About this episode
$1 million is not a big enough goal because it doesn't give you enough money to live on if you live 20-25 years. If you just want to make $10k a month, you give the government $4k a month you spend $6k on house, car, insurance and you're out of money. Here is the plan we made for Jarrod that made him a millionaire: 1. The right target is $10 million: Don't be selfish and say you don't need a lot, you owe it to your children and your parents. 2. No consumption at this level: Don't buy stuff to show off, Jarrod buys suits for less than $500, he leases his car, he rents his home—he's not driving around in a Lambo. 3. Stay broke: Use the 40% rule, you need to make as much income as necessary to store 40% of it. 4. Invest: This is the only thing that multiplies your money 5. Repeat: Earning money and investing it isn't a one-time thing, it needs to be an on-going thing.