OK, so you know Your Survival Guy believes there’s nothing wrong with making money slowly. But you don’t need to just take my work for it. Listen to Warren Buffett when he talks about his own wealth and money and how he keeps making more money the older he gets.
Vanguard founder Jack Bogle said the same thing when he was alive, and he sounded surprised at his good fortune even though he was in the “business” of helping Mom and Pop make a fortune of their own. Here’s a secret: It’s hard to believe miracles exist, but I’m here to tell you compound interest is truly one of life’s miracles.
In my frequent conversations with Dick Young, we talk about buying bitcoin and gambling. Kidding. No, we talk about how he’s made the majority of his money and how he’s made more of it in any given year after the age of 65.
This is how compound interest works. It starts with you saving ‘til it hurts, at a young age if you can do it, and then allowing interest upon interest to do its thing. Again, easy to understand, much harder to do, especially for younger savers living at a time when instant gratification is a strong pull. But it doesn’t need to be.
Action Line: You do not want to confuse making money slowly with not being a rich man. I know plenty of rich men who made money slowly, and they’re not beating themselves up about missing a boat. No, they’re enjoying their retirement life.
Read the entire series here.
