If the pandemic and recession affected your finances and you want to learn the fastest way to fix them, listen to Paul as he shares the secret to building wealth. This is the fastest proven way to fix your finances and create passive income.
Listen to the full episode here.
In this Episode:
- The pandemic was worse that the recession
- Dollar-cost averaging
- Difference between trading and investing
- Lottery mindset
- Long, slow, boring process
- The fastest way to fix finances
- The secret to building wealth
Important Quotes:
“When you think about investing, think about Warren Buffet. Old, boring, and stupid rich. He’s always investing. That dude is always buying stuff. He doesn’t buy things to sell them, he buys and own them forever.”
“The problem is, people can’t wait for the upside. When something goes bad, they just want to sell. If you sell, you have nothing when the rally happens.”
The lottery mindset. Lotteries ruin people. Everybody wants the easy, instant way and it’s just not there… To me, the long, slow, boring process is better because as your money goes up, so does your financial thermostat. You strat to understand things.
“I tell people, use the financial calculator. Look at it. Put this much money away per month and you can find a number you’re comfortable with and just stick to that plan and do it every single month and don’t stop.”
“The more things you have going, if you have a business, and you have investments accounts, assets that are producing other income, you start building this machine where it just runs. You might need to replace a part, change something out once in a while, but, it’s better than the alternative of having nothing.”
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