There is a belief among many in society that wealthy people are generally evil. The belief system goes something like this:
If you have a lot of money, it is due to a rigged system that keeps people down unless you are already wealthy and well-connected. The rich are hoarders of all the resources and take advantage of everyone who is not rich. The best the working class can hope for is that social security is around when you’re old. It’s not that great, but that’s all a working class person has got, right?
Well, I’ve got some good news for you. There is ample opportunity for the working class to build great wealth. The problem is as we grow up, we are not taught how to manage and grow our money beyond putting it in the bank. We are taught to be in comfort with consumer debt and that the best we can hope for is to make our credit card payments, car payments, and other bills. Much of the way the general public thinks about money leads them down the path of making banks rich and leaves very little for a household to build wealth.
Most people who become millionaires are in fact working class. “But wait, I bet they had extremely high incomes, right?” Wrong! Sixty-nine percent of millionaires never averaged more than 100,000 in household income per year. Thirty one percent of millionaires NEVER achieved $100,000 in household income in one year. Most millionaires are ordinary people that invested a percentage of their income throughout their working years and they wound up rich. It is not true that they are generally spoiled people who had it all handed to them as seventy nine percent of them received no inheritance.
If you invest $100 a month in an S&P 500 fund from age 25 to age 65, in normal markets it would be over one million dollars. The working class has power,. We often just do not know it. The average car note is about $400 a month for a used car and $568 a month for a new car. It is not uncommon to see cars that cost this much going down the road. If we as a people can find that much a month to put toward cars, we can build wealth for ourselves and those who come after us.
In order to improve your financial life, you must have the right attitude about money. If you are pessimistic and do not think you can ever make it, the odds increase that you never will because you will not seek out the knowledge to get ahead or you will reject it if it is presented to you. Being wealthy does not mean that someone is selfish or evil. It all depends on the individual, not the amount of money a person has. You must acquire the knowledge of how to make investments to grow your wealth. More importantly, once you know, you must put your knowledge to work. Knowledge is power only if you use it.
Are you ready learn how to build wealth? Contact us today to change your financial life forever!