You have to decide what you want, and you must spend less than you earn.
Noel Whittaker has been on a mission to make money simple for decades, but this isn’t always easy. With a career spanning several decades, Noel has become a household name in the world of personal finance and investing.
In today’s conversation with Kate Campbell, Noel shares his thoughts on wealth creation, timeless investing wisdom and making money simple.
📚 Kate’s extracts from Making Money Made Simple
In this country, the average person needs only two things to become wealthy: the knowledge of what to do, and the discipline to do those things.
To successfully attain the goal of financial independence, you must buy into four basic principles:
- Spend less than you earn
- Take responsibility for your own future
- Recognise and avoid the major traps that reduce your wealth
- Get inertia working for you, not against you
Do you think you deserve this knowledge? Many people don’t. This often stems from low self-esteem and a feeling that because of a lack of ability – or because they were not born to a wealthy family – there is no chance for them.
Get used to delayed gratification. Have it today – pay for it tomorrow. And pay you will! Winners exercise discipline.
Principles of Success:
- Much of the glamour of wealth and fame is an illusion
- Discipline is the key to success in everything
- Life is about a lot of the little things that add up
- Everything worthwhile takes time
- Never stop learning
- Start today – but slowly
You need three factors going for you if you want to build up your net assets:
- Capital that has the ability to increase in value
- Time for compound interest to work
- A good rate of return to speed up the compounding process
We reap what we sow. In fact, it should be; we reap far more than we sow.
Few people fail in one massive, traumatic event – it is normally a succession of little things done wrong, or not at all, that builds up to a disaster.
To create wealth for ourselves, we have to make saving and investing a commitment instead of something we try and do with what’s left over.
