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October 31, 2020

an Aggressive Plan to get Rich Fast

There is no overnight success, it took Gary Vee 13 years, took Warren Decades, and it took Kevin hart almost a decade also to achieve their goals.

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Let’s define Rich: rich is when you make enough money passively to cover all your expenses plus have money to save or invest. So for of you that are more materialist, a Lambo might be in that picture, or vacations or whatever else you like. But Rich is basically subjective to what you want in life. ( and the road is pretty much the same)

1. Define What Rich to you
– Now whatever picture you have make sure you know why you want these things
– Also understand that this picture might change in the next upcoming few years to come.
– Here is my picture

Picture: ( necessities and wants)
– Necessity: I want a house with a good size lot that won’t cost me more than 300k ( most likely Florida) – paid off
– I want 3 kids
– I also want the freedom to travel twice a year ( 2 months in the summer and 1 month for Christmas)
– This might mean I own a house in two places ( DR and also America)

Wants:
– I want a Tesla that’s self-driving and has cool tech features
– I want to be able to have extra money to spend on hobbies like computers

2. How much it’ll cost
– Without knowing how much this will cost
– And without having a plan, this is all just a dream
– And not really a goal

Next write down the Cost:
Necessities: House 300k ( total mortgage of $1,368 + maintenance $3,000 annualy ) = total cost annually is $19,416
– I want 3 kids: $200 towards college and $1000 toward extra expenses for house: $14,400
– Traval lets $4000 a year

My wants:
– Car is paid for: maybe 200 for insurance and $1000 for maintenance annually: $3,400
– Hobbies: $1000 a year

Total Cost: $42,216

3. How long will It take and how
– So far we know what we want, how much it’ll cost
– But now its time to see how long it’ll take to actually get
– And this where the aggressive plan comes into play ( I hope you guys are following along while watching this video)

Here is the Time Side:
– How much you’ll need invest: $42,216*25= $1.06M ( using the 4% rule)
– Plan: Live on half and invest half ( or 75 invest and 25 live for high-income earner) = ( play with 10 years and 15 years and 25 years )
– For me, with my current investments I just have to invest around 4k monthly to get to my goal in 10 years ( but obviously I’m investing a lot more)

Tip: I could easily today buy this house, car, and start popping kids out. But if my income stops then my screwed. So don’t get impatient, rent, and eat organic noodles for a while. ( then you can live this lifestyle)

4. Is it worth it
– For me it is
– For 90% of people out there it isn’t, they rather live paycheck to paycheck and that’s fine
– But if you are willing to have fun on a budget like this, and then retire 35 years early, and live and 30 years after, for 15 years of hard work ( it sounds like a good deal to me)

5. Automatic it
– Max out your Roth IRA, employers match on the 401k and other retirement accounts if you have any
– And any money left to put into a taxable account
– I’ll share my portfolio down below on how I invest along with a video breaking it down.

Ps: $200 invested every month over 18 years for kids: will give me 120k ( 40k each for college )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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