Wealthy on Low Income

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How to Be a Millionaire on a Low Income

Summary

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51% Informative

The average American carries $ 22,713.00 of debt.

For every 5% of extra income that you save, you can retire multiple years earlier.

Morgan Houndsall says true wealth is actually the money you have not spent.

For instance, if you earn the median income of 65 K per year and you can save 10% or $ 6500 you can be financially free in 51.4 years .

No one becomes a millionaire from just increasing their savings in income.

Instead, put your money to work in the stock market so it can compound and grow over time.

99% of Warren Buffett's wealth was earned after his 50th birthday.

Bonds can yield anywhere from 5% to 25% or higher depending on your risk tolerance.

Many people feel that when their bank balance is really low or their net worth is close to 0 , there's no point in trying to track or save their money.

But this is the wrong mindset to have, especially when you're trying to grow your wealth.

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