How to Become a Millionaire on a Low Salary
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- เผยแพร่เมื่อ 28 ก.พ. 2024
- In this video, I'll show you 3 levers you can adjust to easily make $1,000,000.
Download Ch 1 of my book "I Will Teach You To Be Rich" for free: iwt.com/chapter1-youtube
Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich"
Find Ramit on Instagram: / ramit
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How to get $10 per day at any age. Quit smoking, quit drinking, shop for cheaper insurance (any type of insurance), cut cable, cut streaming services, shop at Aldi, make your own meals, get a different job, ask for a raise, get a side hustle. Turn down the heat by a degree or two, raise the a/c by a few degrees, pay off debts, buy a older less expensive car that will lower insurance and taxes, stop buying unnecessary stuff, lessen your travel budget (there are many ways to do this). Stop buying meals out, stop getting the daily coffee out. The list goes on and on.
This should be pinned
Thank you
Ridiculous 😂😂😂.......
Completely agreed, 1₹ saved is one ₹ Rupee earned
This will get much more than $10/day
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
diversifying your investments is the safest way to handle it. One way to lessen the effects of a market crisis is to distribute investments over a variety of asset classes, such as international equities, bonds, and real estate. It's critical to look for expert advice.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
KENNA MURIEL HESSELING is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
It took us 35 years to get to 2 million, but we were lucky because our entire family stayed healthy. You should interview a family with medical struggles (i.e. multiple family members with Type 1 diabetes).
only a problem when you are in the US... if you are in every other country with good healthcare type 1 diabetes ain't a money problem....
he has already interviewed a few couples with medical struggles. one couple the lady had several heart surgeries and the couple thought she was going to die so they spent recklessly then she ended up surviving. its one of my fav episodes
@@lowlowseesee Yeah, I saw that one. They seemed to focus on what they spent in the past on guilt-free spending. This is understandable in that couple's circumstances. A whole family with Type 1 diabetes, a child with a mitochondrial myopathy or an organ transplant patient will have high medical bills for the rest of their lives.
How did you do it?
"Investing is boring" is single handedly the most important investing advice I could've gotten.
people go into investing trading bc emotionally they dont understand how markets work. investing is literally set and forget.
@@djjoshski if that’s the case why are so many investors rich?
@@Lipsmackingsaucesbecause they get a paycheck from investing other peoples or organizations money. They get paid well no matter if the investments win or lose.
@@carlr458 that’s interesting 🧐
lol facts. I have a friend at work who keeps tampering with his stocks. I am trying to get him to stop doin that shit.
I've worked as a machinist for 31 years now, since I was 18. Not the best pay or benefits.
I cracked the $100k mark at 30ish and now sit at 1.3Mil at just under 50 years old.
I'll be done working by the time I'm 55-59 1/2
Keep up the savings, and it'll pay off in decades...... Best thing I've ever done.
What’s a machinist
@@jayislander A metalworker, using machines to produce products.
I make medical devices.
@@devilmonkey427 oh okay sounds like something that would pay good but you said not the best pay . Can I ask where you from?
@@jayislander Midwest.
There are better paying jobs out there. I wouldn't recommend working as a machinist.
@@devilmonkey427 well I’m only 22 really just need a job paying alright salary .
You can spot the doomers by the comments on this video: "BUT $1 MILLION WILL ONLY BE WORTH $250K WHEN YOU'RE 78!" First, these numbers already factor inflation in. Second, what's the alternative? To sit around and leave disaffected comments on youtube? If you want to become a millionaire before your 50s or 60s, start a business. Negotiate your salary. Find a new job. I show you how to do every one of those things at iwt.com/products. But you can't do any of those if you sit around trying to leave "gotcha" comments about inflation (which you're wrong about anyway). I share my material because I believe everyone should live a Rich Life. You can even do it with a low wage! But you have to start to take control of your own finances and not wait for things to change on their own.
I love that: What's the alternative??
I started getting serious about money about 20 years ago. My husband and I only started jointly earning $100k a couple of years ago. We're now jointly a quiet millionaire, with none of our net worth in real estate or cars. This is after annuitizing a chunk of our capital a year ago. He'd fully retired, I'm soft retired. I like my job and the 10-15 hours a week I work gives me mental stimulation, a sense of satisfaction with each project, and extra income.
We did nothing flashy or clever. We've used our 403(bs), ROTHs, Traditional ITAs, cd ladder, and savings account. Boring! Boring is excellent.
I would like you to address the very misleading thumbnail which is VASTLY different numbers than used as an example. Sketchy.
Good stuff Ramit. Some people just have to be doomers I guess. Can’t is their favorite word
I love this. Agency is the most important factor not anything going on economically or environmentally
I'm a have to start after 60, bcuz I'm just now learning this new stuff and resolving my debt. 😊 Starting a business will be my primary method.
My coworker put 30% of his income per week and he retired at the age of 52 with a million in his 401k. Some people say that’s not a lot but don’t they have a million. My coworker and his wife worked things out so they both have their own retirement income to retire together
Anyone who says that's not a lot isn't worth listening to.
7% is 70k. On million if you put it in stock real estate business at a point you don't use the million
How did he retire at 52 off a 401(k)? You can't withdraw from those until 59 and 1/2 without penalty and fees. He's a dummy if he did that.
@@hellfire0332that's not 100% true.... There is a way around paying the penalty...SEPP for one
@@hellfire0332maybe he also had money elsewhere or maybe he worked in a field that allows you to tap into retirement earlier, you're a dummy for assuming. Also, he can get a job at 53/54 and access his 401k money using rule of 55. I plan on retiring between 50 and 55. I have savings, 401k, brokerage l, and Roth IRA ...it will work out with planning.
I’m following Ramit’s advice and have been for almost a year, and I can say the overarching theme here is to make those changes in your life that allow you to “live your rich life”. At least for me I was surprised to see how quickly things took flight, automate your finances if you can, check back every once in a while and you’ll be pleasantly surprised
Yes! Great work
@@ramitsethi how are you? I am curious, when you said save in an investment tool which investment tool are you talking about? Do you have a cheat sheet teaching people where to auto-save money?
It is not relevenat beyond USA
@@MrAllywood79foreigners can invest in the US stock market.
@@ramitsethi, for my learning - can you help me understand why you're discouraging dividend investing? For context, I'm a 35yr. Aside for my Roth, I have two portfolios -first one with a one stock strategy(VOO) and second one is with individual legacy dividend yielding companies.
I invest twice a month on the dot and only started to invest since 2021.
Close to finishing your book --> set up my ISA, set up my savings goals, set up my billings to be taken out on more or less the same day close to payday, calculated my costs, set up how much I need to set aside for the month & I now feel in control of my money, to the point where I bought a pair of Yeezys yesterday & felt no guilt because I already covered all the other areas of my life because of your system. Thanks Ramit!
Ramit I bought your back in 2014 and the second edition too. I blindly put my money in target date funds in roth ira and 401k and works for me. Thank you!
Boy the end of this video was deep. And hit me hard. We just crossed into 7 figures. And i have a great pension comming @60 We were dead broke @44 y/o. We are now 51&52 y/o. My mom passed on December 29th. And my 21 y/o son is having a hard time finding his way. Despite all the help i have tried to give him. Money doesn't change how you feel. Great video
He prob doesn’t want to slave his best years away like you did - 29 year old who’s a corporate slave and already have about 200k net worth. I feel kinda dead inside though so maybe it’ll matter more when I have a few million and don’t have to work.
Key word you used is "we". You didn't do it alone, so you don't get to gloat. It wasn't all your money.
@@SomeGal I always include my wife. We moved a mountain in 3.5 years. Paying off over 100k. She worked as hard as I did. Now we know we can accomplish anything together.
How you did it?
@@SomeGalhe didn't even say he did it all by himself. You comment just seems like you are correcting him?
Hey Ramit. Love your content!
So in the video, the example used was having an annual salary of $50k to become a millionaire. However, the thumbnail shows a wage of $9/hr which equates to $18,720 annually ($1560/month). Unless someone has absolutely no financial obligations, it's going to be very improbable for someone to invest and build wealth with that income. With $50k/year ($24/hr), it's much more probable to invest the way that was suggested. Salary definitely plays a role on not only how fast someone builds wealth but even if it is possible to do so.
What was he thinking putting that up?
Wow never thought of that....good catch! Maybe he is assuming married couple?
@AlyssaWolverton that's still only 37K
Try to generate side income to increase your annual income still you can invest and make half a million 🥸
The $9/hr doesn’t remain constant throughout your life. Generally you earn more as you grow older and he mentioned you invest in percentages of your income.
I think when people say they want to be a millionaire they misspeak. They really want to be day-to-day wealthy. They want to make a half million per year.
A millionaire at 65 isn't that flashy. And its likely going to be a middle flass or less lifestyle.
They want to spend like a millionaire. To get to a million, you need to save like a millionaire, not spend like one
And have a million dollar nowadays it’s like nothing… a single family in a bad neighborhood here where I live is costing 400k-500k … every month good income and paid off home is the peace that people really want… vacations and fancy stuff is a plus
@@FIREownyourtimeand if you spend you will become poor again
I'd rather have 5 million dollars at 30 then 300 million dollars at 85. Just saying........
Thanks for the concise and well-paced video. I'm sharing it with my kids 🙌
Great vid. Although I didn’t follow this advice until later in life, it’s something I pushed my son on. He’s 30 and has over $300k in retirement, with 80% of it in Roth. He’s won the game but needs patience for that to continue to grow. Ramit and others taught me this important life lesson of “time in the market.”
Thank you for this!
“Real investment is like watching paint dry” 💪🏿 couldn’t have said it any better
Glad I watched until the end. That last tidbit is golden!
I had a lump sum of money sitting in the bank. I was advised by the bank employees to invest it years ago but still didn’t know enough about investing to do anything about it. 10 years later (currently times) I watched your podcast on DOAC and invested it straight after. Best thing I’ve done in my life.
What is the podcast you watched?
th-cam.com/video/ORqd9QAC8OY/w-d-xo.htmlsi=1Z7cnBYvlgfPsKFV
@@rakion226 th-cam.com/video/ORqd9QAC8OY/w-d-xo.htmlsi=jW1fChO06qOFbMw1
This is what i need to do😢😢😢!
@@rakion226 Diary of a CEO. It's on TH-cam
You're a real gem Sir🎉❤
Subscribed recently and I’m loving your content! Thank you so much for your insight 🙂
Awesome! Thank you!
Ramit is the realest tbh. I want to buy him all the appetizers in the world. ❤
Lol! 😁
😂 That was a good one! I love him too! Lucky wife. ❤
Love this
Thank You Ramit Your advice is real. My father is 90 and has done what you are saying 50 years ago.
Great advice Ramit. I think most of the world would like to think retiring with a lot of money requires some super secret knowledge that they don’t know or don’t have access to, and the reality is we all control our own visions and behaviors. You really push us to empower ourselves and believe in the reality we’d like to create and that’s why I love this channel ❤ in a world full of blaming others, accountability is refreshing
Great content. Thank you for sharing!
I have to say I don’t really watch these type of videos from anyone on TH-cam but this guy spoke facts and I understood everything with him on the screen and with the visuals thank you for these videos man keep up the great work you earned the new subscriber and I know a good amount of investing thanks to my dad so I was able to agree with a lot of things in this video and you helped me a lot as well!
Thanks for subscribing!
Thanks Remit
Appreciate the information!👍🏾
Hey! Could you create some (or more) content specifically for those of us who started later in life and had one or more kids along the way - The “I wish I read your book 20 years ago” crowd? 🙂 Why? Because the “look what happens when you start investing when you’re 20” can be a little depressing. I did get your book, though, and I’m workin’ the program!
This is us too. The answer is "go hard with monthly investments for the next 10-20 years." Like in the $4000-5000/month range.
You might like the “Catching up to FI” podcast!
Being late to the game simply means you’ll need to invest more to makeup for the time you missed - what’s your magic number each month you need to invest in order to retire? Once you get clear on your number, you won’t compare yourself to all the 20 something’s that started before you
Great video! I wish I had watched it 18 years ago. I hope the 2nd best time is now. Thanks, Ramit.
This was super inspiring thank you!
I like that you put the return assumptions and rate assumptions. And I liked that you used a more conservative percentage. At the start of my career, I looked at the lifetime returns of the lifecycle funds offered at my university. None of them reached 7%, and I’m pretty sure those were the nominal returns, not inflation adjusted. Lifecycle funds are almost never all equities, especially in the latter half of the worker’s tenure and the market average people tend to refer to is stock market, not bond market. Long story short, I ultimately decided to only leave a portion in my lifecycle and put the other portion towards something more representative of the stock market.
It’s okay to invest until you are 65 and enjoy it then, but I know so many men that didn’t get to enjoy retirement because they passed right before or as soon as they retired. So, enjoy some of your earnings today
solid video sir. i agree with everything in the video, but i think you miss a key way to leapfrog years ahead & increase your savings rate. if/when you get some extra money like the stimulus money, tax returns, a bonus from work, etc. you should invest 100% of it and jump ahead of your savings rate by a significant amount(for a low earner this can be huge!). example, if you invest $400 a month then get a $4k bonus it is a ten month jump that compounds and that one move makes your yearly contribution double.
What's up Ramit.. i'm Ibe's uncle.. We haven't seen each other since Jersey City.... love your work! Tell Nagina , Rachi & Manesh that I said hi..
"Is this video just one of Ramit Sethi's grievances after another? Because, if so, this is my favorite videos of all time!" 😆
Just ordered your book yesterday and here you are first on my page on youtube😁
Never seen any of your videos and this one was really good, thank you!
Great to have you on the TH-cam channel! Enjoy the book
Great video bro 👊
Solid advice💯
Thank you
Love your channel and I listen to your podcast every week! I hate to sound cliché but I wish I would have found you 20 years ago! Could you please do a "catch up" video for those of us that are older and didn't save in our 20s and 30s?
Thank you for being real 💜
Glad you're speaking on some others. I'll watch. I love AMX300K. Trying to accumulate more now.
Had to put those glasses on for the full effect! 😂 Love it!
Thank you Sir
I love when you talk about people with a low o medium salary.
Thank u man
I’m in mid 50’s and just watched Netflix show, have your book. My question is could you show something with someone in this situation? I have a mortgage, mortgage under $800.00/months. How do I start?? I have a small 401k and owe less than 100,000 on my home…
Automatic investing is the key! Thanks for sharing!
I love lattes. But I also focus on investing! lattes are my only treat really. Im an older invester 52. Been through 2 divorces so got a late start investing. But im really enjoying it and learning about it. I just hope I have enough when im ready to retire. Enjoyed watching you today! blessings
Mind if I ask when you got started? I'm 41 and didn't start making decent money until 38 and only in the last year or two found Ramits book and started my journey towards figuring out my finances.
I'm hopeful if I focus and invest as much as possible I can POSSIBLY retire at 60 🤞🏻
Have your book downloaded audible. Must say, your candid, honest and fun approach to finance, makes this book the most accesible, easy follow educational piece in a long time. ❤I’m making mandatory to all my staff, teams and closest friends to read or listen to it.
Thank you for listening!
I love this
Automatic investing is the 🔑 to a comfortable life🙏🏿😊
I genuinely with a burning passion…fkn love this guy.
three tips on how to become a millionaire on a low salary:
Budget Wisely: Prioritize saving and invest any extra income wisely. Cut unnecessary expenses and live below your means. Consistently saving even small amounts can add up over time.
Increase Income Streams: Look for opportunities to boost your income outside of your primary job. This could include freelancing, starting a side business, or investing in passive income streams like real estate or stocks.
Continuous Learning: Invest in your education and skills development to increase your earning potential. Take advantage of free or low-cost resources such as online courses, workshops, and networking opportunities to expand your knowledge and expertise.
That's sad, my 18 yr old in college works her butt off and has $400/month to invest!!!! No debt. It's called direction with self control. I love your book, Ramit! It's really simple, and I truly want others to learn how to healthfully grow financially. Great video!!!
This videos gets me everytime. Invest and wait 30 years to become a millionaire. No mention of starting a business which can compound your income and invest
What happens at 4:02
Here in Australia, it's the law for employers to give 11% of your weekly wages in 401k contribution. So, if you earn $2000 before tax, your employer must contribute an extra $220 to your 401k portfolio without wage sacrifice.
On July 1st 2024 it will go up to 12%
@DavidWillanski it's actually going up by 0.5% this year and again 0.5% next year.
@@helloman121220 I guess all today's news reports on the changes to paid parental leave got it wrong then
While watching the series on Netflix, I wrote out a budget and I plan to pay off close to 4 grand in credit cards within 90 days. I plan to pay off one on Friday.
Good work Ramit. I have been watching your videos lately because I like the idea of creating that guilt free spending room in my budget. I see when you are recommending set percentages for savings, fixed, investment etc but it is based on GROSS income. For someone like me taxes can be about 22-32% of my gross. How does that affect your recommendations?
Thank you for your practical ideas on how to become wealthy through managing money, saving and investing at the same time living a rich life. one of my rich life is to be able to give back to my parents while they are still alive and strong and be able to take a vacation trip with my loved ones and be able to spend money on healthy foods with my family. 🎉 Thank you again for sharing your practical idea to become rich and achieve financial independence so it gives us freedom and peace of mind and the ability to do wonderful things with the people we love and care and the ability to help and contribute.😊
I apprecite ur contenzt its hard to follow because i was brought up with bad money mentality but trrying yo break that and u a great guy for teaching u s❤
Thank you so much for posting this! It’s valuable information and I’m going to share this video with people I know!
@@fuzzypanda1684 too late 😂
Following and actioning from Kenya! Though I have to do a lot of math conversions as well Remi.
How to learn where to invest if I am in Canada? Is your book relatable to other countries? I wish I have seen your videos years ago. Now at late 40’s and recent disability from back injury. I won’t give up! And even if it is little by little I want to invest for my senior years! Do yo have any shows with people on disability income? Thank you for showing light and guidance to us who did not grow up with financial education. It is never late to learn.
Im fully into AMX300K and ADA, simply huge potential.
Great videos and keep the good work up! I keep wondering on why leverage is treated so badly and never mentioned in your path to wealth. Leverage, when used appropriately, can make a huge difference to the timeline. Wouldn’t it be prudent that the people that want to become a millionaire should spend some time learning to use leverage; be it buying a condo and renting out the second bedroom or getting a small margin loan to increase high conviction potential investments? At all times you should be ready for the worst case situation, but missing out on this great tool just because it’s risky is something that I can’t fathom.
"If you think you can or if you think you can't, either way you're right" -Henry Ford
Useful sharing 🎉❤
wonderful video
Hi Ramit, thank you for all the advice,
I have only about 10 years til i retire what would be the best idea for me to do to get enough money i don't want to work after I retire little help🙏
I never miss your video
I DCA'd into XRP and AMX300K even though I told myself I was going to wait until I get paid but I couldnt resist, these prices are too good to wait!
A most learn money habit is to save/invest more than you spent/ earn .Make 250k a year live a 250k lifestyle =poor make 15k a year safe 7.5k a year =road to financial freedom. Thanks a bunch for another great video Ramit.
I don't want to be millionaire at 65. I want to balance my wealth to enjoy life on my 30s-50s as there will be activities that I won't even be able to do when I get to 65 even with all the money in the world. I found out that being debt free is the best way to do this it is a fine line of investing and enjoying the moment.
I also would like to be able to enjoy my 30s and 40s… but what will happen if I get to retire when I’m old and I don’t have enough money? 😢
You're always so honest. Thank you. What would you do with $1000 or $5000 for a quick return? I think a lot of people can relate to this.
I don't focus on quick returns
@@ramitsethiwell 5-10 years?
Could you please explain how increasing percentage of your income you invest over time works alongside your four numbers tracking advice to invest 10% please?
For those that have accumulated enough money to almost retire, but out of work and need health insurance, you just need to make 15k a year to be eligible. If you can do that, your health insurance will be mostly subsidized by ACA. You can get a low paying job but still have insurance.
For the first part, the same is true for debt, the longer you have it the higher it will grow.
Before following your advice, I was saving too much, not spending some of my earnings on what I enjoy and barely investing. Changing my financial behavior really helped motivate me, increased my happiness and also made me not scared to invest a certain percentage each paycheck.
The sad part is, I was laid off 6 months ago and am having a nightmare finding a new job in my field, but one thing is forsure, I look forward to balancing my finances again when I finally get a job again. In the meantime, any financial advice for those of us facing layoffs? Especially when unemployment benefits runs out.
I wish I knew this at a much younger age. Starting late, short window and budget what can I do to increase for my retirement
I think it depends on if you hit stocks that make you big profit along the way it is possible
spot on
Great and direct advice
Thank you for watching!
Yes we should invest what should invest in
SP 500 ETF
Here's to creating a life with meaning.
Hi, do do any advising, if the situation and investment you me what I should do or steps to do?
What’s a good stock to invest ?
The question is in country like Sri Lanka where inflation is high how can we make money since the money value is going down day by day... Your advice on this
I've been thinking about whether I should hire a financial advisor. Are there any real benefits to it, or is it just an added expense?
Actually, using a financial advisor can be incredibly beneficial. They can help you create a personalized financial plan tailored to your goals and risk tolerance and also provide valuable insights and advice on investment strategies, retirement planning, and tax optimization.
Yes it can be beneficial. Just shop around for the lowest fee. I would do vanguard or fidelity. Avoid all other companies especially Primerica.
@@Rmorales799
How do I go about finding one since the finance sector is a huge mess with so many charlatans?
My colleagues had a good laugh at me when I told them I started my journey with $5k capital and how I accumulated over 5 figures within a span of 7 months. They never believed me until I pulled out my P&L.
I was skeptical at first, but after working with a financial advisor (Herman Jonas), I’ve seen significant improvements in my financial situation. He’s helped me make better investment decisions and saved me money in the long run.
You're discussing the prevalence of deceptive gurus in the realm of dropshipping. Dropshipping serves as an initial means to assess a product's market viability. Once its demand is established, entrepreneurs typically transition to a more traditional e-commerce model where they maintain inventory. Moreover, many dropshippers diversify their investments beyond e-commerce, venturing into stock markets and real estate as well.
Being a millionaire has been a goal of mine (not a dream) since I was in college I keep hitting roadblocks but like that feeling on the tip your tongue I feel like I'm inching closer to figuring out how I can get there successfully. For me though I don't want to enjoy my riches when I'm old I want to travel and be with my family more while I'm young and can still do things.
But am curious does investing has risks, cause please talk about the negative side of it
Can you do a video on ethical investing?
Well first off don’t settle for a low income. Learn a valuable skill or be willing to do jobs others won’t. Make more money for less time. Then it’s simple. Live below your means, save, invest and be frugal. It’s not complicated but it’s also not easy. Don’t worry about some arbitrary goal like being a millionaire.
Thank you!
Hey Remit I really like your podcast I would love to talk to you one day
Ramit can you make a video on where to invest like index funds, bonds, etc.
I wrote an entire book on that. amzn.to/3GrLywk
This is really really really good advice and I appreciate it
The numbers could even better if you’re investing in a 401(k) Roth or a Roth 401(k) into stocks or ETFs that pay dividends. It actually compounds faster and you make more.
To clarify: I’m not expecting a 25% return. My dividends pay out about 3% a year. And it’s in a tax-free account ((Roth IRA)) it also shoots surpass hundred thousand dollars this year.
The process works. It just a matter of how much time you have. There is no way of getting around making more money and spending less than you make. I've seen people retire on $1,000 a month by why? Maybe I want $9,000 sweaters to keep me warm. LOL
I find your videos very helpful and insightful, hopefully I can wrap my head on investments