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How to Find $2,602 For FREE!

July 20, 2023

In this highlight, we discuss how to make extra money in order to maximize your wealth building journey.

Transcript

I want to kind of summarize these three things we’ve covered because this all goes back to the mindset. If you can make small incremental decisions today that potentially could have huge impacts for that great big deal for tomorrow, a lot of you are probably saying, ‘Well, I don’t see how this is connecting. You got two points here; you got numbers that by themselves don’t seem life-changing. How does this all connect with this whole financial mutant status and making small incremental decisions to build tremendous wealth for the future?’ I’m telling you, time is your friend. If you think about this in these terms: high-yield savings account, we showed you just having the average savings, cash reserves for somebody who makes around a hundred thousand dollars a year, you’re probably going to come up with an additional thirteen hundred dollars a year. If you just do an audit of the subscriptions because it’s gotten that out of hand, we’re talking 876 dollars a year. If you look at credit card rewards on transactions you would spend money on anyway, 409 a year. If you add those all together, that’s around twenty-six hundred dollars a year.

So, every one of you who are trying to figure out, ‘How do I fund my first Roth IRA? How do I start this process of wealth-building?’ It starts with these types of incremental decisions. But Bo, we left off the most exciting part of this. That’s right. This is just for one year. You say that twenty-six hundred dollars. Well, if you were a financial mutant, you take that twenty-six hundred dollars of savings, and you go invest that for your future. You say, ‘Man, what if I take this, and every year, I take twenty-six hundred of savings, and I invest that for 30 years?’ Over a 30-year time frame, assuming that you could earn eight percent, that twenty-six hundred dollars annually can turn into over 337 thousand dollars. That’s one-third of the way to millionaire status just by saving a couple of thousand bucks a year. Yeah, there’s no additional work, not taking on any side hustles. It was just making smarter financial decisions.

And look, if you were using this to fund your Roth accounts, that could be tax-free, tax-free money. One-third of the way to tax-free millionaire status, which by itself, there’s a reason the government is limiting who can put money in those accounts. You owe it to yourself. Go ahead and start the journey, just do something to start building that success that will put you on the path to becoming a financial mutant who will have financial independence and live life on your terms and own your time. All it takes are these small incremental decisions. If you want to know more about how to make really great small incremental decisions, we’d encourage you to go to moneyguy.com. You can check out our resource page; you can check out our FAQs; you can check out all the archives of shows that we’ve done to hopefully help you take your finances to the next level.

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