Did you know that the higher your savings rate is, the less time you have to work? Assuming you’re investing the money you don’t spend, of course.
Mr. Money Mustache who popularized the FI/RE movement broke down the math behind this concept of saving more to work less in his article, The Shockingly Simple Math Behind Early Retirement.
For example, if you have a 10% savings rate, you have to work for 51 years. …
I am aware that the title sounds like clickbait and I am not surprised if my article gets dismissed for that reason, but in reality, it’s just math. When I crunched these numbers, I couldn’t believe how much money I could realistically make from $0.00.
This article is about my story that involves my experience with an accessible side hustle and compound interest. This story lives at the intersection of the reselling and long-term investing worlds. This article is written for people who are curious to know what process I am using to become a millionaire from $0.00.
This story began when I started my 0–1k challenge, which I wrote about in my other Medium article (Click here for Friend Link). If you are not interested in the reselling world or long-term investing, you may only find ways to critique the process I am using. For that reason, I think there may be better ways of spending your time than reading this article. I do hope, however, that whoever reads or skims this article, despite their views on reselling and long-term investing, will be inspired and challenged to grow $0.00 into an equally large, or larger number using this process or your own. …
Money is laying all around us, and with some time and effort, you can turn $0 into a surprising amount of money. On August 7th, I started a 0–1k challenge where my goal was to turn $0 to $1,000.
To take it one step further, I then opened a Roth IRA account, and assuming I do not add anything, my $1,050 will grow to over $80,000 in 40 years assuming an 11.5% return.
I accomplished my 0–1k challenge goal in less than two months and netted $1,050 in 51 days. This is an article about how I did that.
I accomplished this goal by flipping thrift items. What is flipping? Flipping is when you buy something for $X and sell it for $X + $Y, and make a profit. …