In 2018 I read the remarkable story of Sylvia Bloom, a frugal legal secretary in America who passed away leaving a phenomenal $9million fortune.
Sylvia worked a regular administrative job with a modest salary, yet she made herself a millionaire.
What Sylvia’s story shows us is that becoming wealthy is less about earning a lot, investing at high risk, inheriting a fortune, creating an empire or just being lucky.
It is much more about taking a purposeful, consistent approach to spending, saving and investing and making the most of the most valuable resource we have, time.
Sylvia was in her nineties when she passed away and had worked for 67 years, granted this long time horizon certainly helped her amass her fortune (much of which she left to charity to provide scholarships for children in need) but living to a ripe old age would not have mattered if it wasn’t for the fact she started investing whilst a young woman and built a consistent, savings and investing habit that she maintained throughout her life.
She invested regularly, making self-taught savvy investment decisions and she had begun this back in the 1940s, before the wide scale availability of financial information or the internet. Whilst she lived frugally in a small apartment and didn’t “upgrade” her life to a larger home or expensive possessions, she and husband spent on things that were important to them, trips away together or nights out to the opera.
I love this story because it shows us wealth creation is in our hands, and there isn’t a magic or elusive secret, other than consistency.
I’m not advocating that we all save up to be millionaires when we pass away, the other side of this coin is to enjoy and shape the life you want to live, but we’ll cover that another time.
So if you’re reading this and you’ve not yet begun saving or investing, start today and repeat, consistently.
Consistency brings success.