Why Save Yourself Wealthy?

The idea of Save Yourself Wealthy, in part, was to collect ideas for saving money.  Tough times require a more prudent outlook on life and so cutting back on some of the day to day bills is a sensible thing to do.  However, it was also inspired by an idea that I first came across in the book One Minute Millionaire by Mark Victor Hansen and Robert Allen.  They want to create 1 million millionaires and in their book they take you through some simple techniques that they have employed to create wealth.  But in the book there is a very interesting bit of information detailing how investing just $1 per day can create a million depending on how much interest you can earn on that money.  For example, according to Hansen and Allen, if you save just $1 or £1 a day it would take you 147 years to have £1 million if you earned 3% interest on that money.  If you could earn 20% on that money it would take you just 32 years.  So if you started saving £1 per day at say 33 years of age, and if by some miracle you could earn 20% interest, then at age 65 when you retire you would have a retirement fund, along with your normal pension of £1 million.  Fantastic!

Sadly I don’t know many savings accounts that would earn me 20% interest.  But I can get 7-8% with certain savings products which would still create a very nice pot of cash.  To increase that pot of cash I can try and save more.  For example can I double or even triple my daily savings from £1 to £2 or even £3 a day?  And so I am now looking to save myself wealthy by reducing my outgoings and re-investing that money to grow my wealth.  It would be nice to save a £1 a day and re-invest it.  To be able to do this I need to remove £365 of expenditure per year.  I want to keep a track of how I am doing and share some of the best ideas and so Save Yourself Wealthy was born.  We might not all want to become millionaires.  We might not want to re-invest the money that we save but I certainly feel better about keeping more of the money that I earn for doing the things that I want.  I hope to be wealthier by saving some of that money but if nothing else I will be a whole lot richer for doing it.

By the way if you fancy reading the one minute millionaire follow the link below.