![]() ![]() With the average life expectancy being 78, this would be 58 years. Let’s say that you rent a place for $1,000 per month for the rest of your life starting at 20. As a way of life it will definitely stunt your ability to become wealthy. Just to be clear, renting is not bad…for a season. They would have $1,146,271.65! I think most people could live off of that in retirement and it is a lot more likely to happen than winning the lottery. What would happen if they decided to invest that money instead of buying lottery tickets and they were able to get 9% annualized return for 50 years? That comes out to roughly $1,170 per year. In fact, an article by PBS mentioned that people making $13,000 or less spend 9% of their income on lottery tickets. However, there are people that play the lottery on a weekly basis. I didn’t want to be the one guy in the office who didn’t play with the off-chance that we might actually win. We had a company pool and everyone was throwing in money for a chance to win half of a BILLION dollars. I’ll be the first to admit that I played the lottery in 2012. The reason why they are successful is because they have made decisions that helped them spend less, save more, invest wisely, etc. Why? Because the choices that they have made are why they are broke. People that don’t have any money tend to not give the best advice. If you want to stop being broke then you need to start hanging around people who are successful. Here are five habits of broke people that you should avoid if you want to become wealthy some day: 1.
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