One Simple Strategy to Make you Wealthy

What’s a starter home today for a Millennial?

Used to be whatever you could afford. A duplex where you live in half and rent out the other half is a good start. Or likely you rent for a long time till you build up a downpayment and then buy that duplex.

But not today.

Today a starter home is whatever your parents can “help” you buy, and you aren’t settling for a rundown duplex. In fact, in some cases parents are moving in with their children, paying for half of the home to “help”. According to the Globe and Mail article published this week, over 1 million Canadians are doing just that.

But it’s not “helping” the children. It’s feeding into the Bad Parenting that started a long time ago.

Children get what they want when they want it. The word NO is never used.

What is the one thing that will make you wealthy? WAIT that’s right WAIT and from the BEES little things become big things.

Let’s say you are in a starter job making $20/hour. You can pay your rent and keep your head above water, but at the end of the month you only have $250 left. You decide to get another job. A full-time job to work another 40 hours a week. It will add $2,500 a month of take-home pay for your family.

But let’s say you do this for 20 years. You invest the $2,000 each month. The other $500 goes to help with the household costs. What happens after 20 years?

You have about $1.36 million dollars. If you take the entire $2,500 and invest it, you have just over 1.69 million dollars.

Work hard for 15 years and you have $968,000.

Someone who is 30 today, would be able to easily retire at the age of 45, living from the income that $968,000 will generate. If you just do this for 10 years, at the age of 40 you will have $495,000 or just under half a million dollars. 

But over 99% of humans would never WAIT 10 or 20 years to achieve true wealth.

Millennials almost never will WAIT. They have never had to and bad parenting long into adulthood means they never will. Want a monster starter home? Don’t wait, just get mom and dad to pay for it.

It’s a tragedy really. Bankruptcy is just around the corner. Are you able to WAIT to be wealthy?