Seven Years to Seven Figures: Is It Really Possible?

Becoming financially independent requires a balanced system that is based on a multi-tierred approach:

• Increasing your income
• Saving most of that extra money
• Investing it in a combination of real estate, stocks and bonds
• Using your spare time (and some of your spare money) to start your own business

To get rich in less than 40 years, you have to radically increase your income.

Getting rich involves three components:

• How long you invest
• How much you invest
• What rate of return you achieve on your investments

How long you will invest has already been figured out: seven years.

How much you will invest is largely dependent on your income.

Pinch-save-and-wait programs are based on making small investments, which means they are based on the assumption that you aren't going to have a high income.

Theoretically, you can become wealthy by increasing any one of these three components. And so, theoretically, you could develop a seven-figure income in seven years just by getting a very high rate return on a modest investment.

For example, let's assume you and your spouse have a combined income of $70,000 a year (which is actually about $9,500 above the average). If you saved 10 percent of that, or $7,000 each year, it would take a return on investment (ROI) of 82 percent to reach a million dollars in seven years.

There is no investment I know of that can give you that sort of return.

Most financial planners will tell you that you can't reliably achieve more than a 6 percent or 8 percent ROI over any length of time. As I'll explain in future blogs, that is ridiculous.

But even if you calculate in the higher ROIs that I believe are possible, your average rate return on your savings will still be in the 15 percent to 20 percent range - hardly enough to turn $7,000 into a million in seven years.

To achieve a seven-figure net worth in seven years, it helps to get a higher ROI...but it is absolutely necessary to radically increase your income.

This blog will help you do just that!

[Ed. Note: If you're not happy with your financial situation, you're in the perfect position to change it for the better – right now. Ray has just released a special video that covers an online business system that you can use to start growing your wealth. To watch this short video, click the following link: http://www.raybuckner.com]