Wealth Building Myth: You must have a high income to build wealth.
Wealth Building Fact: It’s not about your income, but rather what you do with your money.
$500 a month invested (at 8%) for 35 years is $1,146,940.
For the last seven years my salary has been less than $50k/yr but my net-worth has gone from $10k to $270k. You don’t need a high salary to build wealth.
To help give those numbers more context: My household income is 55% (nearly half) of the average for my town/county. Yet, in 7 years I’ve generated 50% of my cumulative gross earnings into net-worth.
Plus, generosity is really important to me. So over these last 7 years I’ve given back over 13% annually (over $60k).