Ndubuisi Egwim breaks down a seven-step wealth-building framework, focusing on step 5: eliminating high-interest debt like credit cards. He argues that guaranteed returns rarely beat credit card rates, then contrasts that with market returns: the S&P 500 hit 25% last year while his own portfolio returned 87%.
Step 5.
Seven steps (he says "This is one of the seven steps").
25%.
87%.
Now, number five is eliminate high interest debts. I'm not going to spend too much time on this. I've already explained to you. If you have high interest debt, credit card, I mean, at some point when I was thinking, oh look, interest rates were so high, I think we're going to buy a car and another can. Then you look at the interest rate, I'm thinking, no, why do I have to pay somebody 12% interest? It's quite difficult to get like guaranteed 12% from a zero risk investment. I mean, with the stock market. For instance, last year, S&P 500 returned 25% in our own investment portfolio. We did quite all right. We returned 87%. So we've had quite good returns in previous years. And those of you in the community, I've shared some of my results and shared the screenshots and all that. Obviously, in the four weeks program, you're also going to go through my portfolio. So this is very important. You want to eliminate high risk debt. This is one of the seven steps. Then we talked about defining your clear investment goals.
