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Episode 3051:
JL Collins breaks down the mindset shift needed to stop thinking about what money can buy and start focusing on what it can earn. By understanding opportunity cost and the power of compounding, you can make choices that lead to long-term prosperity rather than fleeting riches.
Read along with the original article(s) here: https://jlcollinsnh.com/2013/06/14/stocks-part-ixx-how-to-think-about-money/
Quotes to ponder:
“It’s not hard. Stop thinking about what your money can buy. Start thinking about what your money can earn. And what the money it earns can earn.”
“You have probably heard of The Magic of Compounding. As your savings grow, you earn interest on a bigger and bigger pool of money.”
“One of the beauties of being financially independent is that by definition you will have enough money so that the power of Compounding is greater than the Opportunity Cost of what you spend.”
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