Becoming a Crypto Millionaire with Sam Dogen
Episode publishedPodcast: BanklessBankless
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250,000 is the magic number that I think where just compounding really takes off, and it's very noticeable. Once you get to that $2.50, you stay diligent in your contributions and in your investing. It's only a matter of time before you're gonna get to a million dollars.
Welcome to Bankless, where we explore the frontier of Internet money and Internet finance. This is Ryan Sean Adams. Just me today. I'm here to help you become more bankless. Guys, it's no secret that part of the bankless program is to help you become crypto wealthy. We talk about this at the beginning of all of our episodes. So why are we doing this episode in particular? I feel like often I run across people in crypto who skip the whole personal finance principles part of investing. They're looking at crypto as kind of a short term lotto ticket. So this episode is for those people because bec
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Dogen, welcome to Bankless. Thank
you very much. Thanks for having me, Ryan.
We're really excited about this. Okay. I gotta start with the first question off the bat. It's in everyone's mind given the title of this episode. Can anyone be a millionaire? Is this a matter of luck, or can, like, anyone do it if they just pull themselves up by their bootstraps? Well,
I don't think there's a 100% probability, but I think if you read millionaire milestones and you follow personal finance sites and podcasts, you're gonna be much more focused than the average person. Only about six and a half percent of The US population are millionaires. But I think you can raise that probability to probably 75%. Let's do that.
Wow. Okay. What's stopping people from just becoming millionaires? Why can't everyone just do this?
Well, one, there's education. You gotta understand how to save and, more importantly, how to invest and asset allocate over a period of time. There are many reasons. You just might not have enough money. You might not have enough education. You might not have enough patience or time, and you might not know what to invest in. So millionaire milestones really starts helping create a framework for investing over the long term. You've really gotta know what you're doing and be patient along the way.
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