Want A Thriving Business? Focus On GET RICH SLOWLY!

Is it difficult to get wealthy? If you're young, no way.

It's entertaining to experiment with financial calculators and see what happens. Getting rich slow is the only optimal solution with less risk and can guarantee success.

Assume you've just graduated from college, are about 22 years old, and have recently begun your first professional job. If you deposit $100 a month into an IRA that grows at 10% a year, you'll have about $865,000 by the time you reach 65. If you put your money in a no-load S&P 500 Index Fund, you may anticipate a compound gain of approximately 10% each year.

So for approximately $23 each week, or $3.30 per day, you'd be on your way to becoming a billionaire.

You would have $2,600,000 in an IRA if you contributed the maximum $4000 per year permitted right now (increasing to $5000 in 2008). You might make a small fortune for around $11.00 each day.

If you didn't want to risk losing money in the stock market since it swings up and down, you'd still have over $600,000 if you could get a 5% return.

If your grandmother left you $10,000 in her will and you invest it at 10% for the next 43 years without adding a penny, you'll have more than $600,000 if you put it in a tax-sheltered account.

Compound interest and the passage of time are on your side. So, if you're in your twenties and want to become wealthy, do whatever it takes to put money into an IRA. Every day you waste your money by procrastinating is a day your money isn't working for you.

Most individuals in their twenties, on the other hand, need the funds for more essential purchases, such as new vehicles and HDTVs. You've got student debts to pay off, kids to raise, and a new home to pay off. However, if you prioritise your life and adhere to a budget, $11.00 each day is achievable, albeit you may have to make some sacrifices.

Consider the fact that the vast majority of individuals spend their life paying the price for borrowing other people's money. Other people are paying you to spend your money if you save and invest. It's a lot more enjoyable to see your money work for you than having to work yourself.

Consider the impact of your spending on your financial future. You might save $10,000 or more if you purchased a late-model used vehicle instead of a new one, depending on the type. If you put $10,000 in tax-sheltered accounts, it will increase to almost $600,000 by the time you reach 65.

Consider the same from the other side: the additional money you spend today on that new vehicle you must have will cost you $600,000 by the time you're 65, and the car will have been recycled into tin cans.

I'd probably purchase the vehicle as well, but it's important to think about the implications.

Slowly becoming wealthy becomes more difficult as you grow older. If you wait until you're 32 and save $4000 at 10%, you'll have approximately $975,000, which is still a good sum.

You'd only be able to save around $350,000 by the age of 42. If you start saving $5000 today when you're 50, you'll have approximately $175,000 when you're 65.

Everyone understands that Social Security will not provide a pleasant retirement. Even if the plan can continue to pay out indefinitely, which is doubtful at the moment, the money you get will be little and susceptible to taxes. And, although you may have a decent pension plan at work, will you be able to keep your present employment till you retire?

If you have a Roth IRA, you may take money out tax-free after you reach the age of 59 12. Imagine having a million dollars that you can spend tax-free. It will more than compensate for the little sacrifices you must make in order to become wealthy.

Start saving what you can immediately, regardless of your age. Even if you just save $100,000, you'll be ahead of the game when it comes to retirement.