What it takes to accumulate wealth

This is a great article I would encourage everyone read it and tell every millennial they know to read it also.


I help people of all ages with their financial planning and sometimes people want to compare themselves to others. They will make excuses for not doing what they need to do with comments like “it is easier for so and so because his parents are rich and my parents were poor”.  I don’t like to compare individuals because everyone’s circumstance is unique and everyone is only responsible for their own plan. What I will say is that while there is no disputing the fact that somethings may be easier for the child to the extend wealthy parents give their children more money that is the least important thing they give their child in determining how well the child accumulates and grows their own wealth.

The most important thing they do is teach their child how to grow their own wealth along with leading by setting a good example. I know people that make lots of money every year and accumulate no wealth and I also know lots of people that make very little money that manage to accumulate wealth.

It all has to do with learning to pay yourself first. Anyone that practices that concept will accumulate wealth. I write these article because I want to spread the word that it is really easy to accumulate wealth if you just exercise a little self-control, consistently put money aside and then invest it properly. My Grandmother and my father understood the pay yourself first method and taught me that. Unfortunately they were not very good at investing and the only stock they ever owned was from employee stock purchase plans. I was lucky as investing was always an interest of mine and I had a knack for It. As soon as I turned 18 I opened my first brokerage account and bought my first stock. I learned at a young age the value of investing wisely and the importance of maximizing the average cumulative returns on your investments. I eventually taught my Grandmother and Father to invest in stocks and their nest eggs grew considerably faster over the years. So it is never too late to learn.

The earlier you start saving and investing the better and knowledge of this is the biggest gift many wealthy (and some not so wealthy) people pass on to their children. So the sooner you start the better, but starting late is better than never starting.

I like to think I taught my son well and I am confident he is doing a good job with his own financial planning. Some people would say “I taught him everything he knows” but that is wrong and I would have failed in my mission if everything he knows came from me. I did try and teach him everything I know, with the most important thing being have a plan, spend some time updating the plan and never stop learning. Now, he like many people I have helped over the years, occasionally makes me think of things from a different perspective and they even teach me a thing or two. Every teacher’s goal should be learn something from their pupils. It is good to talk to others and hash out your plans.


My articles are not intended to teach you everything you need to know but they are meant to inspire you to put together a plan. I hope you will help me to spread the word and spark interest because too many people do not have a plan in place. So if you are reading this hopefully you have started your plan or are at least realizing you need to start one. If you are older and just starting congratulations, but know that you can help the young people you care about by spreading the word about how important this is and the sooner they start the better. If you are younger and did not learn the importance of this from you parents, try to teach them the importance of this. It is never too late and the old can learn from the young. You probably taught them how to use their computer and smart phone so you can probably teach them about this also! Don’t be afraid of or ashamed to talk about money.

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