How To Double Your Money (Here's What it Takes)
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- เผยแพร่เมื่อ 8 ก.พ. 2024
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Jeff Bezos told early investors that Amazon would not be profitable for at least 10 years. A lot of investors backed away but the ones who stayed got rich. Patience pays off.
Yes but did it just make them rich on paper? Did they get any cash flow from the stock in the form of regular dividends, or just an increase of stock value over time? They would have to sell shares in order to benefit their lifestyle.
The old saying was the fastest way to double your money is to fold it in half and put it back in your pocket😅
Haha I like that one
Can you explain it? Is it meant to say that there is no way to double your money?
It's meaning you can grow your money only if you don't spend it.
My mother did good in the stock market, conservatively. In her senior years she went to stock clubs and learned how to study stocks. She had no debt and had a pension, grew her nest egg late in life. I admired her.
Thank you for sharing this. I admire her. And stories like this. My father and MOTHER I got to be grateful for. I am learning budgeting now at 28 years old.😊
i am an orphan and widowed. what did she do, ''late in life, with her nest egg''?
Net balance in my Fidelity account has increased 5% in two months. This was accomplished by increasing 401k contribution to 30%, and major investors bailing from the EV development sector. Why did you think the legacy manufacturers are pulling back, besides they don't sell? Also save $1000 every month and keep @ $1000 available to use wisely.. This is on annual $32k gross. A debt free budget is the key.
I wish I knew the power of compound interest when I was younger and had a long runway to invest for growth.
Pay this knowledge forward and educate 5 young people about compound interest.
Im gunna let my nieces know about the whole investing world.
I find it fascinating when you tell people that slow and steady investing wins the race and you show them the math, they still think it’s not possible.
The baby steps 😊 it’s always the baby steps 😊 it’s great to hear it though in so many different ways 💜
Thank you Rachel!
Specific number goals are good though.
I can’t wait to get to that $100 goal !😂
''they wake up and they have nothing saved for retirement''
''failure to plan on your part is not an emergency on my part.''
It is not waking up and discovering that you have nothing saved. It is a life choice. Most people want everything now and feel they are entitled to have more. I have always dreamed of owning a Porsche 911 S but said that I would not buy one until I had at least $1 million saved. After I passed that milestone I said wait until I have $2 million saved. Now I am pushing it off until $3 million. Pretty soon growing your money becomes more of a priority. I guess that I may never own the Porsche.
Thanks. The apple does not fall from the tree…..you are blessed by a smart parent……wish we could clone this information to the country….Live below your means 🇺🇸
Nice video 😊
Every situation is different. Thanks.
This! 👍🏻
Yea surprised they didn’t say pay cash for a house too
@@austomarvinthey don’t believe in that. 😂. You obviously have never actually watched he’s them much
And discipline
Nice outfit ❤
Fold and put it back into your pocket.
Do you factor in the value of your home when calculating net worth?
Yes. You take the value of everything you own and subtract all you owe and this gives you your net worth. Maybe google.....how to calculate net worth... and that will give you lots of into.
Everything material you own and you can sell for the money is your net worth.
The advice is sound for those who can afford to do these things. But in the real world, it’s already a struggle.
It isn't always easy, that is why it is baby steps. Being aware of where your money is going and how much helps. Once you are debt free and living within your means, invest something then increase it gradually. Calculate what 15% of your income is and shoot for that. If you work for a company with a 401 K put money into it so you get the employer match. Even if you put $25 a paycheck into an account that earns interest, like online high yield savings accounts, over time the interest adds up, and you can gradually increase that amount and open a Roth IRA, then invest that money to get higher yields.
You call a car a deprecating asset. If it deprecates then how is it an asset? I was taught that is a liability. Please explain.
It's a libility in the send that it doesn't bring or make you money. However, it's a depreciating asset because it still worth something, and over time it's worth less the more time goes and used.
The way I understand an asset is something you own. So a car is something you own (if it's paid off), but it loses value over it's lifetime (depreciation). If you still owe money (have a loan) on that car then it becomes a liability to you.
A liability is something you pay on, a paid off car may be going down in value but it’s still there and won’t completely ever disappear
A car is a liability becAuse it depreciates value unlike a house and lot which appreciates value overtime.
@@missgui4400In pure accounting terms, a car is an asset. Most tangible, fixed assets have a depreciating component to them. In short, an asset is something you own.
A liability, in this case, is the loan to acquire the asset (if any).
Your net asset value is the car value less the liability.
The home you live in is way over rated in the individual's net worth calculation. It is alarming how much people have tired up in the homes they are living in, and no liquidity. All eggs one frozen basket/asset class.
Wow great information if i was 45 yrs old im to old now I've mist compounding time i haven't got
You still have 20-30 years of compounding. You can still double your money 3 or 4 times.
True and you can always leave it for inheritance for your children or family or friends or other beneficials, maybe charities.
So only pay cash for everything and if can afford a car in cash well maybe you can go get a little tikes
I was thinking dave ramsay and Rachel
My wife doubled her money when she started dating her yoga instructor.
Oh boy….. That’s terrible.
Pay cash for a car. Do you know what a car costs nowadays? The used cars are just as expensive.
That’s why you plan for a new one as soon as you buy your current one. Always have a sinking fund for a new car (well a new used car).
Stop complaining. My car cost $3,200 in 2021. It had a lot of damage, bought it salvage. The mechanic said it was in good shape under the hood, so I bought it. It's the most mechanically reliable car I've ever had. It's damaged on the exterior, but it gets me 37mpg on the highway and about 30mpg in the city. It's been a fantastic investment.
please translat in urdu idont understand some thing
📝 Pay off those debts, build up your savings, start saving to buy a house, start investing into retirement…
"Your car is a depreciating asset." No it isn't an asset. It's consumption. When I write the check for the car, that's it; the money's gone.
Some people define assets as anything you can sell.
I do have a very small portion of debt and can pay off automatically!! My credit cards give me an allowance of approximately 13 thousand dollars and if I was to charge that much I could pay off automatically the next day if I wanted to
I’m sorry, are you suggesting saving for a house before beginning to save money for retirement?
You need your house before you get retired, so... yes! You can always sell your house if you need money in retirement if you don't have savings.
They talk about choosing the best thing for you financially based on your individual numbers. Will it take 2 years to save for a down payment, that's probably fine to drop investing. If you need to save for 5+years to make a down payment, you need to be investing along the way too.
U r my favourite
Real estate! We put 0% down and sold 6 years later and had $250,000 in the bank. That was every payment with taxes, insurance, principal and interest back 2x over plus some.
It's depend on country. Here in Europe real estates drastict changed value since last 2 year, we buy luxurious apartment in popular ski resort on mountain in 2021., Now we can't sell it for half of price we payed. If we only knew... It' s big fluctuation with prices for real estate in Europe right now.
Yes but having a house in a 401k that are worth a million dollars is not the same as having a million dollars of income. Increasing cash flow should be the measure of wealth. You can be land or house rich on paper but no income from those assets. If you lose your job, and use up your emergency fund, you will have to sell some of your "net worth"assets to live. Go for investment income.
Yes!! This point frustrates me too. “Net worth millionaire”. I share your thoughts, you still need cash flow and if they sit on the property it’s not doing anything in terms of generating income unless the person moves to a less priced property. Then there are studies reflecting flatline for houses, no real appreciation due to inflation. AND, what about the total cost of a home considering interest. On average the cost of a home is 3 times that of its original cost when interest is factored in, without considering maintenance expenses. I wish “experts” would talk more about those aspects.
In the Ramsey universe being a millionaire is being housed in landport with a net worth of a million dollars but no income. When most other people out in the world think about being a millionaire they think about big cash flow that they can spend. This usually requires building a business that creates cash flow that can then give you the money to diversify your investments or increase your lifestyle. That's what I think of when I hear the word millionaire.
So what is your suggestion?
Yes you are right! How can you do all this on a 50 or 60,000 year income. You can't afford a house or even get a mortgage where I live.
You can where I live in Ohio 😊
So better buy a house or invest those 100k for 6% dividend return and grown 8%. I say invest always better.
I doubled my finances by taking on more cheap debt, and investing in ETFs. Remortgage at 3% to earn 9% in the market? Yes please.
Wish I would have seen this video 18 years ago
True girl. And Girls👗🎤😜🎩🌹
In the real world most people just surviving. They not saving nothing, not even their 401k!
True! That's why she says be intentional with your money. Most of us don't start out by mapping out exactly how much we get and exactly where we want it to go every month. When we're not intentional, it makes it even easier to impulse buy!
No one is paying the house off in 12 years/SMH
But I do think it’s good to be debt-free /also buy a house
And save for retirement
1 and a half anything is possible 😊
If they don’t have any other debt and can pay extra each month then it can be done.
A house will certainly not double your money 😅
In 20 or 30 years.
@@brandonchase1977 😂
I bought my house 12 yrs ago for $125,000, now it is worth $396,000. I lucked out.
Our home has more than tripled in value in 15 years. I wish it didn't because all it does is increase taxes and homeowners insurance, but it has!
Buffet
How to double your money invest in scmi and nvda
Crypto!!
Dave’s mythical average 12% stock return doesn’t mean that a retiree’s portfolio grows by 12% per year. If $1 million invested in stocks falls by 20%, you now have $800,000. If it rises by 25% the next year, you’re back up to $1 million. The average return of -20% and positive 25% is 2.5%. But you still only have a million bucks. Your actual return was zero.
If GOD wanted me to have patients, he would have made me a doctor. We are working on our second million. We gave up on the first...
Rachel, it was distracting to see you looking above us as you spoke. Good points made, but I just had to listen.
Do you mean the in out in out of the camera angle?
@@affordableliving2756, no, the way she didn't look directly into the camera at us. I understand that it has been a practice for years to use a camera to the side while the speaker speaks to another camera, but what Rachel did looked like what a nervous speaker will do-look just above his audience's eyes instead of making eye contact.
Good grief!! Picky picky!
@@britchesmom, LOL, bless your heart!
Most people don't have money like you and your dad they can't pay cash for a car
Can never could unless they tried. If you save what would be a car payment each month then when you need to buy, oh would have the cash to do so. It’s really not that complicated of a concept.
What is your secret ? How come you don't age ?
Get to the point.
What if you have a house first and debts comes later LOL