How Anyone Can Become a Millionaire (Easier Than You Think)
ฝัง
- เผยแพร่เมื่อ 1 ต.ค. 2024
- How Anyone Can Become a Millionaire (Easier Than You Think)
The average person believes that it's nearly impossible to become a millionaire but that's just not true. Regardless of common misconceptions, it usually has nothing to do with your family's money, extreme luck, where or if you earned a college degree or even if you earn a high income. Take a look at how simple it is to reach millionaire status and you might be surprised.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a-lot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.Read more
@@maryHenokNft Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. *Camille Alicia Garcia* is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
I am going to look her up, I have about $221k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
The issue isn't becoming a millonaire, it's that people want to live like that before retirement. Consistently living below your means is very difficult for most.
It takes some practice!
You hit the nail on the head.
I was 27 when I acknowledged I might actually live past 30.
@@jhutt8002 😂😂😂
I definitely see it like that too but at the end of my thoughts it always comes to either working until im old and broke or working until im old and retire with a lil milly in the roth/s&p. Keep that back up plan bois
Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figures in 3 months, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@NoahKennedy-zu5zx lookup KRISTIN GAIL CUNNINGHAM , this is her name online, she's the real investment prodigy since the crash and has helped me recover my loses
@@LehmannAlicia Despite the economic crisis and the rate of unemployment now is the best time to invest
@@NoahKennedy-zu5zx Investment now will be wise but the truth is investing on your own will be high risk. I think it will be best to get a professional👌
@@LehmannAlicia Thank you, Going through her profile on her webpage out of curiosity, and surprisingly she seems proficient. I appreciate this.
3 simple steps to build your wealth:
Step 1: Spend less than you earn.
Step 2: Save and invest your money wisely.
Step 3: Do steps 1 & 2 for a long time.
Basically most people fuck it up when they see that 10k profit and spend it. They don't realize everything they spend on themselves is a taxable loss that you don't get to claim
@@TheCharacter97 just Ask google the same question heh
Great video. Becoming a millionaire is easy. Becoming a millionaire at a young age is difficult.
Thanks for watching, Charles
??
If you have a way to earn 10% "safely" in the current environment, then that skill is worth a lot more than a million dollars.
Big big facts
The stock market had averaged 12% over last 80 years. Market goes up and down but up over time. Every ti.e it crashes its back up in just a few years
Nothings safe
@@tylergayle9053 crypto and GME have gained 300%+. Dump and go. Easy money.
Most stable coin liquidity pools provide 26 - 30% APY. You can retire with a 250k portfolio
It's "simple", but that alone doesnt make it "easy." Discipline is hard.
Good point
@@ChrisInvests Math is simple but what's hard is the behavioural and psychological aspects of becoming wealthy
but i think FIRE is worth suffering for
+¹ ⁴²⁴²8¹90³8
Thanks for watching
Text me now for more on my investment tips.
Text me as soon as possible..
becoming a Millionaire is simple but not easy, took me 3 years once I put my mind to it.
@@martinmi5 what did you do?
$1million just isn't what is used to be. I'm shooting for more like 3-5 million by the time I'm 60
That's a great number! Probably closer to what people think of when they hear "millionaire"
I am shooting for the same amount but will most likely hit it by the time I am 30. I am 26. Do yourself a favor and Buy Tesla stock
@@MrMaxggangster Too late now
@@reefcrow9818 Definitely not too late I am currently holding 558 shares. Tesla is poised to become the largest company in the world by a lot. Tesla market cap will surpass Apple is 2-3 years. You will regret not buying right now. You have been warned. 2-3 years from now you will be reading headlines of Tesla passing apple as most valuable company in the world and kicking yourself for not buy stock.
@@MrMaxggangster do I have to invest 1,000 for each share?
Personally I try to look at my investments as Bills. I Have to pay them. It makes in easier to save and not treat it like a savings account that I can fall back on. Gotta change your mindset and THAT is extremely difficult. $20 a week is a lot more than 0. Baby steps! Everyone started somewhere. Pace yourself, dont forget your emergency savings either. You dont want to sell at a loss to cover a busted tire on your car or give up a dividend payment for something avoidable
That's a great way to think about it!
I'm sure of all the nay sayers out there will argue that 1 million dollars today wont have the spending power tomorrow. I wont argue that. But I will argue that 1 million will produce 35,000 to 40,000 for many many years. Supplement that with SSI and possibly a small pension you have a pretty good income. And if thats not enough then quit spending so much money and live frugally.
Not to mention if you keep debt low, can definitely help.
Since ~90% of accumulated wealth over 30 years can come from earnings, folks should primarily focus on learning about using index funds to obtain that growth. Secondary focus should be on consistently saving and investing $500+ per month. Maintain an emergency fund for unexpected events.
Yeah if u wanna be wealthy when you’re 60
Your idea although not easy for many sounds realistic for many 50K and lower income people. That sounds like a plan to hit one million in 24 years and many I have heard trying to hit 1 million in 15-24 years seem to try and save closer to 800$ per month.
Being satisfied with what you already have is more important than getting more of what you want 😀
Should never be satisfied
Just about everyone can do this as long as they have a disciplined approach with regard to spending, saving, and investment and to be patient, practice delayed gratification also helps.
But I want to be a millionaire in 1 year, NOT 30 years.
"have a small load of 10 million dollars" from your father, then waste 9 mill of it
and that is the reason why youll NEVER be a millionare
Then go out and do it. Hint: you'll need either extreme luck or extreme brilliance, and likely a combination of both.
You'll never be a millionaire in one year! Never!
It’s pretty easy actually no matter whether you make 4.25 per hour or 15 or a 100 dollars an hour the 401k is the key and if you have a Roth even better. But you got to start young. You have to save first and spend the difference rather than spend and save the difference.
Absolutely 👍
Starting young is the best thing you can do in your life. I’m 18 and have 30k in stocks… I can never touch this again, never put anything in again and I could retire comfortably when I’m 60-65. I will definitely save more than this but it’s a great feeling knowing I’ll be alright and not worrying about money
@php what did you read? Why don’t you take a math class maybe you’ll understand that your wrong.
@php yeah I’m pretty confident I will be, it’s sad you aren’t confident you’ll live to 65 that must suck thinking that about life.
@php that’s cool it’s not a essay
Compounding!!!
We have done it in my Wife’s 401K & With Real Estate (yep, we are Renters!)
But, the key is, You have to SAVE!
Real Estate is how I am going to become a multi millionaire 🤑💰💰💰💰💰💰💰
You can do it! Check out Ben Mallah on TH-cam.
Forex will do it for me, and I actually have a working strategy to do it after about a year of failure.
If the first thing you do when you become a millionaire is go out and buy a Range Rover and some gold bars you won’t be a millionaire for long…….😐
I hate the advice a lot of these videos give. “Get rid of your subscriptions” You know what, no. I have a ton of subscriptions and I use all of them almost everyday. I find they’re a great value for me. I guess I’ll never be a millionaire if it means I’ll have to go without Hulu and Spotify.
Whatever works 🤷♂️
Great information in this video, as usual. Thank you.
Thanks for watching 👍
+¹ ⁴²⁴²8¹90³8
Thanks for watching
Text me now for more on my investment tips.
Text me as soon as possible..
It takes discipline , hard work , planning , and a little luck.
Absolutely 👍
Luck?
Great video. I have a poor portfolio and behind on my financial target. If you do your own investing, have you ever wondered whether you should turn things over to a professional ? I have been pondering on the same question from stories hanging out on the news. How investors make millions in the marketplace using $100,000 only
essentially, investors with managed money believe they benefit more and earn higher returns investing with a professional, however, these investments incur fees that vary.
I did man! I made over $300,000 net between January and now with my adviser despite all happening and the occurrences across the nation. I hired help of a professional and I avoid a lot of losses diversifying into different markets spaces using this avant-garde strategy of Lisa Jill Grenell. She is the only licensed fund manager that has got it right with me
@@freshblake2742
A lot of successful Investors actually do this, but won't say.
@@freshblake2742 This is very true! these so called mentors and youtubers like people to think they are Geniuses, so they won’t tell you that they are seeking professional assistance. 😑
@@freshblake2742
I worked with the investment guru after reading all these comments and turns after a year if investing 5,000 in monopoly dollars, I became a billionaire in monopoly
I started our daughter off at 12. We saved $100 dollars a month until she was 16. When she started working we moved that money into a Roth IRA. Now she invests $25 a paycheck and we match it. At this rate she will only have to invest $100/month to become a millionaire by 60. Of course she will invest more than $100 as she makes more money.
You have literally set your daughter up for her future! Kudos the you for giving her such a big blessing!
In 30 years, 1 million is going to be worth peanuts.
I do believe this is adjusted for inflation
@@drechenaux this is just the straw argument of people who don't want to save.
hahaha you serious?
I’d rather have a million than nothing
Cool if you're so confident you agree to give us all 1 million in 30 years? You know since it will only be peanuts.
As I haven't came up with a better plan, I'm room-sharing and paying 500 a month and maxing out my Roth IRA and 401k. It's not glamorous, but it's not terrible on 83k a year.
however after 30 years of inflation is a million going to be that much?
People act like they'll be dead when they're 55 or will be bedridden. If you eat healthy, exercise consistently, and stay away from drugs and alcohol, you'll still have a good 15-20 years of good health after you're 60 if you're lucky.
Personaly, My family and I are war refugees and we had to hustle so hard to get on our feet, they made it, but they are still fighting on monthley bases, they can’t provide for againg parents, they still belive in hard cash (war showed how much is cash worth), not to say I don’t belive in cash but I prefer some extra insurance or backup plan for next generation - just in case something terrible happens again in my lifespan. Don’t want the same strugle for them. Some may see it as a tough way too grow up, I see it as a valuable lesson and even if that happens again, I know my stocks are still mine, even if someone burns last dime of my cash.
Wow, where are you from?
@@ChrisInvests from Croatia, talking about yugoslawian wars around 30 years ago. Those kind of unpredicatble things like wars, pandemic, etc., make you think a little bit outside of box and outside of “accepted thinking”
I switched jobs last year and doubled my pay.
Wow, that's awesome!
Inflation and cost of living kills off dreams and its reality to gain your financial goals. If i had 6000 to invest i would not be watching this😮😮😮😮😮
I've seen a millionaire who lived in a room in the YWCA and ate canned beans and the cheap brand of bread. The seed money for her investments was earned by her daughter, who was a brilliant violinist as a child. But she developed a disability and could not continue to play as well in her 20s. The mother practically enslaved this daughter, who waited on her mother and ran errands for her on foot, since she never had a car or enough money for a taxi. She got a tiny allowance to live on and also lived at the Y. They would have been far better off with a house, a car, and a few comforts. But the mother was obsessed with hoarding the money, and the daughter-- in her 50s when I knew her-- couldn't get over the idea that she had some duty to obey and care for her mother.
Step 1...invest in Bitcoin Step 2....invest in Bitcoin Step 3....sell your bitcoin
😂
Did you really put mushrooms on a pizza? That's disgusting
really like your videos straight to the point no annoying useless intro music just very nice short informative clean clear video
Glad you enjoyed it. Thank you for the feedback.
A wealthy friend once told me that poor people have poor ways.
He said divide all the money among all the people and those who have it now in ten years would have it all again!
If you don't retire as a millionaire... good luck retiring.
My whole “plan for retirement so you’re a millionaire.” Is the thought that I’m going to work my ass off 60 years to IN THE BEST CASE SCENARIO enjoy 20 years of it.
Thanks~~~~
I know this is not a fun thought BUT unless our incomes increase how else could it be done.
Learn how to invest in something?
This is the most underrated comment I've seen under this video so far
This is another great video on how anyone can be a millionaire!
Step 1: Go to job and earn 50 dollars
Step 2: Buy 1,000,000 Vietnamese dongs.
Now you're millionaire
Most people don't seem to understand the power of compound interest
It sure seems that way
Don't overestimate it either. With share market based investments you sometimes don't see your wealth increase as a straight line, that's why non-stop consistent saving is more important, then actual market return.
Are you a millionaire 🤔
Doing well 😁👍
If there is good debt, people should borrow a million dollars or as much as possible up to their eyeballs and get their whole family to co-sign loans to invest it. As you read that, you thought “how dumb” so maybe there is no good debt.
😂 Okay
If you can get the money at an excellent interest rate you might be one to something. I know I should not tell you this so please don't try it but I suspect many borrow money in the defi crypto world to buy and stake crypto (mine, node) and then return it once they have made a profit and your statement just reminded me of that!!!
How to be millionaire.
Step 1: Be government.
Step 2: PRINT
Stuwep 3: ???
Step 4: Stonk'nt
Sir please make a video on ur education please so that we can purse the same in ur future
I've been here in USA just for 2 years and I want to start saving for my future. This question may be dumb but ... how fo I create that savings account and portfolio. Whit my bank ??
in spain theres no roth ira...... for me to have 1000000dollars i will first need to have1500000dollars due to taxes.
OK, 3 easy steps. First you need a million dollars. 2nd. don't spend it. 3rd. keep smoking the joint. wait, what?
Living below your means > be poor for 30 years, miss out on your 20s THEN when your 50 you can live a life = midlife crisis. Slow FI is the way to go i think. Min Maxing in life is not enjoyable. RPG players know
Personally why not just buy a lot of cheap stocks dividends shares like buy 50 shares of 10 different monthly stocks dividends every month for the next two years then after 2 years you have 1,200 shares from all ten different monthly stocks dividends companies shares like if the dividends $0.25¢a share or $0.47¢ a share or$0.35¢ a share all together you have plenty to pay bills rent and food shopping the rest keep in the bank plus the cheapest business to start I've always been told was the candy vending machine business
That's a great strategy as long as you don't buy yield traps
@@ChrisInvests very true
When Im old I don't wanna spend a dime on anything, fuck those hospital bills too. I take those to the grave with me
This is an incredible video and reveals the simple truth: the day people stop complaining or throwing a pity party, they can get to work on this process. I have read book after book on 1) how millionaires think and 2) what they do… they think differently as they are by far more frugal than the average and moreover they save and invest paying themselves first. As another commenter mentioned everyone can do it… at least by retirement!
Love your videos. Great info. Thank you!
Thank you Dorina 😁
I know how to become a millionaire. Hyperinflation.
6000 per year smh
High car insurance takes a lot of money.
True, it's worth shopping around
are you one?
I learned something new. Jewelry has no underlying value.
I'm trying to earn 1m within 10 years not 30.
We all are 😂
Id hate to be old and have a million in my bank account …. When i wish i had them when i m still young? Any tips ?
I just made a video about this th-cam.com/video/xwSRmeCxGYA/w-d-xo.html
I'ma just play the lottery
Invest in crypto the end
I want to become a billionaire to reach financial freedom and help other's give back the community
Excellent 👍
“Easier than you think”
what is the point of being a millionaire after 30 years when I want to live the millionaire lifestyle now !!
That's the question we all face
Cause one day you will want to retire right ?
Unless you think you're gonna be able to work forever. After retirement you'll still have things to pay, things like housing, food, clothes and all the things that humans need to stay alive.
Have you ever thought about that ?
That's why you'll never be a millionaire
I mean i know i could be a millionaire in 30 years.... but i want to be a millionaire now... not work all my life be frugal and invest
😂 You're not alone
@@ChrisInvests make us millionaires chris!
I suspect the easiest way to do that is to form a conglomerate!!! I know it sounds crazy but look at all those fraternities and sorties and how rich some of them are!!!
love your vids all facts
I appreciate it 🙏
You make excellent videos!
Thank you, Bill!
I say do both. No one wants to wait 30 years for $1 mil. It’s not even worth it at that’s point. Crypto is the future
Anyone you guys strongly recommend for obtaining a Roth IRA
Charles Schwab
using Jewelry as a depreciating asset example can be arguable. It depends on the material that jewelry is made from and who made that jewelry. Cartier, Van Cleef, Graff, and even Tiffany can appreciate in value over time IF the jewelry is made from precious metals and is adorned with certified investment grade precious/semi-precious stones that are around 1.5 carats and IF you get it at a good price.
Thanks~~~~
Great video and insights!
Thanks for watching 😁
It's too bad that I just learned about this at 52 years old I'm open to any advice. matter fact I've been saving $500 a month right now and was trying to figure out how to invest it. it's just sitting in the bank. I want to take your advice. if you have any other advice I need to know please share thank you for this😊
Don't worry he is using an unusually high percent on return, 10%. You would need to be very lucky in order to get that type of return on average throughout your time of investment, usually 25-35 years, unlike what he mentioned of "not needing luck". Reality is closer to 4% return on investment.
@@ichigokurosaki7762 No, he's right, the average rate of return for the S&P 500 throughout history really is about 10%. Recently, it has been even higher.
@@ichigokurosaki7762 Thanks?😒
@@ichigokurosaki7762 6%
@@Steveo_00700 now that is accurate
We want a video on ur education 🙏🙏
Do you mean how I learn about this?
@@ChrisInvests yes sir .please make a video on this topic please 🙏🙏
@@ChrisInvests I will be thankfull to u if u take out ur time and make a video on this topic. 🙏🙏🙏
You forgot to add average age of millionaires is 62 years old.
And just think this current generation is not richer than the previous one!!! I also think the average millionaires will remain the same if not older.
I’m 17 and I don’t think I’ll live till 30 that’s why I wanna make dollar now 😂
Investing in crypto was the best decision i’ve ever made
Yes you'd be a millionaire in a wheelchair after living a miserable life all your life
Try 15 to 20% a year home fry. 5 years running.
Great!
How to become a millionaire: Invest $3000 in the S&P500. Then wait 60 years. :P
😬
Being a millionaire in twenty or thirty years will not mean financial security. By 2060, with inflation going up at a consistent rate (even less than 2021's rate), you could easily need ten times that much to retire comfortably. 😀
True
Agreed - I’m in my late 50’s and finally passed the $1-million dollar mark in my 401(k) this past year. Even now, that kind of money is nice and will provide me with a fairly stable middle-class retirement, but it certainly won’t allow me to live like a Rockefeller.
I really think investment advice aimed at the 20-30 year-old-crowd today should be aiming for around $3-million by the time you reach your early 60’s. Get to work, kids, and start saving your pennies……..!!!!!
why are you assuming 10+% returns when historically it's been closer to 6% per year. This is truly false advertising
A quick search finds the following: The average annual return of the S&P 500 from inception through 2018 Is 10-11%. The 2019 return was 31% and 2020 was 18%. See Investopedia.
@@ChrisInvests you’re picking from the last few years, if choosing for the last few hundred years it makes it a slightly more sad outlook. from the higher returns we’re having now are likely to lower out expected returns for the years to come. I don’t mean to call you a moonboy but its in that territory, although i really do like your videos other than this.
@@willevans3559 Inception was almost 100 years ago in 1926, not just the last few years.
@@willevans3559 For real I understand (I think I understand) what you are trying to say. Over the last 10 or so years the market has had unusual returns but problem was that excluding the last 10 the market average is less that 10- 12%. I also feel the last 10 years have been a lucky accident and should be discounted when talking market averages for that reason.
I love when TH-cam notifies me this, "someone subscribed to your channel" that ALWAYS makes my day!!