@grantcardone this is a fantastic article and sound piece of advice. You have hit the nail on the head. Society has led us to believe that we must save a small amount from the age of 18 to 65-70. Only then are we supposed to be 'Financially stable??' This is probably one of the biggest conspiracies of our time. How does this lead to us generating our wealth. It's fearfully worrying that the majority believe that the small % of savings they put aside is they're way to wealth.
To add too this article I would apply what you teach in 'Be Obsessed Or Be Average' & make sure you don't limit the investments you put into yourself. Make time work for you. Be open minded. Be curious. Learn from the best. Put in those extra hours in the office to become the top salesmen in your company...
Only then will you begin to start attracting the success and the small amount of investments that you put away for your so-called 'retirement' or 'rainy day pot' will be a pebble in the ocean to what can be achieved.
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Well, there's two sides to the coin..
I am a big believer for Dollar Cost Averaging. I think it's one of the most powerful concepts out there, if you have patience. However, at the same time, don't let that limit the fact that you can't make a sh*t ton of money either. It should be there for a fail safe. A certain percentage that goes off every single week of your income, that you don't even think about. Then just spend all your energy focusing on building that income.
I think combining the two is powerful.
Talk soon!
Hey @enazwahsdarb I agree with you. Cover all bases. I too have started a pension pot and a small portion of my monthly income goes into that. However, for me this is another revenue stream I have & I don't even know how much I have in it. I'm not trying to gloat by making that point, but rather emphasise it's importance. I suspect most people will only have the one savings pot, which they hope to get when they retire. But the reality is, when they do retire it won't be enough.
I've heard that the average millionaire has 7 sources of income. I don't know how accurate that is, but it sounds pretty spot on to me. @grantcardone maybe you can confirm this for me?
Lol I think @grantcardone has a few more than that.. But I do like that as a great template to start building passive income to become a millionaire. Just start with 7 small incomes, and build them up each and every month.
Awesome! You have just given me some inspiration, as you reminded me about this concept.
Talk soon.