Mel Abraham says your savings rate matters more than investment returns for building wealth. You need to prioritize money for the future before spending on anything else, then build safety first and growth second once you hit critical mass.
the savings rate. This is the most important thing to driving your wealth. How much of the income are you putting to work for you? How much of the income are you putting to work for you? Wealth has to be a priority. Money comes in, it's got to go to the future first. The third aspect that you need to control is Your investment returns— what are we putting it in? And we can talk another time about the kinds of investments I'd put you in. Here's what I believe you need to do, is you need to start with safety first, growth second. If you're trying to hit a home run every single time, guess what? You strike out more often than not. So I want safety first, growth second. So we're going to get a foundation, we're going to get critical mass, and you're going to grow from there. And everyone's different.
