00:00I'm a qualified accountant and this is one of the best money tips I've ever heard.
00:04Don't focus on your first million, focus on your first 10,000. Here's why.
00:10Number one, scale. If you invest 1,000 at 10%, you make 100. But invest 10,000 and you make 1,000.
00:19Same risk, same amount of time, completely different outcomes.
00:23Number two, momentum. Save 100 a month, assuming an 8% return, you'll reach your first 10K in about 6.5 years.
00:31But here's the really interesting part. If you change nothing, still saving 100 a month, the next 10K takes just over four years because your initial 10K is also generating you interest.
00:44The one after that, around three years and every next 10K takes less and less time to build.
00:50That first 10K, it feels like pushing a bike uphill. But once you hit the top, it starts rolling on its own.
00:57I'm Misha, follow for more easy money tips.
Comments