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Days of our lives meaning a soap opera and the great issues noted on CD about men who live care free loaded lifestyles and the women that chase after them. It's all so dreamy! And quite unbelievable from where I sit. In the end I agree with you. For the most part, successful people (perhaps not those who live soap opera lives) are smart with their money, are smart in general, and marry equally smart partners.
There isn't really a need to spend that much a year until you get into the higher brackets. When you are making 5M a year the idea is to save up that money and then live off the interest. After two years, assuming you don't spend a dime you would have 10M and then with the average return of say 12% annual return you would have 1M a year plus your annual income to live off of/invest for more interest.
It is exponential.
There is a reason why the rich get richer.
Really? How do we know that? Some people earn $60K a year and only spend half of that per year because that 'isn't' a need.
You can save money at any income even minimum wage.
That does not mean 12% every year though. Markets fluctuate every year and the guaranteed bank interest is like 1% at the most.
Really? How do we know that? Some people earn $60K a year and only spend half of that per year because that 'isn't' a need.
You can save money at any income even minimum wage.
That does not mean 12% every year though. Markets fluctuate every year and the guaranteed bank interest is like 1% at the most.
That is my point. Rich people and poor people spend money differently and have very different views upon what is considered to be essential.
You can save money at any income but the truth is that unless you pick a lucky stock that you just so happen to be heavily invested in someone making minimum wage isn't going to be rich.
12% As an average. More is always better. Less is alright but you want to hit 12-15% to fight inflation and keep your assets multiplying. If you are rich you don't let your money sit in the bank. You invest it. A bare minimum would be the top 500 companies. Heavens.
Days of our lives meaning a soap opera and the great issues noted on CD about men who live care free loaded lifestyles and the women that chase after them. It's all so dreamy! And quite unbelievable from where I sit. In the end I agree with you. For the most part, successful people (perhaps not those who live soap opera lives) are smart with their money, are smart in general, and marry equally smart partners.
I know about that show. Sure, women may chase them but I am not sure how responsible they are with money. I have heard of big lotto winners who lost their money fast. I have heard of celebrities losing it all and also sports players. Small business owners who start from scratch tend to be frugal and become successful.
I know about that show. Sure, women may chase them but I am not sure how responsible they are with money. I have heard of big lotto winners who lost their money fast. I have heard of celebrities losing it all and also sports players. Small business owners who start from scratch tend to be frugal and become successful.
Yea, very true. My aunt was like the latter example. Very frugal woman as well as her husband. She made an ok income for a spell (~300k/yr + whatever he made). She didn't waste a dime. She vacationed and whatnot, but always went economy, always nickle and dimed it. Eventually, the two of them became wealthy. They're well into the millions now. It's inspiring.
That is my point. Rich people and poor people spend money differently and have very different views upon what is considered to be essential.
You can save money at any income but the truth is that unless you pick a lucky stock that you just so happen to be heavily invested in someone making minimum wage isn't going to be rich.
12% As an average. More is always better. Less is alright but you want to hit 12-15% to fight inflation and keep your assets multiplying. If you are rich you don't let your money sit in the bank. You invest it. A bare minimum would be the top 500 companies. Heavens.
They sure do. Have you read 'The Millionaire Next Door' and/or 'The Millionaire's Mind', 'Rich Dad, Poor Dad',?
At $60K a year, you can easily reach $1 Million with time and compounding interest. Depending on how much you invest each other and that does not mean investing in that one lucky stock.
I am pretty sure you know about diversification.
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