Which industries can turn someone into a billionaire
Saving - that is the credo of many Germans when asked how to amass wealth. But this financial expert relies on a different virtue.
Many Germans find it difficult to get rich. They believe that if you earn and save a lot, you can do it. But self-made millionaire David Bach disagrees. And he knows what he's talking about - after all, the American himself worked in asset management for 25 years.
Self-made millionaire reveals his secret of success
In his opinion, saving is a well-intentioned virtue, but that alone is not enough. Instead, the bestselling author ("Automatically Millionaire") now told Business Insider that a step on the way to wealth is even more important. "When they earn a dollar, most people pay the others with it first," said Bach. "They pay the landlord, their credit card company, the telephone company, the government and so on."
Interesting too: Use this ingenious psychological trick, make millions.
But they forget first of all "to pay yourself". Specifically, this means: As soon as it appears on your account, you can split part of your monthly income and transfer it to a separate (deposit) account by standing order. So come not in danger of spending it elsewhere. "This is how real wealth is built: By moving the money before you even had it in your hands", explains Bach. He is said to have become a millionaire himself at the age of 30 because he took this strategy to heart.
Find out here: This is how much money you should have saved by the age of 30.
Save the sum for yourself - and invest wisely
Advanced users can even go a step further and invest the sum in the stock market. ETFs are ideal here, i.e. passively managed securities funds that bundle several stocks from different industries. This spreads the risk widely. The The specified monthly amount is then transferred to a reference account and invested in units of the selected ETF product.
There are no excuses: after all, setting up a standing order via online banking only takes a few minutes. Which amount you choose is entirely up to you. You can also adjust these individually depending on your life situation (move, pregnancy, etc.). Or increase if you have made a career leap.
also read: 19-year-old infiltrates the US empire scene - he learned that from it.
Continue reading: Self-made millionaire gives up - that's the worst financial decision.
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