If you make by fixing problems, the more complicated the problem is the more money it’s going to make you. So they in my title are Wall Street, its businesses, its people who want to keep stupid when it comes to how to get wealthy. Because the truth about money is so simple, that anyone can literally work on it.
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1. The Number 1 Secret to Wealth building is Compound interest - 1
- We like to think that life is about 2 or 3 big moments that decide the rest of our lives
- No, life is about all the small decisions that compound and create the life you live now
- You're fat not because you chose to eat a donut last night, instead it's because you’ve been eating trash for a long time without working out
Compound interest secret: how much money do you have to invest to earn $4,000 a month
- To earn 4k a month you need about 1.2M in stocks ( at a 4% withdrawal rate )
- If you invest 50k today and $6 a day, in 30 years you’ll have 1.2M
2. Another Factor you have to Consider ( LUCK) - 2
- Millionaires are lucky, the poor in the US earn less than 11k a year ( would be considered wealthy around the world )
- Less than 10% of people actually become millionaires
- Most of these millionaires may just be rich on paper, equity and stocks, and so on
But here is an example of why luck plays a part in this:
- You invested 50k and $6 each day for 30 years, and now you have 1.2M
- Stock market crashes for the next 25 years
- Your 1.2 turns into 600k
- Where you stupid ( no )
- Or you became disabled
- Or had a kid who is disabled
- Or got sick
Theirs a level of Luck involved is my point
- But the more correct things you do
- The more lucky you get
3. Time -3
- Remember the average millionaire is in their 50s
- It takes a long time
- So what do you do in the meantime ( what do you do for 30 years or 40 years )
I have another secret
- The goal should not be to become a millionaire
- Your goal should be to become financially independent.
- You do that, by receiving more money passively than you need to spend
But my point is: be patient, these things take time
- It seems like everyone gets rich overnight
- But that’s not the truth
- That’s a few people
4. Living Below Your Means ( 4)
- I used to think being rich was about not having restrictions
- Turns out everyone has restrictions
- You have millions and spend it on the wrong things, you are screwed
- I bought a bunch of Pokemon cards as an investment ( sure )
Look:
- Money is important because we trade life for it ( time )
- The goal is to have enough so you don’t need to trade your life for it
- Spending more money will not give you fullfilment
Example:
- I have two income sources that make me about $2,200 dollars a month
- I only spend about $1200 a month at most
- I still have $1000 left over
- The less money you need, the better it is
5. Knowledge (6)
- You have to be lucky to be rich
- But it doesn’t happen by accident
- You have to intentional
Here are some things you need to Learn :
- How to budget
- How to spend less than you make
- How to invest for the long-term
- How to own a home
- How to make passive income
These are just 5 ideas
- But knowledge is worth more than money
- People with money and no knowledge don’t keep money for long
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
20 авг 2024
