Why This Is The Best Time Ever To Build Wealth
Some see economic recovery just over the next hill. It doesn’t look that way to me. Still, I’m certain that now is the best time ever to build wealth. Why? Because now is always the best time. Now is always the best time to start something good. Good things take time, and time is the one thing that is definitely limited. The sooner you begin, the faster you’ll get there. This is universally true, but it’s especially true when the goal is to build wealth. You can’t control the economy. You can’t predict the markets. You can’t ultimately protect yourself from disaster. But you can make yourself richer tomorrow than you are today. You get richer by making a little more and spending a little less. You can do that and you can do it today, can’t you? There’s always something you can do. Work an extra hour. Sell an extra widget. Start a partnership. Cook up a moneymaking idea.
Last week (in Message #515), when we were making New Year’s resolutions, I reminded you that every dollar you earn today is more valuable than a dollar you earn tomorrow — because of the value of compound interest. And in Message #468, I explained why every financially valuable secret you learn today is more valuable than it would be if you learned it tomorrow — because of the value of compound knowledge. I have a friend (whose initials I won’t mention here since he’s a new reader) who is very good at coming up with reasons why he should put off starting any new venture. Lately, he’s been telling me that he needs to wait for the economy to recover, his visiting relatives to go back north, his house to get more organized, etc. You can always find an unlimited number of reasons. But there is forever a diminishing amount of time.
Gary North (LewRockwell.com) says, “We always run out of time before we know it. We always feel short-changed when it comes to time. Where did the time go? We spent it; that’s where it went.” Some specific business ideas are certainly better delayed. (I’ve decided to put off buying an apartment house in my neighborhood because I’m convinced local real-estate prices will be lower next year.) But wealth-building action — taking positive steps to achieve your financial goals — is always best done immediately. Be cognizant of the times we live in — the slowing economy, the burgeoning debt, etc. — but be equally aware of the passing of time. Every day that passes is 24 hours of opportunity you won’t have again. Why not put a bit of that time to work for you right now?
[Ed. Note. Mark Morgan Ford was the creator of Early To Rise. In 2011, Mark retired from ETR and now writes the Palm Beach Letter. His advice, in our opinion, continues to get better and better with every essay, particularly in the controversial ones we have shared today. We encourage you to read everything you can that has been written by Mark.]