Editor: Crass Cash
I think the odds to win a billion dollars in Buffett's college basketball championship are like a Brazilian to 1. Those are really bad odds, even in Brazil! So if you want a better way to become a billionaire, just follow the following steps:
1. Save $2,833 each month. You should note that this amount is very possible if you make the average American household income. I've demonstrated this possible savings rate for over six months now.
2. Invest that saved money so that it compounds at an annual rate of 15%.
3. Let it compound for 60 years.
Which of these do you think is the hardest to do? If you picked #2 you would be correct! Saving $2,833 for 60 years is child's play compared to being able to compound at 15% every year. How do you think Warren Buffett got so rich??
It should be noted that he and George Soros are legendary investors because they've been able to compound their money by at least 20% for most of their lives. So how much would you have if you could do the same given the above scenario? $9,577,780,509! Had Warren Buffett not given away $28,000,000,000 of his net worth to the Bill and Melinda Gates Foundation, then he'd be worth $86 billion and would be the richest man in the world.
1. Save $2,833 each month. You should note that this amount is very possible if you make the average American household income. I've demonstrated this possible savings rate for over six months now.
2. Invest that saved money so that it compounds at an annual rate of 15%.
3. Let it compound for 60 years.
Which of these do you think is the hardest to do? If you picked #2 you would be correct! Saving $2,833 for 60 years is child's play compared to being able to compound at 15% every year. How do you think Warren Buffett got so rich??
It should be noted that he and George Soros are legendary investors because they've been able to compound their money by at least 20% for most of their lives. So how much would you have if you could do the same given the above scenario? $9,577,780,509! Had Warren Buffett not given away $28,000,000,000 of his net worth to the Bill and Melinda Gates Foundation, then he'd be worth $86 billion and would be the richest man in the world.
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