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Personal Finance
How To Become A Millionaire In Jail
There is hope even for the incarcerated.
This article will apply to incarcerated people who have:
Created passive or consistent income either before or after entering the incarceration system.
Have contacts outside of prison to help distribute and invest their funds.
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Incarceration sucks, and we don’t need to watch the Jailbirds show on Netflix to understand how much it sucks – no matter how much they try to humorize (coined word) and romanticize what jail life is like – it’s not fun, for most.
One of the worst parts about incarceration is that you can get penalized the rest of your life for making one mistake. After the incarceration system swallows and chews you up and then finally spits you out, your income and livelihood options can seem or be limited – especially if you don’t have a reliable network of people to help you transition.
But if you land yourself in jail and get sentenced to an extended amount of time (e.g., 20 years to life), there is light at the end of the tunnel for you – financially.
Passive Income
If you created consistent passive income before you went to jail, you can have that money automatically transferred to an investment account, so while you’re sitting in jail, you’re stacking your money. Or maybe you are able to create passive income while you’re in jail (e.g., book deal), then you can get help from trusted people you know to help you invest your money.
Use Power of Attorney, Friends, Family, Etc. To invest
Once you have created passive income, utilize your power of attorney, trusted family, or friend to invest your money into an account in your name.
If you’re lucky, you will be able to set this up before you enter the incarceration system without having to depend on anyone to do it for you.
Use Robo-Investing
The kool thing about robo-investing applications is that they automatically rebalance your investment portfolio to ensure your money is working most intelligently and to your advantage 24/7, and if you’re getting the average rate of return, which is around 10% you’ll be set.
Can You Become A Millionaire In jail?
Yes, you can become a millionaire – depending on the length of your stay of course. Not that anyone would want to do this, but for people with long sentences, time is on your side when it comes to investing. The more time you spend incarcerated, the more time compound interest is available to work around the clock to increase your net worth.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.