Why Young People Should Save Up 1 Million
Because 1 million is the starting point of freedom, the starting point of not having to be a workhorse. For example, if you have 1 million and you deposit it now at 1.5%, you will earn 15,000 in interest per year. If you consume 30,000 a year, your 1 million principal will decrease at a rate of about 15,000 a year, but you have 1 million, which can sustain you for a long time. Suppose you decrease it over 10 years, 150,000. Then I ask you, if you start working on a zero-cost business in the first year, doing internet ventures, do you have a chance to gain hundreds of thousands of followers after 10 years? In fact, in the first year, you will see improvements, by the second year you could be profitable, and if you're lucky, there could be explosive growth, where you can suddenly reach over a million. There are real cases of this.
So, the more savings you have, the less you should work for someone else, and instead, you should quickly start preparing your own business, get out of the working environment, and let your brain learn how to earn money on your own, because your savings are enough to support you for a long time, and 1 million is the starting point of success.
In fact, you don't even need savings; as long as you have a job and food to eat, you should start a side business. 1 million is just a psychological effect. As long as you won't starve to death, you should think of ways to save money, without investing, and do zero-cost businesses.
