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But even making more money won’t solve the problem.
The billion. Bjorgolfur Gudmundsson went from billionaire to flat broke in one year.
He had a net worth of 1.1 billion. In 2008, Forbes even ranked him as the 1014th richest person in the world. That same year, after some bad spending choices, a down economy, and legal problems, Forbes re-valued his total net worth at 0 dollars. He later filed for bankruptcy and had unpaid debts of about 500 million pounds.
This is where step 2 comes into place. Step 2 make your money work for you This step is how rich people make money while they are sleeping. Because they have their money working for them.
Now when you make money, it goes into the bank, but instead of going directly to you, it gets redirected to this I box, we will call it your investment fund. Now what is supposed to happen, if you do it correctly, is that this will take your hard earned money and churn it into more money.
So now you have multiple streams of income. So if you get hit by a car and break your leg, you no longer have income from your job or business, but you still have your investments to fall back on.
A lot of people get scared when it comes to investing because they think I don’t have enough money to invest or I don’t know how. If you start off with just 3 dollars a day, and you invest those three days from the time you turn 21 until the time you turn 65, and you just try to meet the S&P 500 Index. Those 3 dollars will be worth more than $750,000 when you turn 65. So maybe that is some incentive to save your coffee money every morning.
And the great thing about compound investing, ifs that if you put in more money or invest at a more aggressive or higher interest interest rate. You actually make more money on your money, so your money grows a lot faster.
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DISCLAIMER CONT’D: I’m just a random guy on YouTube – do your own research! Jaspreet Singh is not a financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.