With all the ads and short vids telling us what to do with our money, it is confusing to tell which direction we should go. Bitcoin, fakecoin, 401K, Roth, IRA, Index Funds, and on and on. This stuff never stops. It makes us feel like we are behind and tries to get us to buy into the hype we can get rich quick.
What needs to stop, is that we need to stop investing, stop listening to the hype, stop trying to get rich quick. Not saying it cannot happen, but before it can, we have to get our money straight up front. This will allow you to make smart decisions when you are ready to invest into your future.
Get your money straight from the start.
Before anyone goes after getting rich, you have to know exactly where your money goes on a monthly basis. There is no better guarantee of getting rich other than to know where your money goes.
If money goes to car payments, credit card payments and to BS purchases, your greatest asset is going to the wrong things. These things are worthless and will hold you back from sitting on the beach sucking in mojitos, if that is what you want to do?.?. Maybe you want to work the rest of your life? I don’t know.
What I do know, is that there will be a pile of extra cash you can put into getting rich if you cut out credit cards, car payments and any other random purchase that wasn’t planned.
From nerdwallet.com “The average monthly car loan payment in the U.S. is $729 for new vehicles and $528 for used ones originated in the second quarter of 2023, according to credit reporting agency Experian.”
$729 dollars seems ridicules, so lets use $350 dollars and see what that can turn into over a 25 year span. If you take half of the average car payment of $350.00 and invest it every month for 25 years at an average of 8% (which is low) return. You will invest around $105K and end up with $332k. Imagine you are average.
What would you do with an extra $300K?
I know what I would do with it. I would try to turn it into 3 million, but that is me. I have this insane burning itch to become a multimillionaire. It has been with me from the time I could think.
I can remember back when I was a little dude. I can’t tell you how young I was, but at an early age I told my mom I would have a house so big that she would have her own space to live. Fast forward 30 plus years and I still drive by houses that would allow me to do this. The problem, I am not there yet. But I am a hell of a lot closer than I was before, and I sure know an extra 300k would help be get even further closer to this goal.
Your goals will be yours and what you do with the money is totally up to you, but you have to start now to get there.
How to quit spending?
For me, I just have to pull the plug on things. I know this is how I operate and who I am. It doesn’t matter what it is. I just have to pull the plug. For you it might be something different.
You might have to start with paying off credit cards or debt you took on long before you knew what you were doing. Whatever it is, start today, know where your money goes and take one step at a time to become the richest version of yourself.
$350 bucks a month is about $12 dollars a day. One lunch, one dinner out per week. How about the extra visit to the gas station? What else could you cut. I guarantee if you look deep enough, you do things and buy things every week you really do not need.
If you feel like you are behind and not sure where to start, hit me up and I will get you on the right track. Helping people is where my heart lights up every single time.
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