Wealth doesn’t come overnight. With time, one can guarantee its arrival with the right choices. Sadly, many forgo millions by spending or under-investing every dollar that comes their way. If they had stored their money away in an aggressive mutual fund and let it sit for six decades, they’d be sipping on martinis at their second vacation home in Venice or somewhere.
The truth is that some of us don’t realize our potential wealth. Many have sneered in wealth’s face hundreds if not thousands of times. With the remaining $10 bill in their pockets, they opt to purchase take-out or head to the movies. That ten-dollar bill could have turned into $1,000 years later with the right investments. The rationale behind their under-investing is that they don’t have enough money.
There’s a conception that one must fall into wealth at once. It’s OK to keep slaving away until that “big break” comes. It’s OK to remain content in life and not change a thing. We’ll just wait for those lotto winnings, invincible inheritance money, great paying job, rich spouse, or gambling fortunes. However, some of the richest individuals on this planet came from absolutely nothing. Their massive wealth wasn’t acquired in a day. Instead, it was built upon bit by bit. Their saving grace was their continuous work on investments of their time, work, and money.
It’s become more crucial than ever in this down economy to be aggressive. Safe wealth is an oxymoron. Many risks can be mitigated with proper education, but any great reward has an element of risk. However, you’d be surprised what stocking away a dollar a day could do for your finances. And there’s no excuses because if you’ve given Starbucks, Coca-Cola, H&M, Budlight, Macys, the Gap, Apple, Marlboros, or any other stores over $365, then you HAVE had the money to invest in yourself.
There’s many breakdowns of simplistic investments gone sexy with time. This chart was featured by the “One Minute Millionaire” site, and we love it. It shows that depending on one’s risk tolerance, they could potentially turn their dollars into billions. Keep in mind that this chart isn’t reflecting just one year of savings but a continuous addition of investments over the 66 year period coupled with compounded interest.
A Dollar A Day Invested Chart courtesy of One Minute Millionaire
At Various Interest Rates For 66 Years
|Invest In||Interest||Amount Accumulated|
|(Hidden in a mattress)||0%||$24,000|
|(In a savings account)||3%||$77,000|
|(Certificates of deposit)||5%||$193,000|
|(Growth mutual funds)||10%||$2,700,000|
|(Aggressive growth mutual funds)||15%||$50,000,000|
|(Real Estate, businesses)||20%||$1,000,000,000|
|(That’s One Billion!)|
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