If You Double A Penny For 30 Days You’ll Be A Millionaire

How can double a penny every day for 30 days to make you a millionaire? But not just that but also, how to use compound interest in investing, learn more, and making more many.

1. Lets first answer the Riddle
– How much will a penny doubled in 30 days be worth
– Now instead of going on google and showing you guys a picture
– I want to show you the formula on excel ( and by the way, Microsoft excel was one of the best things I learned in college)

So here is how we do:
– 30 days and a penny doubled for 30 days: is equaled to 5.3M
– And just by adding one more day we are looking at 10.6
– So obviously this is an extreme version of compound interest but its obvious that it works

Tip: the general idea is, that the money your money makes gets reinvested which then means your money earns more money. If you took the earnings out, your money would grow a lot slower.

Link For Excel: https://amzn.to/3iOmVvv

2. Lets put into action with Investing
– Now no investing is going to double daily
– Its extremely unlikely
– However, investing correctly in the stock market can get you a 8-10% return annual ( and I’ll show you the math and what I invest into in a second)

However, Look at this chart:
– Its warren Buffets networth from age 14 to age 85
– And by the way, Warren buffet has had an average return of 20.5%, while the s&p only of around 7-10%
– But look at the massive wealth.

My Investments: the average return of 8% annually
– VOO: 38%
– VEA: 16%
– VB: 14%
– SHY: 10%
– LQD: 10%
– VNQ: 8%
– VWO: 4%

Link to Portfolio: https://m1.finance/4BZo2Na7uq_N

Investing 10% of your income over 10 years and 20 years and 45 years
– If you make $60,000 a year and set aside 10% which only around $6000 a year, gaining 8% on average
– 10: years: 93,872.92
– 20: Years: 296,537.53
– 40 Years: 1,678,686.24
– What if you did 30% at 18k per year

Tip: start investing 10% and as you increase your income, don’t increase your expenses and increase the amount you invest.

Calculator: http://www.moneychimp.com/calculator/compound_interest_calculator.htm

3. This Same thing works with Knowledge
– Who is smarter the person that read one book
– Or the person reads a book every year
– But what about the person that reads a book every week or every day

The answer:
– Knowledge compounds just like money
– And if you read every day about important information in your field
– You will continue to grow your knowledge, and it’s usually the people that are most knowledgeable that earn the most money.

Tip: I read for 2 hours a day on average, that’s over 600 hours per year. Nd if you start with 10M it’ll also compound.

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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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