Do you know there is a formula for building wealth? It is not a secret but not everyone knows and uses it. They say success leaves clues and the evidence that this formula works is demonstrated in the story I reference in this article. So, not to keep you in suspense, here is the Wealth Formula:
Money x Consistency x Time x Return = WEALTH!
This formula is more of a principle or law and it works on any budget and at any stage of your wealth journey. It trumps every excuse and proves every lie we tell ourselves false.
I am going to share the story of Ronald Read that made headlines. Click 'Read the Story' above to read the story later.
Ronald Read was a janitor and gas station attendant who became a MULTI-MILLIONAIRE! No, he didn’t win the lottery. Ronald being a low-income earner could have used any of the myriad of excuses we give ourselves:
My paycheck is not enough
I have too many bills
Life isn’t fair
I wasn’t meant to be rich
Blah blah blah
Ronald obviously believed he could and did exactly that, become a millionaire!
Money and Consistency
From his modest income, Ronald invested money not occasionally but consistently. I imagine he decided to allocate a portion of each paycheck to investing and forgo some instant gratification for his long-term success. I encourage you to invest/save first and then spend the rest. In other words, prioritize investing from each paycheck. Decide and take action.
Time and Return
Ronald was not in it for the quick wins but knew that investing was a long-term game. He held on to his investments for the long-haul, riding out the ebbs and flows in the markets going for stock appreciation and dividend yield.
In his story you can clearly see the Wealth Formula at work as Ronald Read, on a modest income, consistently invested over decades in blue chip investment that offered growth and yield. He created a multi-million-dollar portfolio and proved that by consistently investing money - on any budget - for a good return over time you will create wealth. Ronald chose stocks as his wealth building vehicle. There are a variety of investing options or vehicles, choose yours.
If Ronald can do it, you can do it too!
To find out more about getting this formula to work for you and some options for investing, get in touch!
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