I recently read that less than 10% of millionaires have had their wealth handed to them.
Low right?! Absolutely.
The magic recipe to wealth creation… working and strategically saving and building wealth.
Sorry, I burst the bubble – there is no magic recipe however here are some key fundamentals that we see in a successful client’s profile.
- Prepared to make short-term sacrifices for long-term benefits.
- Spend less than they earn and direct a portion of income to smart investments.
- Avoid speculative get-rich-quick ideas/propositions.
- Remain consistent – not for a month or year; always.
- Make deliberate plans. Success is usually not luck.
- Have a robust ‘Plan B’ and emergency savings.
- Invest in advice from expert professionals – accountant, business adviser, solicitor, financial adviser, coach.
- Teach children to fish, rather than buying the fish!