Most people strongly believe that rich people are heirs to wealth through the family lineage or winners of major lottery winnings. Financial Advisor David Bach disagrees with these views.
David Bach is one of America’s most trusted financial experts and has written nine consecutive New York Times bestsellers with 7million+ books in print.
Specifically, Bach believes a life-saving plan should be had in life. His plan starts from the fact that you are not rich at the beginning or at birth. However, over time, you can save $ 1 million by the time you are 65, Bach thinks.
The most important thing in gaining wealth is investing – the sooner the better – Bach claims. “Becoming rich is nothing more than a systematic savings and a good investment plan. You don’t need money to make money,” he writes in his book, “Smart Couples Finish Rich.”
“You just have to make the right decisions and stick to them,” Bach explains. To demonstrate the potential for enrichment, he made a chart showing how much money can be saved on a daily, monthly and annual basis. ”
The graph shows that with savings of just $ 2 a day, starting at age 20, one can become a millionaire by the time they are 65 years old.
The figures are a bit out of tune (interest, but not tax). The whole idea sounds like a good theory that is hard to put into practice. The point of Bahc’s theory is that with just a few dollars of savings a day, over a period of time, a pretty nice amount can be accumulated.