If you want to be a millionaire ASAP, fix these 5 things...
- Thread -
- Thread -
1. Your Job
Most people have 9-5 jobs and that great
However, thinking they are your path to wealth is a dire mistake to make
Sadly, most people over rely on this fickle financial vehicle
Here are the downsides of jobs no one talks about…
Most people have 9-5 jobs and that great
However, thinking they are your path to wealth is a dire mistake to make
Sadly, most people over rely on this fickle financial vehicle
Here are the downsides of jobs no one talks about…
Issue 1: You are trading time for money which means your income is limited
Issue 2: You lack control over raises and promotions
Issue 3: Raises and promotions tend to lag behind cost of living
The fix? Use excess cash from your 9-5 to build new income streams…
Issue 2: You lack control over raises and promotions
Issue 3: Raises and promotions tend to lag behind cost of living
The fix? Use excess cash from your 9-5 to build new income streams…
2. Your Emotions
We can all be victims to our emotions at times
Fortunately, it’s not all the time that they do impact our finances
However, more people than you think are affected and it can lead to dire consequences
Here are three emotions that are the most sinister…
We can all be victims to our emotions at times
Fortunately, it’s not all the time that they do impact our finances
However, more people than you think are affected and it can lead to dire consequences
Here are three emotions that are the most sinister…
Envy: Causes social comparison and overspending
Unhappiness: Causes overspending in the form of retail therapy
Impatience: Causes the inability to see new ideas to completion or play long-term games
Remember that you control your emotions, not the other way around…
Unhappiness: Causes overspending in the form of retail therapy
Impatience: Causes the inability to see new ideas to completion or play long-term games
Remember that you control your emotions, not the other way around…
3. Saving Money
Saving money won’t make you rich - there I said it!
Sadly, most people follow this widespread advice to no avail
This is just one of the many culprits of people’s financial stagnancy
Let me dive deeper with a startling example…
Saving money won’t make you rich - there I said it!
Sadly, most people follow this widespread advice to no avail
This is just one of the many culprits of people’s financial stagnancy
Let me dive deeper with a startling example…
If you save $20,000 a year it would take you 50 years to become a millionaire
In 50 years, with 2.5% inflation, that $1M would be worth just $300K
As such, stop saving and start investing
Invest in stocks, real estate, yourself
This is the path to wealth…
In 50 years, with 2.5% inflation, that $1M would be worth just $300K
As such, stop saving and start investing
Invest in stocks, real estate, yourself
This is the path to wealth…
4. Your Education
The average US college student graduates with $40K in debt
Most barely make this much out of school
Is formal education bad? No but few take precautions to ensure this investment works out
Here’s how to maximize its financial utility…
The average US college student graduates with $40K in debt
Most barely make this much out of school
Is formal education bad? No but few take precautions to ensure this investment works out
Here’s how to maximize its financial utility…
First, perform a cost-benefit tradeoff on any education you acquire
Determine if the income earned will outweigh the cost
Second, keep your skills up to date
The more value you provide, the more money you will make
Determine if the income earned will outweigh the cost
Second, keep your skills up to date
The more value you provide, the more money you will make
5. Investing
I just told you to invest but…
You need to invest smart
Most people throw whatever excess cash they have at meaningless assets
Sadly, this is why most people fail in investing
Do this instead…
I just told you to invest but…
You need to invest smart
Most people throw whatever excess cash they have at meaningless assets
Sadly, this is why most people fail in investing
Do this instead…
First, focus on low-effort investing (ex/index funds)
Most people don’t have the time or expertise to get rich picking stocks
Second, focus on income
The more money you have, the faster investing will make you rich
Combine the two and getting wealthy will be inevitable…
Most people don’t have the time or expertise to get rich picking stocks
Second, focus on income
The more money you have, the faster investing will make you rich
Combine the two and getting wealthy will be inevitable…
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