Rule #1: Start investing NOW! Don’t think you have to wait until you have a lot of money to start investing.
Rule #2: Automate! Take a percentage of what you earn/own and it goes straight to your investment account. UPS driver did this, never earning more than 14k/year, saved 20% and is now a millionaire.
Rule #3: Dispel the Myths: Don’t trust other people to handle your money. You need to know the insider stuff. Invest in an Index, which is where you get a piece of all the largest companies in the world and will cost you almost nothing. Warren Buffet says when he dies, 90% of his money is going straight into ‘the Index’. S&P or Vanguard. It will cost you .17 percent. Mutual fund will cost you 3.17 percent. Remember fees compound over the years.
Ray Dalio created ‘All Weather Portfolio’. He’s the guy that China and other countries now have him doing their investing. Ray’s money and all his kids money are in ‘All Weather Portfolio’. Tony back-tested it and over the last 75 years… 85% overall return on winning and average of 1% loss… greatest loss of any year was 3%. It take 15 minutes/year to maintain, BOOM..!
WHAT’S THE BIGGEST INSIGHT YOU GOT FROM YOU’RE TAKING AWAY FROM TODAY’S EPISODE?
WHAT’S ACTION WILL YOU TAKE TODAY?