Roulette Investment Story and Rule of 72

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I recently heard someone proclaiming they were planning to withdraw a large portion of their retirement to lay it down on the roulette table for one spin. The theory is they have a 50% chance of hitting black on this one spin. If they are lucky, they will double their retirement withdrawal in one spin. Let’s look at this theory.

Top 5 things to do Today to make you a Millionaire Tomorrow

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Today we are going to discuss five steps that will put you on the right track to becoming a Millionaire.

Start Paying Yourself

We spend a ton of effort paying bills and buying toys. However, how much effort do we spend paying ourselves? There is no way we can become a Millionaire if we can’t pay ourselves.

How much should we be paying ourselves? We need to be paying at least 15%-20%, if not more, of every check. This will allow us to build a decent nest egg over the course of a few years.

The destructive Credit Card

Benefits

Credit cards give us the freedom to make purchases when we are in a pinch and have no other means. In this instance, it is easy to just swipe your card and go. This can be extremely helpful when you need some extra cash in a hurry.

They may also raise your credit score. This is dependent upon the usage, balance, and payment history. A good credit rating is very helpful in purchasing a home or vehicle. You must be sure to keep your balance low and pay on your card every month or this can be detrimental.

Building an Investment Safety Net

When discussing our future, we need to have access to emergency funds. This should be the first item on any financial freedom venture. Conventional wisdom states that we need to have quick access to three to six months of our income to be safe. As mentioned in Credit Score Assassination, we don’t want our safety net to be from Credit Cards.