Who's the Daddy: Here’s a tip on how to be rich
I’m going to make you rich whether you like it or not.
It’s not sexy, it’s not exciting and it’s not quick. In fact it’s very slow, it’s incredibly straightforward and it does take some effort on your part. But it works.
Okay, here it is. As soon as you start working for a living, save and invest 20 per cent of your take-home pay every month and when you’ve had enough of the nine to five grind (around 60), you’ll be rich beyond your wildest dreams.
If you earn the average UK salary it’ll be around a million quid. You think I’m joking? Run the numbers through the compound interest section of thecalculatorsite.com. Yeah, I didn’t believe it at first either.
Investing might sound scary but it’s less terrifying than working until the day you die.
I’m no Wolf of Wall Street, which is why I take advice from a wonderful independent financial adviser who picked out a handful of diversified funds within a tax-free (yippee!) ISA to invest in.
Don’t you think you should be allowed to keep some of your own money? Pay yourself first. Set up a direct debit that goes out on payday. After a while you won’t even miss it.
And if you think 20 per cent is unaffordable, it isn’t. Just stop buying stupid c**p that you don’t need and watch how your account doesn’t haemorrhage money every month.
Why don’t they teach this in school? Well, we all have our own theory and here’s mine.
Secondary schools churn out compliant workers conditioned to do what they’re told, when they’re told.
There’s even a bell that goes off every hour or so, which kind of tells you all you need to know.
And another thing, school isn’t all that. Employers generally couldn’t give a stuff about your grades. What interests them is what skills you’ve got that’ll make them richer.
The thing is, nobody told me this when I was young and even stupider than I am now.
I try and tell this to our daughters but they run off with their fingers in their ears shouting, “La, la, la, I’m not listening.” But I know they read this column every week. So, hello girls. Yep, this again.
Don’t you think you should
be allowed to keep some of your own money?