How to start growing wealth in 2024
Investing in shares beats returns from cash or bonds. But it is important to start early and trade less
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HOW does someone become fabulously rich? I suppose some people become rich because they inherited wealth. Others become rich because they were in the right place at the right time. Then again, some become rich just because they struck it lucky. Anyone for 4D?
The truth is: We can all become wealthier if we follow a few basic rules about money that have stood the test of time. We don’t necessarily have to inherit it or be lucky. We just need a bit of grit and determination.
Cash versus shares
From a historical perspective, investing in shares has beaten the returns from cash or bonds. Let’s say we can achieve a nominal return from the stock market of around 8 per cent a year. That may not seem like much, but believe me, it is. For a start, it is better than the long-term returns we would expect from risk-free investments.
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