303: Why $100K is Key to Becoming a Millionaire

Johnny and Derek break down the power of compound interest in this back to basics reminder episode. They cover why getting to $100K in investments is a huge milestone in the path to becoming a millionaire. They give real life examples of how fast your wealth can grow when you stay focused and don't pull out your investments on frivolous expenses. Share this episode with someone that is just starting out their investment journey or could use a push to start!

Discussed:

• Compound Interest Calculator

Where we are:

• Johnny FD – Kyiv, Ukraine / IG @johnnyfdj
• Sam Marks - Bangkok, Thailand / IG @sammarks12
• Derek – Los Angeles, USA / IG @DerekRadio

Sponsor:

• Shopify
  Shopify helps you sell EVERYWHERE. From their all-in-one ecommerce platform, to their in-person POS system–wherever and whatever you’re selling, Shopify’s got you covered. Sign up for a $1 per month trial period now at Shopify.com/ilab

• 
  

• ILAB Patreon
  Join the Invest Like a Boss Patreon now and get tons of bonus content, including additional episodes, full quarterly updates including account screenshots and more for as low as $5/month at Patreon.com/InvestLikeaBoss

Time Stamp:

• 02:45 - Why $100K is So Important
• 07:40 - Charlie Munger's Model to Get $100K
• 11:52 - How Fast $1K a Month Becomes $1M
• 21:20 - The Argument to Spend Your Money vs. Save

If you enjoyed this episode, do us a favor and share it! If you haven't already, please take a minute to leave us a 5-star review on Apple Podcasts and Spotify.

Copyright 2024. All rights reserved. Read our disclaimer here.