On this episode of The Casey Lewis Podcast I answer a few new questions that were written in, highlight a few conferences I’m attending, and of course there’s a new joke of the week.
Questions From The Internet:
Casey – I often hear about raising your income or doubling your income. I may have even heard it on your show. While I can certainly see it doubling a $50k a year income. But how do you go about doubling a $150k income when you are already among the higher earners in your particular field? It’s easy (comparatively speaking) to double a $50k or $75k income. But for me, it is much harder to see how to double a $150k or $200k income. I look forward to hearing what you have to say.”
- Why Double Your Income in the first place?
- Median per capita income in the world is only $2,920.
- Adjust for lifestyle, inflation, cost of living, etc. Regardless, we are still very lucky.
- Top income earners have the ability to go help the rest of the world.
- Apply for jobs that pay more money.
- At some point you may have to become a business owner.
Rebecca – I’ve made 6 payments on my student loans and my total amount owed hasn’t dropped. I can’t afford to increase the payment. The balance is about $30,000 and the rates average about 5% and my payments are about $200/month. How am I supposed to pay off these loans at this rate?!
- Student loans typically take 120 months to pay off if paid on time in full every month.
- 5% average interest is about $1,700 in interest/year. You’re paying $2,400/year in payments. When you divide that among the loans it doesn’t feel like that much.
- DON’T TAKE 10 YEARS!!!!
- $200/month from age 22-age 32 to payoff student loans and then invested from age 32-65, the investment is $587,000.
- Payoff loans fast and invest $200/month from age 22-age 55 and stop investing. When you turn 65 the investment is worth $1,500,000! A million dollar difference!
- You HAVE to find a way. Sacrifice lifestyle, sell things, work harder than everyone else.
Joke of the Week:
What do you call a sleeping bull?