Things can change and grow quickly
Albert Einstein once said that "Compound interest is the eight wonder of the world. He who understands it, earns it ... He who doesn't ... pays it." Here is an example of how a penny can turn in to $5 million in 30 days. This is the foundation of how how money works to generate enormous wealth. The good news is that a person can start with a zero or even a penny and become wealthy.
My favorite resources for finance
My recommendation is start learning about how compound interest works and use that to your advantage. There are 3 inputs into the equation (A = P (1 + [ r / n ]) ^ nt): present value (P), interest rate (r), and time compounded (n & t). Next, learn about credit. It's easier to borrow a million dollars than it is to save a million dollars (i.e. a mortgage loan, venture capital, IPO, etc). To know if you are on track, keep track of your progress.
Use these resource to learn about how money works and to quickly get ahead ...
- How compound interest works: https://www.thebalance.com/compound-interest-4061154
- Credit Karma (Understand, fix, and/or increase your credit score): https://www.creditkarma.com/
- Mint (Keep track of your finance): https://www.mint.com/
- PenFed Credit Union (Great rates for borrowing): https://www.penfed.org/
- Aim Loans (Low interest real estate loans for high credit scores): https://www.aimloan.com/
- Security National Mortgage Company (Real estate loans): https://snmc.com/
- LimaOne Capital (Great for difficult real estate investment borrowing): https://limaone.com/
- GoFundMe (Friends and Family fund raising): https://www.gofundme.com/
- KickStarter (Project fund raising): https://www.kickstarter.com/
- Indiegogo (Crowd Funding): https://www.indiegogo.com/
- Lending Club (Peer to Peer Lending): https://www.lendingclub.com/
- Prosper (Peer to Peer Lending): https://www.prosper.com/
