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Getting Rich Slowly and Retiring with Passive Income

Constant Investing Over Time

Put 10% of your money away each pay and do it consistently. This is not a rainy day account. No matter what life crisis decides to creep up and smack you in the face be sure you always put one-tenth of your earnings away.

This money is not to be spent, it must be invested. A good idea for those with an employer is to ask your payroll office to transfer a fixed (roughly 10%) amount into your saver account each pay. That way it goes unnoticed... by YOU

What happens?

Well, if you put $100 per week away in a regular savings account for 1 Year at 6% Interest you will have $5,357.91. Do that for 5 Years and you will have accumulated thanks to compound interest a whopping $30,308.82 !

Okay, is it possible to get rich from a compounding savings account? No.

$100 per week over 40 years at 6% return will compound to a total amount of $796,607. Having that invested will return $47,796 before tax. Yes, you can live a frugal life of that stream of income but how can we be rich? How can we live a life full of abundant wealth? Read the rest of this entry »


  • It does not matter where you are in life. Young or old, if you have savings or are deep in credit debt. It is never too late to assimilate knowledge, apply the principles learnt and start acquiring self-sustaining income streams to retire.

    The three types of income are:

    Active Income - Income for which services have been performed. This includes wages, tips, salaries, commissions and income from businesses in which there is material participation.

    Portfolio Income - Income from investments, including dividends, interest, royalties and capital gains.

    Passive income - Income received on a regular basis from a rental property, limited partnership or other enterprise with little effort required to maintain it.

    Passive Income can be broken down into two types - residual income and leveraged income. Read the rest of this entry »


  • My parents shared not only an improbable love, they shared an abiding faith in the possibilities of this nation. They would give me an African name, Barack, or blessed, believing that in a tolerant America your name is no barrier to success. They imagined me going to the best schools in the land, even though they weren't rich, because in a generous America you don't have to be rich to achieve your potential.
    Barack Obama
     

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