The 4 Boring Secrets to Accumulating Wealth

financial advisor Brandon FLThe secret is that it’s all really common sense in your approach.

  1. Start saving when you are young. We all know this can be tough. Young adults often have student loan debt, want to buy their first home, and retirement seems like a looooong way off. Many of us who are “old” selves would love to be able to go back and tell our “young” selves to save money!

Here’s a great example of how to become a millionaire:


If you put away $230 a month starting at age 21 in an investment that averages an 8% return, by age 65 you will have over $1,000,000. That’s only $230 a month.


If you start this program at age 31, you will only have $456,000 at age 65. You’ll only end up with half! You’ll still have a nice chunk of change at the end. The point is that an extra 10 years of compounding can make a big difference for the end result.


*This is a hypothetical and does is not reflective of a particular or actual investment. It is for demonstrative purposes only.


  1. Don’t live to your means. Whatever you bring home a month in pay, don’t spend it all. You don’t have to have the biggest house in the neighborhood. You don’t need the most expensive car. You really don’t need it. In the book “The Millionaire Next Door” Thomas Stanley found that the typical millionaire lives to 80% of their means, drives an older vehicle and doesn’t live in the high end neighborhood. They are living life for themselves, not to impress others.
  2. Choose a career that pays well. I know, this seems so obvious. There are many fields that are very honorable but just don’t pay well. It’s a hard reality. If you want to be financially independent, it’s tougher to do with a career that pays only $40,000 a year as opposed to one that pays $100,000 a year. Come up with a game plan to get yourself where you want to be financially. Your career plays a big part of it.
  3. Pay yourself first. Make saving for the future a priority. Get an emergency fund in order. Save up for retirement.  These are the things that you will be extremely grateful for later in life. 65 year old you will look back and want to give 25 year old you a big hug and a thank you.

What is your plan to accumulate wealth?

Sharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management, and affiliated with LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Silver Key Wealth Management, a registered investment advisor and separate entity from LPL Financial.

Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, VA, NJ, TX.

About Edgar DeJesus

Edgar DeJesus, a Husband first and foremost who shares his life with his loving wife Emily and their pet Charleston(chocolate American Cocker Spaniel). Fellow colleagues recognize him as one of the top mortgage planners in the Tampa Bay market and a fellow professional you can count on, his clients love him for being their trusted advisor. What keeps this hardworking mortgage planner going is his pure passion to deliver an extraordinary customer service experience. The question behind his motivation is simple - What differentiates him from every other real estate financing professional? He answers the question by saying: On every mortgage I provide for a client I treat it as if I were buying or building a home for my family, consolidating my debt, lowering my interest rate, or improving my own home. I deliver no less than I would expect if someone were providing me with a mortgage and most important their want & need is my want & need. He also says it is not just about providing mortgages, it’s about building life long lasting relationships. Some of his favorite hobbies are spending time with his family and friends, playing golf, dining at steakhouses, & fellowship with others. Satisfaction for Edgar DeJesus comes from not only closing loans but rather opening doors. Receiving referrals from clients is a great compliment he can receive and the greatest compliment is to have clients repeat their loan experience with him. A great demonstration that he does not over promise and under deliver.
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