Gord Stein wants you to build 2 million dollars in wealth over the next 10 years.
If you implement every cashflow savings idea in his book, and then take that saved money and invest it over 10 years at 7%, you will have an extra $2 million.
How does that sound?
Ok, maybe every part of the book doesn’t apply to you, but with 60 different cashflow recipes, you will find some area of your life where you can save.
The point is that, wherever you are spending money in your life, you need to review that spending every so often to see that it makes sense.
Paying $100 a month for a storage locker? What’s really in there? Could you sell the stuff, and invest the $100 a month instead?
Buy your lunch every day at work for $10? That’s $50 a week. $2,500 year.
If you invested $50 a week for 10 years, you would have $38,000. In 20 years $114,000.
This isn’t about giving up stuff, it’s about making little changes in your expenses that don’t really impact your quality of life, but free up small amounts of cash flow.
And if you apply these little changes to all the areas of your life, the little bits add up.
Gord spent 2 years compiling the list for you and put it all in a handy guide he called the Cashflow Cookbook. He sat down with me in Toronto to tell his personal finance story.
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Thanks so much for listening to this episode of The Personal Finance Show.
Next week is my Future of Payments episode featuring Sam Mulligan from Mobeewave, Chris Chan from Dwello, Laurence Cooke from Nanopay and Sue Whitney from Payments Canada.