![]() If you go into business and get an MBA (Master of Business Administration), the financial setback is a significant consideration. It’s possible you’ll earn more money with a higher education degree, but it will cost you. However, remember that college isn’t always necessary to be successful. Some fields require a certain educational degree. Big Idea #3: You don’t need a flashy degree to get wealthy. It’s far more enjoyable to go hiking when your body doesn’t ache from arthritis. When your joints are healthy and you have energy, it’s easier to appreciate free time. So, to make the most of your retirement, you should retire while you’re young. Even worse is the fact that there’s no guarantee that you’ll live long enough to enjoy those rewards anyway since this strategy requires working really hard while young so that you can relax when old. Therefore, if after some decades you manage to save $2.5 million dollars (in today’s currency), it won’t be worth as much as $250,000 because of inflation over time. Finally, inflation will decrease the value of whatever savings and investments you have. You also can’t ask for a 200% pay raise, even if you’re an exceptional employee or invest all your money in stocks and lose it when they go down. It’s obvious that you can’t work 100 hours a week for the rest of your life. There’s a limit to how high your salary can be. However, there’s an issue with this strategy.įirst of all, you might not be able to earn as much money with a salary alone. After around 40 years, you’ll be able to retire comfortably. ![]() We all know the strategy: get a good education so you can land a well-paying job, then work hard and save and invest your earnings. Big Idea #2: The conventional path to wealth is unsound. You might even be glad that you saved your money instead of spending it all. In spite of the fact that you can lose everything, if you have a mindset of saving money and planning for worst-case scenarios, like having enough cash on hand when needed, then you’ll be able to stave off financial ruin. If you think that the only thing in control of your life is luck, then it’s tempting to splurge on instant gratification like expensive dinners and luxury cars. If you don’t take responsibility for your life, even having a lot of money won’t save you from bankruptcy. For example, if you live paycheck to paycheck and suddenly lose your job, you might not be able to pay your rent. Sometimes, spending money on the present can have serious consequences. For example, without a financial plan or insurance coverage, external events like losing your job can cause more grief than necessary. ![]() If you think planning ahead is pointless, then you’re setting yourself up for failure. How do people get rich? Is it luck or fate? A lot of people think so, but if you believe that becoming wealthy is out of your control, this mindset is jeopardizing your chances. Big Idea #1: You’ll fail if you have the wrong mindset, no matter how much you earn. You can forget about old ways of getting rich because they’re wrong, and you can find out why high income doesn’t mean being wealthy, why looking for one big hit is misguided, and how to start your own business. It starts with having the right mindset and thinking about wealth differently. The Millionaire Fastlane explains a better way to make money. But what if you don’t want to only enjoy your riches in the last part of life? What if the stock market collapses and you lose everything? There has to be another way. We’ve all heard the typical strategies that are supposed to make us rich: Get a good education, work hard, save up some money and retire. 1-Page Summary of The Millionaire Fastlane Overview
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