Happy Ever After by Seven Dollar Millionaire

Happy Ever After by Seven Dollar Millionaire

Author:Seven Dollar Millionaire [The Seven Dollar Millionaire]
Language: eng
Format: epub
ISBN: 9781119780748
Publisher: Wiley
Published: 2021-03-15T00:00:00+00:00


The Chapter 6

Cheat Sheet

How We Make Money Work For Us

Investing is how we get money to work for us instead of us working for money. Done well, this should be how we make most of the money we need in our lives!

The magic of compound returns is how money grows faster and faster – and the earlier you start, the better the magic works. Start now.

We need to understand what risk is – and then take some. Thinking we're taking no risk by doing nothing is more dangerous to our future freedom than doing something risky.

We should be compensated for taking Risk by Returns – the profit on our investments. More returns will mean more risk, but we can reduce that by Integrating our risks with our lives, Spreading them over different assets, and Knowing what we are doing: R-RISK!

Learn how to avoid scams. Start by not trusting anyone. Don't trust people who tell you to trust them. Don't trust guarantees. Ask as many questions as you want, and don't trust people who can't or won't answer them.

Investing is a lifetime of learning. Don't worry that you haven't learnt it all, because no one has, and no one can. Learn a little and start from there. If you can enjoy it, that will help, so try to find an investment area you find a little interesting.

The most famous investor ever said we should all invest 90% of our money in a cheap index fund. His will stipulates that his executors should do the same for his family when he dies. This should be our goal, at least.



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