Compound interest is an amazing thing, but waiting for your compounded savings to reach seven figures can take decades ... even if you're getting excellent returns. That's why I'm not recommending a pinch-save-and-wait wealth program. Why? Because inflation, taxes, and time make it hard to build a fortune. Yes, those programs work well for college graduates and other young people who are just starting out, but they make no sense for baby boomers or anyone who doesn't want to scrape and save for 40 years.
In Chapter 1, I told you that when I was first considering the idea for Seven Years to Seven Figures I realized just about every million-dollar fortune I've made in my career was accomplished in fewer than seven years. That's true for all of my mentors, as well as most of the people I've mentored.
You have already heard my story. Now I'm going to tell you a little about their success.
Before we begin, I'd like you to spend a few moments contemplating a fundamental truth about wealth. This may already be obvious to you. But it wasn't always obvious to me—and it wasn't until I truly understood it that I was ready and willing to become wealthy.
The truth is this: some forms of wealth are limited. Others can be recreated. Natural resources (coal, oil, natural gas, etc.) are available in limited supply. Human resources (intelligence, creativity, and skill) are available in infinite quantities.
Most of the products of intelligence, creativity, and skill ...