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  • Writer's picture Treavor Dodsworth CFP®, CPA, CKA®

#65 - Common Millionaire

Common Millionaire

Do you remember the show Who Wants to Be a Millionaire? Contestants would slowly build up their prize winnings by correctly answering trivia questions. Or what about Deal or No Deal? Contestants go round after round in pursuit of a million dollars.

The likelihood of ever being on these shows is very low and the likelihood of winning on the shows reduces the odds further. Side note- my wife and I did win the grand prize on a Deal or No Deal game at an arcade once. Got enough tickets to buy half a piece of gum!

While your odds of winning one of these game shows are very low, for many the odds of becoming a millionaire aren't. If you are intentional and diligent with your money, having net assets in excess of a million dollars is very reasonable even for very modest savers.

Albert Einstein has a few quotes on compound interest. He said, “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… pays it." Putting yourself in a position where compound interest is working for you is how your net assets could reach an excess of a million dollars. The further down the road you go with compound interest the greater the benefit, therefore, as you get older this becomes harder to do (but not impossible).

Now, as we spoke of last week “life does not consist in an abundance of possessions.” Money is simply a tool. I am not saying we should all start on a pursuit of some net asset level. This article needs to be read with an eternal perspective in mind. Reading the article below can help with that.

Compound interest will likely be working in your life in some way though- inflation, interest rates on debt, investment return, etc. Some are negative and some are positive. Try and put yourself in a position where it is working for you instead of against you.


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