Grant Cardone interviews Peter Dunn on Power Players. Known as Pete the Planner, he’s written 10 books and is also a columnist. In 1975 88% of people had a pension. Today it’s less than 10%. He warns people that they must save and become millionaires. Money is behavior, it’s not math. Money is like toilet paper, when there’s a bigger roll available you use more of it. You need to be on the offensive and earn more income but you also should be on the defensive. If there is a hole in your boat it won’t matter how much income you make, you will still sink. There are 3 areas of money you need to concern yourself with:
1.Past—debt
2.Present—spending now
3.Future—setting yourself up
If you have money going to the past that is going to hurt your present and future. To become a millionaire you have to understand time. Many people don’t understand compounding interest. In order to retire you will have to break your dependency on your earned income. There’s also a difference between being a millionaire and living a millionaire lifestyle. He bottom line is that In order to ever become a millionaire, you must be putting aside some income.
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