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You Are Broke Because You Have no Bucket!
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You are broke because you have no bucket!
Why you will never be rich without a bucket or buckets? No, not a plastic bucket, but a financial bucket. It hit me that the reason people I know are not building wealth or even financial freedom is that they do not have a bucket in place!
You want your money working for you, but $100 isn’t going to be drawing much return on its own. You want to build a nest egg of $100,000 or more to start taking advantage of the compound effect.
A Bank is not a good place to keep your savings.
The interest rate on savings accounts are terrible. But the main reason is it is too easily assessable. Most people’s savings account are attached to their checking account. It’s too big a temptation, the money being too easily transferred to the checking account for immediate use. When Johnny needs braces, you spend the money in the savings immediately.
Investing in the Stock Market For Maximum returns.
I recommend using WeBull for investing in the stock market, but they also pay interest income for cash parked there. But it takes me about ten days to get my money out of my Webull account and into my checking account. This is a deterrent from spending it. If a bill or emergency comes up, I have to find another way to pay the bill or emergency.
Invest in Physical Gold.
I recommend iTrustCapital for investing for investing in physical gold. You can roll your IRA or 401K into an iTrustCapital IRA and have your next egg in gold, which has no counterparty risk. You can also invest in Crypto Currency with iTrustCapital, but I am not a fan of Cryptocurrency because it’s a speculative investment. No doubt many people have made money trading Crypto, but it’s highly volatile. Full disclosure I am an affiliate for iTrustCapital, but I am proud to recommend them.
Does Your Bucket have holes?
Does your bucket have holes? It does if you are going to be taxed on it at the time of redemption. I am not your personal financial advisor, but do you know the five tax free vehicles? The first one is a Roth IRA. With a Roth IRA all your earnings, dividends and capital gains are compounded tax-free and tax free at the time of disbursement. Taxes are the biggest threat to building wealth, the biggest expense. Why would you not have your money growing tax free?
When should I cash out of my bucket?
You may never want to cash-out of your bucket, just get a tax free loan from your bucket and invest it in things like real estate. You can’t get your money out of a Roth IRA until you are fifty-one, but why would you want to? It needs to grow! There are ways the rich grow wealth and it’s by using non taxable events.
The Five Tax-Free Vehicles the wealthy use to get rich.
Did you know that there are five tax free vehicles the wealthy use to get rich? A Roth IRA is one. What are the other five? Download my Free PDF where I explain the five free Tax Free Vehicles the Wealthy Used to get Rich.
Click here to receive a free ebook 5 Tax-Free vehicles The Wealthy Use to get Rich.
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