My investments these days include buying islands, penthouse suites and owning multi-million dollar companies. I could talk to you about that, but chances are, it’s not going to be very relevant to you.
Chances are, you don’t have the money nor the investing experience or the connections to be making investments on that scale right now.
Instead, I want to talk to you about the humble beginnings of my investing life, when I was at square one and only had $50 to my name.
If you follow these tips, you too can begin on the path to great wealth and move on to the bigger investments later in life. Watch this video to hear what I did.
FROM NOTHING TO $70,000
In my early adult life, I used to have a small gardening business. I would do small gardening jobs for wealthy homeowners, and I’d usually get paid about $20 or $50 per job.
I’d get paid in cash, and I’d usually put the banknote in my wallet. Then, I’d usually get tempted to spend the money on something, and I’d be back to nothing again.
One day, I decided to do something different. I got paid $50, and decided to put it in the pocket of a coat that I never wore and only kept in the cupboard. For the next several payments, I’d put the money into that coat pocket instead of my wallet.
Before long, I had $4,000 stored in my coat pocket. At that point, I decided to open up a high interest bank account and start it off with the $4,000. From that point onward, every time I got paid, I’d deposit the money directly into the bank account.
I was disciplined enough to feed the bank account every day, and never withdraw from it. The balance grew and grew. The next thing I knew, it was $10,000 and eventually $70,000.
RESISTING THE URGE TO SPEND
As well as the high interest savings account, I had another bank account that was linked to a debit card. I used this for everyday transactions, such as buying groceries, and I’d never allow more than $500 in that account.
The reason I set myself a limit on that account was to guarantee that I wouldn’t be tempted to spend that money on anything other than the essentials.
Most people don’t do this. They leave all their savings in their everyday transaction account, where it’s easy to spend.
By simply paying most of that money into a separate wealth account, you put it away in a place where it’s not as easy to access. Start doing this and it will help you become wealthy.
The MOBE Platinum Mastermind is where the most experienced mentors in investing and asset protection share their investment methods with fellow members. To learn more about the Platinum Mastermind, click HERE.