Lesson 15a: Dollar Cost Saving
LESSON 15a: DOLLAR COST SAVING IS IMPORTANT!
I made up the term Dollar Cost Saving right now just to make it relate to the stupidity of dollar cost averaging and hopefully move your thought process over to my dark side theory! Muahahah!
What you NEED to do is depost money into your investment account on a weekly/bi-weekly/monthly basis. I would do it on the day you get your paycheck. Each time you want to immediately depost X amount of dollars into your investment account before you go blow it on crack or something stupid. If it's $10, $20, $50, whatever. Make it a bill you must pay to yourself every single paycheck and you pay that FIRST.
If you paid yourself $50 every paycheck and you were paid weekly, you'd have $2,600 a year. BAM. Even $20 a week is $1,040! That adds up quick doesn't it? DO IT!
I made up the term Dollar Cost Saving right now just to make it relate to the stupidity of dollar cost averaging and hopefully move your thought process over to my dark side theory! Muahahah!
What you NEED to do is depost money into your investment account on a weekly/bi-weekly/monthly basis. I would do it on the day you get your paycheck. Each time you want to immediately depost X amount of dollars into your investment account before you go blow it on crack or something stupid. If it's $10, $20, $50, whatever. Make it a bill you must pay to yourself every single paycheck and you pay that FIRST.
If you paid yourself $50 every paycheck and you were paid weekly, you'd have $2,600 a year. BAM. Even $20 a week is $1,040! That adds up quick doesn't it? DO IT!
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