To Become Wealthy

We have everything in place from the previous blogs to move forward and start accumulating assets! These will be generalizations to the road to riches and we will get into specifics of each avenue in future posts. A) Time is your biggest alley to saving and with that comes compounding interest, also
knowing your time frame will tell you how much to be put aside each month, then we look for investments that payout 6-8 % as the historical inflation rate has been 3%, so easy math; so depending on how many years we have the ratio could be 60% stock/40% bonds or maybe a 50/50 split. If you have a big window maybe do margins if your in the 20-30 age bracket and have the tolerance for risk  B) Boost your savings in your RRSPs to save taxes paid to the government and if your employer matches up to 50%......well there is nothing better than investing with someone else's money lol  C)  Increasing your income; hard to find a higher paying job so maybe work part time on the weekends or start a small company on the side to generate more cash  D) Real Estate; you know my opinion on house ownership with my past blog, but the 'X' Factor is location, location and did a mention location hahaha, so do your homework on this subject.  Also look at buying flats/duplex's so you can live in one and rent out the others and take advantage of your 'sweat equity' for some repairs/cosmetics around the property while your renters are paying down your mortgage for you.....nice!!