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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 »


  • I don't think of myself as a poor deprived ghetto girl who made good. I think of myself as somebody who from an early age knew I was responsible for myself, and I had to make good.
    Oprah Winfrey
     

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