DO THIS IN YOUR 30s & YOU'LL BE A MILLIONAIRE IN YOUR 40s 💸

Rashad Bilal (0:00)

It's a fact, so let's get in to the next thing. It's the biggest money mistake that you could make in your 30s. And I'll say the biggest money mistake that people could make in their 30s is not investing early enough with a systematic plan. Dollar cost average, put money into the stock market earlier as possible. Compounding interest is something that has been described as one day of the world. From Warren Buffett, I think he said that actually. So this is to kind of give you some perspective on it. QQQ, if you, let's say you invested, let's say $1,000 a month, and that might sound like a lot, but let's say you do $250 into your 401k, you do $750 into your brokerage account, you gotta find a way to put money away.

And then let's say you take some money from your tax return every year. Let's say that you put an additional $5,000 lump sum, $2,500 every six months into the market. So at age 65, you have $18,000,000. And then people will be like, well, I don't want to wait to age 65 Well, you become $2,000,000 at age 50 You have $400,000 at age 40

And like I said, that's no trading. That's no extracurricular. That's no individual stocks. That's just going on QQQ, what QQQ has done historically. So, I mean, just that alone, $18 million is a lot of money. And at $68 million is a lot of money. And at $52 million is like, so, and of course, the more money you put in, the other things that you have going on. You know, you trade and you do individual stocks, you add to it, you know, whatever you gotta do. But earlier that you start, the quicker you will become financially free. And that's the biggest mistake is that people take the can down the road, they wait, they stop. And the biggest thing you hear is to say, I don't wanna wait till I'm 50 to have $2 million.

But ask how many people are 50 that has $2 million.

Troy Millings (2:18)

$2 million, yes. And if that's the case, put more money in now.

Rashad Bilal (2:23)

Yeah, because if you take a survey, the vast majority of people that's 50 don't have $2 million. So these things just sound good to say, well, I don't wanna wait, I don't wanna wait. Yeah, well, you gonna, what's gonna happen, you're not gonna do it, and you're gonna turn 50, and you're not gonna have anything. And you wish that you would have done it when you were 30

So that's my, that's the biggest mistake I think people make is that they don't start investing early, often, and have a strategy of how much money they're going to invest and how much money they're going to put into it and just be disciplined and just stay with it.

Rashad Bilal (2:58)

Yeah, I thought it was the biggest mistake we made in our 30s.

But I agree, I think that's the biggest mistake in 20s, 30s, 40s, yeah, not doing it. I think the biggest mistake that I made in my 30s, and we're part of this together, was we were creating an app, we've told the survey plenty of times, but not understanding exactly the technological components that were needed to create the app, not knowing what it is to deal with foreign engineers that didn't live here domestically, trying to take a more economical approach to building something out, which we thought, oh, we'll pay less, but we'll get the same product. And that ended up causing us some money. But it was a valuable learning lesson. What it taught me was, if I'm gonna put money into something, I better understand it. But like when I'm saying, hey, you should understand the companies that you're investing in, this is why I'm super diligent with the companies that I'm talking about, because I know what happens if I'm not. We've lost money doing that. So yeah, there's a lesson to be taught there. And now I'm reaping the benefits of that lesson. Like, if you ask me about a company, I'm gonna tell you, if I know it, I'm gonna give you everything I know. If I don't know it, now it gives me an opportunity to go learn and do a case study and give it back. Either way, I'm gonna sharpen my tool belt, because now, either I know this company and here's everything I know, or yes, that's a great company. Let me do some more research and give you more information on it.

Troy Millings (4:27)

To echo what you said, Rashad, you kinda took my point, but I love that we're all on the same page. The biggest mistake that people make in their 30s is thinking that you have more time and not realizing that your energy, you're probably as a man gonna be at your peak in your 30s and sacrifice your 30s to set yourself up for freedom later.