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  • most of the people that watch this show probably never got an education and yet your story in your life is you, I think touch yourself about money and then kind of retired early and do this as a passion.

  • And I'm wondering, what are some of the basics that people should know if they even want to understand the mindset of investing or even basic mistakes that people make, What can you tell people that maybe this is the first time they're thinking about this concept?

  • Well, probably, I mean when you get down to the really basics, it's the idea of of making more than you spend, uh and then finding a way to compound that in a in a relatively safe, but but but still risk hating way to exponentially grow that capital over time.

  • And, and, you know, one thing I like to tell is that, you know, for example, my father had, you know, he was a police officer for a long time and then he had a second career, uh he was hard working his entire life, he was working since he was a teenager.

  • Um he had he had literally perfect credit score.

  • He paid every bill on time and he just never, never built his wealth, right?

  • So he lived in an apartment, he lived in a trailer park.

  • Um he wasn't bad with money, but he just kind of was always just enough, right?

  • And there's no like idea to like, you know, put things aside and compound it over time.

  • Uh And so there's it's like if you if you miss one small thing, it can change everything else.

  • And so my whole approach was to add that extra step of be good with money, but also find a way to compound it.

  • Um And I think another big thing that people mrs they're always focused heavily on ways to save money which is useful um but it's also, I mean I think more, more powerful thing is find ways to make additional money um either by obviously finding ways to increase your career standing, right?

  • So find ways to move up in your business or by having a side household um and obviously it's becoming more popular today than when I when I started doing that, you know, over a decade ago and we've kind of shifted more and more towards the gig economy.

  • Um but it's still something that, you know, if people did more of that, I think they, you know, they'd have an easier time once they really get going after maybe five years of that they, you know, it's up, it's like work up front, but then it's a lot more smooth sailing when they're more financially secure.

  • Yeah, it really is kind of a game of inches, you can either kind of be in debt, you know, by a few grand every month or you can try to be, you know ahead by the maybe that same margin and then invest wisely and compound it puts you in two different scenarios when you're 10 years later at 33 years old.

  • Like for you for example, um it it really can change, I guess your future if you're a little bit intelligent about the small pieces.

  • Exactly, yeah, small things and it is, you know, it is a shame that they don't teach it more in schools.

  • Um It's kind of remarkable I never learned in school.

  • Um you know, you have like one in math class, they'll have a couple, you know, word problems about compounding or banking and things like that.

  • But other than that, you never actually learn personal finance that we learned all sorts of things.

  • Uh you know, we learn like different types of jellyfish and things like that, but we don't learn how to manage money.

  • Uh And it's it's it's one of the top five skills someone has to has to know in life, right, manage managing resources is something that humans have been doing since the beginning.

most of the people that watch this show probably never got an education and yet your story in your life is you, I think touch yourself about money and then kind of retired early and do this as a passion.

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A2 compound kind people investing manage small

INVESTING FOR BEGINNERS ? Lyn Alden

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    林宜悉 posted on 2021/11/25
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