Letter to a friend who just made a lot of money - Graham Duncan Blog

People who made a lot of money

There are a few convincing cases you can make: Not enough education, too much information, confusing messages from the media or simply a lack of interest.

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Whatever the reason, it's clear that young people aren't doing the single most effective thing that will make them rich: Investing in the stock market.

Opening an investment account gives you access to the biggest money-making vehicle in the history of the world — and you don't have to be rich to do it. Many account providers will waive minimums the amount required to open an account if you set up an automatic monthly transfer.

People Who Make a Lot of Money Do These 11 Things — Do You?

Where did it go, anyway? If you're like most, you probably spent it on Uber rides and Frappuccinos. Stop making excuses Although most people are limited people who made a lot of money circumstances, most will never get rich simply because they have poor money practices.

The first step is to understand what your excuses or what I call "invisible scripts" really mean. Invisible script: "There are so many stocks out there, so many ways to buy and sell stocks, and so many people giving different advice. It feels overwhelming.

Despite what a number of scam artists and sketchy emails would lead you to believe, accumulating wealth is inherently time-consuming and difficult, taking most people years and decades to do. But that's not to say that there aren't qualities or traits that can be identified in those who are successful making a lot of money. If we can imitate them, we'll be better off when it comes to our own pursuit of wealth. Since imitation is the highest form of flattery, it's as good a place to start as any.

The answer isn't to avoid it — it's to pick a source of information and start learning. Invisible script: "I don't want to be the person who buys into the market when it peaks.

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You can make this problem disappear by automatically investing each month. Invisible script: "I haven't invested in anything because there are so many different options to put my money in over the long term i. I know I should invest, but stocks don't 'feel' comfortable.

8 People Just Like You Who Made $1 Million

In reality, you'd actually get better returns by doing less. The less control you have, the better. The average investor buys high, sells low and trades frequently which incurs taxes.

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All of this cuts your returns by huge amounts. Invisible script: "Due to my lack of knowledge and experience in the stock market, I don't wish to lose my hard-earned money.

Letter to a friend who just made a lot of money

You'll never realize this until you're in your 70s, at which point it'll be too late. Invisible script: "Fees are a big part of it.

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I only have a small amount to invest, so trading fees can make a big dent in my returns. When you follow my advice, your fees can be really low.

And, here are eight ordinary people who have accomplished this feat. Alicia Shaffer sold products on Etsy.

Invisible script: "I ordered a small coffee instead of a large, so I'm actually saving X dollars a day. Am I adulting? He became a self-made millionaire at a young age thanks to his website which he started as a Stanford undergraduate inbook and personal finance courses.

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