You know I’m not going to let you go on this one. Here’s a harsh reality: it’s very difficult to make millions by just doing a regular 9 to 5 job with modest increases in income and investing your money on the side in an interest-bearing account or through other financial vehicles. The old-fashioned pinch, save and wait approach, won’t get you to millions in a short time period. It’s similar to the problem that serious debt can cause—it can be very difficult if not impossible to get out of deep debt working with what you currently have in fixed income. You must find new ways to tap greater sources of income to clean up your financial house quickly. You must “un-fix” your income.
We also just saw in the examples above how it could take decades to reach a million. Yes, compound interest is amazing but it won’t win on the race track against someone who’s got premium fuel in the tank thanks to the blessings of a high, unfixed income. You are constantly at the mercy of how much you have to invest as well as how long you have to invest and the rate of your return. You are also at the mercy of inflation and taxes, both of which can ruthlessly filch your hard-earned dollars. Rates of return and time are not so much in your control as is how much you have to invest. And that, as you can predict, relates directly to income. Unless you can substantially increase your income or, in a perfect world, break free from a fixed income, you won’t get rich in the near future.