1 by user267754116

1. Lose your ego - A lot can be gained from losing the desire to be accepted by the elite, society or the Jones' next door. Most people can easily amass a fortune over their lifetime from what they would spend on new TVs, gadgets, cars, when the items they currently own are more than suffice. The hard truth is, if you're on a lower/middle class income, it's almost impossible to accumulate wealth if your spending money to keep up with the Jones'. If this is a problem for you, a focus on industry, independent thinking and frugality should be embraced; these are the true means to wealth and virtue.

2. Buy a used car 5-10 years old - The shelf life and quality of the automobile has increased dramatically over the last decade. Any auto built after 2002, if properly cared for, should yield several more years of driving. Stressing value and fuel economy, I particularly like the mid-2000s Toyota Corolla; at this time in the auto industry, Toyota was a runaway leader in quality and fuel efficiency. In Canada, I see several Corollas $4000-$7000 with less than 100k kilometers. I would also recommend a manual transmission, which generally is cheaper/last longer, and be sure to keep up with oil changes and maintenance to assure a longer shelf life.

3. Invest Regularly - Man is forever tempted by get rich quick schemes or the rush of a gamble. However, the real way to wealth is ironically through steady, slow and diligent investing. Sure, you could get lucky as a gambler and get rich, but the odds are not in your favour. Practically speaking, saving a small amount for the long term every time you get your income check is a great way to automate your savings plan. The benefits are mainly habitual; for someone who may not be very good at saving, it allows them to stick to a simple plan that is much easier then selective investing.

4. Realize Wealth Is Possible - Very simply, if you save $500 per month for 30 years and you happen to get the 10% return that stocks have had over the last 100 years, you would have a cool 1.1 million dollars of invested assets. 30 years seems long, but picture yourself in 30 years; now, wouldn't it be great if you had a