest people; you want to avoid them and stick with tried-and-true investment methods. It would be a tragedy if your years of saving were for nothing.
In the end, a steady and smart savings and investment plan is the single best choice you can make to earn the millions you're dreaming about.
Most people think that to become rich, you need a cash windfall in the thousands at the very least. They are suffering from a mentality borne of everything being insufficient for their needs, everything seen through the big picture of the big bucks, and everything about wealth in the grand scale.
What they dont realize is that with every dollar you save, you are becoming richer. How so? Well, the billions that Warren Buffet, Bill Gates and Carlos Slim Helu have in their possession was built one dollar at a time. Take away just one dollar and they will be one dollar poorer, the billion other dollars notwithstanding.
Save Early, Save Steadily
Almost nothing is more important than saving early and often. Every time you decide to save a dollar instead of spending it -- on fast food, at the store, or anywhere else -- you're choosing to be one dollar poorer. The more often you choose to save a dollar, the sooner all those dollars will add up to thousands.
Compound interest is the key reason for starting a savings habit as quickly as possible. In essence, it makes your money earn more money, without any effort on your part. The longer your money is in the bank, the more money it can earn for you. Saving one dollar now instead of a year from now means you'll have even more money in the long run, despite saving the same amount.
Lest you think that saving is hard because of the limited income that you have now, well, thats all the more reason to save! You can adapt these practical tips to save a dollar a day:
- Buy clothes on sale or at thrift and consignment stores. - Buy food in bulk to get volume discounts. - Buy generic; in most cases the quality is equal to name-brand, but significantly cheaper. - Combine errands and walk where possible to avoid driving costs.
Before you know it, you'll be saving at least a dollar a day without expending any effort. Once you reach this point, you may find saving just one dollar a day isn't enough -- and start aiming for two dollars a day. This will make you twice as rich, twice as fast.
Invest Early, Invest Wisely
While saving money and earning compound interest is smart, the best way to maximize the potential value of your money -- and become richer even faster -- is to invest it. Options for investment include IRAs, stocks, bonds, and securities.
Stashing your money in a sock or a piggy bank might have worked when we were children, but your dollars can't increase in value while they're in your house. Instead, invest your money as soon as you can, which gives it the maximum opportunity to earn even more money for you. This is particularly true with compounding interest.
Whatever investment choice you make, be sure to do your homework beforehand. There are many scams out there looking to take advantage of honest people; you want to avoid them and stick with tried-and-true investment methods. It would be a tragedy if your years of saving were for nothing.
In the end, a steady and smart savings and investment plan is the single best choice you can make to earn the millions you're dreaming about.
About the Author:
To learn how to become a millionaire by investing wisely, visit MikesMillions.com. Mike will show you how to earn money so you can retire sooner.