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Think you need a fortune tobuild wealth?
Brandon Galici, CFP and founder atGalici Financial, is all about consistent investing.
With that in mind, here are five ways to become wealthy by investing just $100 a month.
Alsolearn how speaking with a financial advisor can improve your financial situation, whether youre wealthy or not.
Start Early and Be Consistent
Time is your greatest ally when it comes to building wealth.
This kind of growth can only come thanks to compound interest over time.
The earlier you start, the faster youll be on the path to great wealth.
A healthy savings rate typically falls between 10% and 20% of your income, he shared.
At a 10% savings rate, youd be setting aside $625 per month.
Start by aiming to increase your savings rate by just 1%, he said.
Galici advised, Automating these savings can make the process even easier.
The end result will be that youre working toward your savings goal in a sustainable way.
The Power of Long-Term Investing
Here is where it breaks down intosome fascinating numbers.
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