The 3 Time Tested Methods to Attaining Meaningful Wealth
After almost 20 years in the Wealth Management business and hundreds upon hundreds of discussions with affluent families, we’ve uncovered the three time tested methods to attaining Meaningful Wealth in America. You won’t ever read about these in Newsweek, or hear about them on CNN as they are hardly newsworthy. The truth is, despite millions of Americans waking up early and staying up late in search of real wealth, people often approach their quest without real intention or desire. So, without further ado, here are the three time tested methods to attaining meaningful wealth:
Yep, that’s right. It’s what everyone thinks about and “hopes for”. Pretty easily done too…Inherit it. Based on recent studies by Dr. Tom Stanley, author of The Millionaire Next Door, about 20% of American Millionaires attribute their wealth to an inheritance. Of all three methods, this is by far the easiest and requires absolutely no work by an individual aside from possibly being a respectable child. However, one can neither control nor count on this with any level of certainty. Therefore, let’s see if we can take more ownership of our financial future with Methods 2 and 3.
The American Dream. Land of the Free, Home of the Brave. Recent data from the Small Business Association of America states that less than 10% of Americans own a business. The study goes on to demonstrate how difficult business ownership can be, with almost two-thirds of all businesses failing within the first 10 years. However, for those businesses that survive, real wealth is attainable. According to Dr. Tom Stanley, just over half of American Millionaires attribute their success to owning a business. If you’re up for a wild ride with no sleep, long hours and can handle the near 70% failure rate, this may just be your path!!!
Well, if we’re not lucky enough to inherit our wealth, and it’s not in our cards to own our own business, then we must rely on our own “Super Powers”. What’s that you say?... “I don’t really have any of these so-called Super Powers......”. Well, I wholeheartedly disagree. Everyone has the ability to be a “Super Saver”. The third and most often overlooked method for attaining Meaningful Wealth is to be a Super Saver by saving 25% of your income. That’s it. Simple really. Whether you’re the CEO of Starbucks, a nurse at a non-profit hospital, a renowned heart surgeon, a cook at a downtown restaurant, a partner in a thriving law firm, or a barista at a coffee shop, by saving and investing 25% of your income in a disciplined manner, it can go a long way towards the creation of Meaningful Wealth over time!
This method is so basic, and the beauty is that it’s entirely within our control. By saving 25% of your salary, and doing so over a long-period of time, one not only develops a “savings discipline”, but also instills a “spend rate awareness”. Albert Einstein once said that compound interest is truly the eighth wonder of the world. As such, if we combine the idea of living within our means with the power of compounding, Meaningful Wealth is well within our reach. Why not check your own math and see.........ARE YOU SUPER?