Postponing Your Wealth Journey Is the Biggest Mistake You Can Make

We all hear about the concept of a wealth journey yet it seems that are better at just listening and we rarely take any action. A wealth journey is less about knowledge and more about acting. Building wealth starts the moment you start saving that first dollar, begin budgeting, tackling down debt and start investing.

You do not have to do them all at once, but you need to start taking action immediately.

When it comes to wealth, time is the most important factor. The earlier you start, the more wealth you can accumulate down the road. To understand just how powerful it can be to save early, imagine that you are investing $100 per month with a yield of 10% per year. In 40 years, you would have invested $48,000 but your account value would be just under $600,000.

This shows how powerful compounding is and how important it is to start investing as early as possible. Your wealth journey starts the moment you begin investing. Each day you delay, you are denying yourself that compounded interest.

Another example that should convince you to start saving and investing today and stop postponing is, understanding how much $100 can turn into. In 40 years, $100 invested now, becomes $3740 if you get a return rate of 10% per year. If you decided to postpone investing $100 every month, each month you postpone, you miss $3740. That is a considerable amount of money that you will simply miss by just postponing your journey to wealth building.

On the other hand, there are many, and you might be one of those, that postpone investing because they lie to themselves that they cannot afford to invest due to their current financial situation. What seems to be the reality for most of persons is simply poor money management. Overspending, credit card debt, car payment, and not budgeting push you to live paycheck to paycheck.

Someone that want to start investing and understand that a wealth journey should start today and not tomorrow, will find means to save and invest.

It can start with small things such as canceling some subscriptions, getting a cheaper mobile plan, being frugal with electricity, getting a cheaper car, and many other things that allow you to save money. That saved money must be immediately invested. Money that you keep in a checking account will not produce anything and will depreciate over time. The moment you free up some cash, it needs to be invested.

This is how a wealth journey needs to start.