Sat May 18 2024, by Tyler Gardner

Wealth BuildingFinancial EducationRoth IRAInvestingPersonal Finance

What Nobody Teaches You in School About Becoming Rich

Here’s what nobody will teach you in school about becoming rich:

1. It’s Not Sexy

It won't happen overnight, and anyone who tells you otherwise is trying to sell you a dream and take your money.

2. It Is Simple

Open a Roth IRA right now. Automate monthly contributions of $50 to $100 to that IRA, invest in low-cost index funds, and don’t look at it for 30 years. You’ll be all set.

3. It’s Not Easy

You can’t live the way you’re living right now if you want to accumulate wealth. Future consumption requires that you sacrifice current consumption. That’s the formula. That’s it. So if you want to spend it now, that’s great. Just don’t wake up in 10 years and wonder why it’s not there.

Understanding these principles can help you stay focused on your long-term financial goals. Remember, building wealth is a journey that requires patience and discipline.

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