What Is the Most Important Part of Investing Successfully?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 28 July 2021

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.

Transcript

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0:00.0	You're listening to Ramsey Everyday Millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:11.7	The day's question is from Gwendolyn in Connecticut.
0:16.4	I'm 21.
0:17.4	I've got $3,000 in debt, which will be paid off by August 1.
0:21.6	I came upon your YouTube channel.
0:23.0	I heard you talking about the Ben Arthur story.
0:26.0	Where did Ben invest the money in a bank or in the stock market?
0:29.5	Does it matter whether I put a lump sum or a little in each month, as long as there's
0:33.4	$2,000 at the end of the month?
0:35.4	How do I keep the money in the account?
0:36.9	And should I pay off debt first?
0:38.4	And can I start saving and paying off debt simultaneously?
0:41.2	Well, I'd go on here, Gwendolyn.
0:43.1	Well, I'm glad you found us on YouTube.
0:46.0	So here's the thing.
0:47.0	The Ben and Arthur story is not a story or an actual game plan.
0:52.3	It is mathematics to show you the importance of compound interest.
0:57.5	That's all it is.
0:59.0	It shows you the power of compound interest.
1:02.3	It shows you how important it is to get started early, which is a motivated use because
1:06.0	you're wanting to get started early.
	...

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