The greatest lesson I have learned about creating wealth is that you need to take massive action if you want to build wealth.
But what I have found from my experience is that: taking action on your wealth building plans is easier said than done.
The truth is that most of the time you fail to follow through on your wealth building plans.
One of the biggest reason people fail in creating wealth is procrastination.
Procrastination is the “thief of time” says an anonymous proverb. Procrastination is also the thief of money
The secret to overcoming procrastination is to take massive action.
Why is procrastination a huge obstacle to your future wealth?
Because the secret to creating wealth is to start saving and investing your money early
So if you want to build wealth you must take a long-term view about building wealth.
This means that you must do all you can to manage your money in such a way that it aligns with your long-term plan of creating wealth.
Why? Because the greatest force you have to accumulate wealth-compound interest-works over time
In an article by www.getrichslowly.org, the best way to secure your future wealth is to start saving today.
The more you delay on taking the action on building wealth the less likely you’ll ever build wealth.
That is why you hear stories of ordinary people who started saving and investing at a young age become millionaires at their retirement.
On the other hand, you also hear of high earning professionals and celebrities – who are supposed to be wealthy file for bankruptcy
Why? Because they did not start saving enough and did not accumulate enough money for retirement. They allowed procrastination to rob them of future wealth.
In his book The truth about money, Ric Edelman asserts that the time value of money is important in accumulating wealth.
He told a story of 2 siblings who saved in the same IRA account starting at different times.
The first sibling started saved $4000 over eight years and stopped. The other sibling started later and saved $160000 over 40 years.
The difference between how much money the 2 siblings earned at retirement was astounding.
The person who saved money for only 8 years in the same IRA account earned $224,961 more than the sibling who started saving later.
This shows how compound interest can work in your favor. That is if you start saving and working on building wealth early.
When you procrastinate on acting today on creating wealth-you are killing your opportunity to build your future wealth.
The good news is that you can start saving and investing today. There is no better time to start your journey to wealth than today
All you need is make up your mind you and take action