Posts Tagged “Teenager”I was recently reminded of a great concept that I learned about when I was a teenager. If a person were to take one dollar, invest the dollar in an asset and then sell the asset for two dollars, they will have taken the first step in a 20 month process of accumulating a million dollars. The only habit that would need to be created is the habit of doubling the amount in hand every month for 20 months. The final amount at the end of each month would be: Start - $1 Month 1 - $2 Month 2 - $4 Month 3 - $8 Month 4 - $16 Month 5 - $32 Month 6 - $64 Month 7 - $128 Month 8 - $256 Month 9 - $512 Month 10 - $1024 Month 11 - $2048 Month 12 - $4096 Month 13 - $8192 Month 14 - $16384 Month 15 - $32768 Month 16 - $65536 Month 17 - $131072 Month 18 - $262144 Month 19 - $524288 Month 20 - $1048576 Obviously the model is very simple and the idea is basic enough for anyone to grasp, however, I would like to expand on the underlying psychology of this concept. Let’s imagine that we wer … Tags: Dollar, Habit, Invest, Million Dollars, One Million, Psychology, Start 1, Teenager, Two DollarsWhen I was a teenager I had a job every Saturday and when I got home with the wage packet I would give some of it to my mother. We weren’t poor but I knew then and I know now that there were weeks when that extra money really helped her out with the family budget. Whether or not your family would be helped by a weekly increase in cash flow you are probably thinking that there must be some ways for teens to make money that they can then use to support themselves. If they have money of their own then they don’t need any from you. Allowing teenagers to make their own money and control how they spend it offers many benefits, over and above the fact that they don’t have to come and borrow from you if they have their own money. Teenagers earning their own money learn the value of hard work, they also learn that a dollar doesn’t stretch quite as far as they had thought it did. I am not suggesting that you should throw your teenager out into the cold dark world without any support (although i … Tags: Cash Flow, Cold Dark World, Control, Earning Money, Extra Money, Family Budget, Job, Money Control, Money Value, Teenager, Teenagers, Teens, Wage Packet, Ways For Teens To Make Money |
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