There’s one important point that I make sure to remind my readers of often because it keeps them on the path to wealth when they’re tempted to step out onto the sidelines.
The message is this: It’s absolutely possible to become a millionaire, even without a lot of money to start with.
And the key to turning a little into a lot is surprisingly simple.
Now, one hurdle to overcome is to not let yourself be “beaten” before you even start.
I’ve seen it happen. People fall prey to get-rich-quick schemes, fancy trading seminars, and all sorts of investing-related hooey that races across the Internet. Worse, they decide they’re only going to “lose” so much in the effort to line up big profits.
Building real wealth takes diligent effort, focus, and discipline. There will be ups and downs. There will be losses along the way.
But don’t believe anyone – even the voice inside your head – telling you that it’s not possible. You can turn a little into a lot.
The answer isn’t money. It’s time.
Let me show you…
There’s Always Time to Build Your Wealth
People tell me frequently that they’re starting late, that they’re uncertain what they can make with the time they have. They say they don’t have “time” when it comes to building wealth.
But I beg to differ.
It’s a valid concern. But it’s a not show-stopper.
Think back to 2001, when the late Steve Jobs promised “1,000 songs in your pocket” using a never-before-seen digital music player he called the iPod. Millions of people couldn’t wait to plunk down a cool $399 to get one.
Consider the alternative, though. Had you taken that same $399 and put it in Apple’s stock instead, you’d be sitting on more than $93,000 in Apple shares today.
Look at these even smaller time frames…
Apple Inc. (NASDAQ: AAPL) doubled last year.
Alphabet Inc. (NASDAQ: GOOG) has tacked on 190% over the past five years.
Amazon.com Inc. (NASDAQ: AMZN) has chalked up 1,760% over the past 10 years.
Each of the companies I’ve just mentioned could easily double in the next 12 to 24 months, barring a major market reset. There’s actually plenty of time.
You just have to know where to look.
The world’s best companies are creating wealth faster than at any point in recorded history, and the markets reflect that.
It took 88 years for the Dow to first cross 1,000 points – back on Nov. 14, 1972.
It only took another fourteen years to go up another 1,000 points – on Jan. 8, 1987.
Fast-forward to 2017, when the venerable index crossed from 24,000 to 25,000 in just 24 trading days from Nov. 30, 2017, to Jan. 4, 2018, the fastest 1,000-point run in market history.
You can buy a single share of any of the companies I mentioned earlier any time you want if that’s what you can afford. Ironically enough, Apple is trading at $322 a share (or $77 less than the original iPod) as I type. Alphabet is at $1,525 a share while Amazon is at $2,183.
Or, you can start by investing in a mutual fund like the Vanguard Wellington Fund (MUTF: VWELX), which offers you exposure to all of these names, plus another 41 holdings with high growth potential in the tech space. The initial investment is a low $3,000, and the expense ratio is an ultra-low 0.25%.
— Keith Fitz-Gerald
Source: Money Morning