First all its very possible to double your money every year for about 5 years really, after 5 years it gets a little harder. Now as you guys know, I’m the most boring on RU-vid for a reason, I’m not interested in magical ways to get you guys to risk your money and then say the video is for entertainment purposes and I’m not responsible although I’m not responsible.
So these methods I’m going to give you, are very boring ways to double your money fast and by year 5 you’ll have about 16kk and if you can do for 10 years you’ll have 512k ( I told you it’ll get very hard ) compound interest is not a joke
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1. The rule of 72
-This is a very simple rule
-It tells us based on our rate of return how long it’ll take us to double our money
-And all you have to do is divide 72 by your rate of return
Here is are some common rate of returns:
-S&P 500: about 11% ( which is about 6.5 years to double your money )
-Real estate: 10% ( not including all the cost ) - ( 7.2 years to double your money )
So the question is:
-What the heck is going to give me a 100% rate of return every year ( the answer is You)
-When you were born up until 18 for most of you guys, you made 0
-Then made minimum wage
-Then made double or triple that in a few more years
For example me,
-My first job made me like 4-5 I think an hour
-Then my second 8
-Then my third 10
-Then 13
-Then 8k per month
-Then 10-20k per month and so on
2. So here is the important part of this strategy
-The most of important number is the figure we start with
-the second is: what we’ll do double the money and the time it’ll take and the cost also
-third: patience
Here is a scenario:
-we want to double $1000 a year doesn’t sound like much but by year 5 its 16k and by year 10 its over 512k
-most people will never touch 1000 or 16k or 512k
-so consider this awesome and use this as a baseline not a concreate rule
3. Strategy is simple
-First How much do I make per month ( lets say minimum wage which is usually 2k per month ) and you work 160 hours a week ( average hourly wage before taxes 15 bucks )
-Second: lets say you a side hustle after work and you spend 4 hours on it, Monday to Friday and 8 hours on Saturday and it pays you $10 bucks an hour ( extra $1000 per month before taxes )
Here is the game :
-You need to save about $3 a day for your first 1k that year
-But you’re making an extra 12k a year ( if you use that money to go to get license, or a trade job or a degree for the first year or 4 years )
-You can make an average wage of 65k with a bachelors degree for example ( in 4 years, you have 8k saved and a salary of 65k aka 2.7 time more than you made before )
Now here what happens
-If you live on 24k and invest 41k a year and keep the side hustle for an extra 12k a year that 37k a year you can invest ( over the remaining 6 years you would have about 480k)
-Now I didn’t count you getting a raise, you having your own property and so on
-The real point of this is to say, the best investment you can make will be in yourself
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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.
11 сен 2024
