To get started in 2021, a friend of mine sent me a link to a video of mine that was posted exactly 10 years ago just to show how much I’d… matured.
After a great laugh at my expense, I couldn’t help but think how valid the message in the video was today.
Having a high salary doesn’t ensure you are going to be rich, but it sure can give a smart investor a good head start.
The important thing to remember is to form an investing habit, no matter how much you earn. Even by investing a few dollars a week, the mere act of making that conscious investment will help your mindset in the future.
Most people think that if they could just increase their earnings, then they’d have enough to invest. Unfortunately, that’s not the reality. For most people, as their income increases, so does their spending.
If you earn more, you can eat at nicer restaurants, buy a nicer bottle of wine and even drive a fancier car.
Then in five years time, when January 1st rolls around again, you find yourself sitting around thinking… “if only I could make more money so I could invest”.
The key to building wealth is to use part of your salary to buy appreciating assets. Then you can use the money that the assets create, to create even more assets. It’s called compounding.
This is exactly how I got started in property. When I was younger I put everything I could into buying property because I knew in years to come, that the investments would pay big dividends.
It’s simple, but it’s not easy. I can break it down into three steps:
2. Get started
3. Stay the course
For me, all my goals around creating assets were based on property. At worst, it was always going to be a “forced savings” plan. It was a simple plan and I didn’t have to think.
What’s your plan?
Jump onto one of my social media pages and let me know!
Of course, if you want to have a confidential chat, you can always click here to book a free 15-minute confidential chat with Luis.
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