DID YOU KNOW? Warren Buffet who turned 89 this past weekend, made over 95% of his fortune after the age of 50 years. 95%!!! He only became a billionaire at the age of 56. Just like that $50 million house that sold in 2 days with multiple bids over ask, we tend to only hear the exceptional stories of those who make their first billion before the age of 25 in the media. The reality is that the vast majority of fortunes are amassed over the age of 50. The average person becomes a millionaire closer to the age of 60, and women hit this milestone sooner than men, under 59 years of age!
What are a few things you could initiate today to help you accumulate more wealth by this time next year?
- Set up automatic savings.
- Put your money in a high-yield savings account. Most basic savings accounts pay a very low rate. An extra percent can add up.
- Increase your 401k contribution.
- Analyze your monthly expenses and set a new budget that cuts out any excess.
- Do some after-hours/outside-of-your-routine work for 1-2 hours a week or month for additional income set aside purely for savings.