The key to getting wealthy over a lifetime, even with modest income rests on three basic tenets:
1. Spending less than you earn.
2. Investing your savings in a low-cost index fund.
3. Starting very early. In you early 20s.
Consistently spending way less than you earn is the most important of the three tenets. It provides us our critical compounding raw material. After that, it is just a matter of how long the runway is (how many years) and the speed you’re going (rate of compounding). Savings is the most important of the three.