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I asked several people with limited financial knowledge how they would turn $5000 into $50,000. Their answers almost universally involved gambling or other get-rich-quick schemes as the core strategy. While these responses don’t necessarily surprise me, it is concerning that the consensus view was to try something that’s almost guaranteed to lose money.
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A more robust option is to focus on the key variables that impact the ability to turn $5000 into $50,000.
Fortunately, there are only three:
• Time
• Taxation
• Investment returns....
A tribute to the remarkable life of Charlie Munger By Ben Graham
Australian Financial Services Licence (AFSL) #327520