Wealth Creation: Why You Need to Start Now
The Advantages of Immediate Wealth Creation
Many people believe wealth creation is only for the rich and is an impossible goal to attain. In fact, wealth creation is within the scope of any person, rich or poor, should they choose to begin on their journey young and stay with it over the long term.
A news report was recently made of a janitor in the United States who made no more than $11 American dollars throughout his entire 40 year career who made a multimillion dollar contribution to the school in which he worked upon his retirement (a). He was able to create this type of wealth through a disciplined saving regimen and a steady investment plan. There is no reason that anyone similarly inclined could not do the exact same thing.
Below are just a few of the advantages of immediately beginning on your path to wealth creation.
Wealth builds more readily the earlier that you begin the process.
Einstein once remarked that the most ingenious invention of man was compound interest. Indeed, compound interest can help to build your wealth faster than almost any other tool of mathematics or investment. However, in order to work, an investor / saver must begin early on his or her path to wealth creation . Most of the wealth that is created by compound interest is done so during the last decade of the investment. To build to any proper level, it is usually advised to invest and save with a 40 year time frame.
Wealth building protects offspring and family members from unexpected emergencies.
As the insurance lobbies for multinational insurance companies consistently beat upon the law making bodies of the world to destroy the regulations that would see them follow through on their promises to their constituents, it is in the best interests of all people to build up at least a small form of self insurance. Long gone are the policies of the past that paid for 100% of treatments; there is always some co pay or deductible to be taken care of first. Make sure that your health and the health of those that you love is not threatened by a lack of funds.
Wealth creation creates freedom.
If you have wealth, then you have no need to do things that you find distasteful for the monetary compensation. It is well known that the people who are able to align their financial well being with their passions in life are the happiest. Those who are unhappiest are those who are forced to work at jobs that they do not enjoy for a paycheck. Wealth can protect you from this type of life, and this protection can be passed on to your children as well.
This article was written by wealth creation experts, Chambers Investment Planners. Based in Western Australia, they have a dedicated team of financial advisers ready to help you meet your finance goals.
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