| Hi, it's Nik. Got some new book summaries for you, but I also wanted to try a new type of video this week. I present to you... How Rich Should You Be at What Age? (An Exact Formula Based on The Millionaire Next Door)I wanted to see if I could make a video that's still a book summary but feels more like "a proper Youtube video." So I took a chapter from The 4 Minute Millionaire that was really popular (and a bit controversial) when I posted it on Medium, improved it, and voilà! The Millionaire Next Door is one of the best finance books ever, if you ask me. It bases its findings in real data from long-term studies. One idea in particular always stood out to me: "How much money do I need?" is a bad question. Instead, we should ask, "How rich should I be at what age?" We must look at money relative to time because we earn less-to-nothing in our younger years, the most in our middle years, and then again less as we age and start drawing on our retirement funds. To that end, Thomas J. Stanley and William Danko provided "The Wealth Equation," in their book. It's a basic formula and needs some caveats and updates for our modern times (all of which I cover in the video), but it's still a much better starting point than "I want ten million dollars!" and other random net worth goals we set or aspire to. Plus, once you look at money this way, you'll realize you're doing better than you think—and in the video, we'll look at some hard facts to back this up! Here's what you'll learn from today's video:
If you want to both feel better about your financial journey and set more productive financial goals at the same time, do not miss this video. Not your cup of read? Here are 2 other titles you might enjoy:
That's it for this week. I hope you'll learn something, and don't hesitate to share your thoughts on the video! Happy reading, PS: If you want to learn more about the Wealth Equation and plenty of other useful financial concepts in just a few minutes each day, you should get a copy of The 4 Minute Millionaire. In that book, I compiled 44 actionable lessons from the best finance books ever, and it's available in all formats, including audio and even an email course you can complete in 12 minutes each week! If you want to make real progress towards financial independence in just 4 minutes a day (and for as little as $4), check out this book » |
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