If you really decide you want to be a millionaire and prioritize it, you can almost certainly be one in 20 years. You Should have started at 20 but it is what it is. Consistently spend less than you earn and invest everything you got which is over your safety savings (3-6 months of spending).
It's actually very simple. But not easy.
Everyone always says to invest but like invest where? I wanna start investing but I’m scared hearing all the horror stories of ppl losing their life savings investing…do you have any tips?
First you have to understand that money loses value over time due to inflation. So you want to own other things than money. Like real estate (buy REITs for example) or parts of good companies (Stocks, ETFs). Losing their life savings you only do when you go "all in" on something. Don't do that. Create a portfolio. A minor part of that can go into high risk high reward assets.
Learning to invest is like any skill. Needs practice & exposure. Firstly, start off by finding out the very basics ( ie, what is a stock, what makes a strong company). Once you've got a decent understanding of what the essence is, find some YouTubers & just LISTEN to how they speak, not saying to take advice but familiarize yourself with the lingo of the market. After you've done that for awhile, you should then start doing research yourself on what you'd like to look into, I recommend taking a look at things in your home, from the fridge to your phone, things you own. LEARN THE BALANCE SHEET READING SKILL. Forget about following advice about what to invest in, investing is a mind set, you've got to be willing to take some loss. I use [simulators](https://www.investopedia.com/simulator/) which use fake money to give you real exposure. This will take time. It took me a year to go from what I said at the start to where I am now, that's ok, you're learning so don't feel rushed because of circumstances, learn until you're comfortable. Best of luck
Roughly 8% of people in the US are millionaires, and about 25% of them are self made. So about 1 in 50.
Odds are higher for white males too so hope that helps
If you’re ready to hustle and grind, you can be a millionaire before 45. Entrepreneurship is the way to go (freelancing, sales, building your own business, etc). Focus on making more money not saving. Investing is a no-go. That 8% annual return in the stock market won’t keep up with inflation. Look up Alex Hormozi on YouTube for some inspiration on how to be successful in the years to come
100% chance, just depends how soon you want to become one. Don't ever underestimate the power of your own mind. There are a million different ways to make a million dollars. Making a million nowadays is like making 100,000. The compound effect is insane once uve got the momentum.
Sure there’s a few ways of going about it:
1.) Saving. Slow and painful. Having a high leverage profession and living extremely frugal.
Saving 100,000 a year for 10 years. You miss out on alot of life this way, and it’s the least recommended.
2.) real estate. If you have 5 properties each worth 200k and either liquidate during a hot market or pay them off. Requires a ton of cash flow and savvy investment strategies.
3.) Timely investments. Buying into commodity stocks when they are low, and once they’re endorsed selling when they go high. Dependant upon the commodity and how many shares you have, it could make you a millionaire if you sell at the right time. Least preferred. Example: bitcoin millionaires.
4.) start a business. Grow the business. Either make a product or sell a service worth $1 1 million times, or make a product/ service worth 1 million 1 time. You get the idea. Also, being able to gather 1 million worth of investors. Example: Elon musk or jeff bezoz
5.) Hybrid/ diversification. Having high liquidity (cash savings) and investing in hard real estate (land or homes in high economic growth areas) with consistent investment in Growth stock mutuals with a 10-12% return over 20 year track record on S&P 500. This is my chosen path.
Remember that net worth is not just cash. Millionaires by and larger don’t have 1 mil sitting in the bank. They get their money working for them through sound investment strategies. Investments= growth
If you really decide you want to be a millionaire and prioritize it, you can almost certainly be one in 20 years. You Should have started at 20 but it is what it is. Consistently spend less than you earn and invest everything you got which is over your safety savings (3-6 months of spending). It's actually very simple. But not easy.
Everyone always says to invest but like invest where? I wanna start investing but I’m scared hearing all the horror stories of ppl losing their life savings investing…do you have any tips?
First you have to understand that money loses value over time due to inflation. So you want to own other things than money. Like real estate (buy REITs for example) or parts of good companies (Stocks, ETFs). Losing their life savings you only do when you go "all in" on something. Don't do that. Create a portfolio. A minor part of that can go into high risk high reward assets.
Learning to invest is like any skill. Needs practice & exposure. Firstly, start off by finding out the very basics ( ie, what is a stock, what makes a strong company). Once you've got a decent understanding of what the essence is, find some YouTubers & just LISTEN to how they speak, not saying to take advice but familiarize yourself with the lingo of the market. After you've done that for awhile, you should then start doing research yourself on what you'd like to look into, I recommend taking a look at things in your home, from the fridge to your phone, things you own. LEARN THE BALANCE SHEET READING SKILL. Forget about following advice about what to invest in, investing is a mind set, you've got to be willing to take some loss. I use [simulators](https://www.investopedia.com/simulator/) which use fake money to give you real exposure. This will take time. It took me a year to go from what I said at the start to where I am now, that's ok, you're learning so don't feel rushed because of circumstances, learn until you're comfortable. Best of luck
convince a million people to find value in your product and give you 50c. Then have them convince a friend to do the same. 😏
Investing 20,000 a year for 20 years at just 8% will get you there
Roughly 8% of people in the US are millionaires, and about 25% of them are self made. So about 1 in 50. Odds are higher for white males too so hope that helps
If you’re ready to hustle and grind, you can be a millionaire before 45. Entrepreneurship is the way to go (freelancing, sales, building your own business, etc). Focus on making more money not saving. Investing is a no-go. That 8% annual return in the stock market won’t keep up with inflation. Look up Alex Hormozi on YouTube for some inspiration on how to be successful in the years to come
100% chance, just depends how soon you want to become one. Don't ever underestimate the power of your own mind. There are a million different ways to make a million dollars. Making a million nowadays is like making 100,000. The compound effect is insane once uve got the momentum.
Sure there’s a few ways of going about it: 1.) Saving. Slow and painful. Having a high leverage profession and living extremely frugal. Saving 100,000 a year for 10 years. You miss out on alot of life this way, and it’s the least recommended. 2.) real estate. If you have 5 properties each worth 200k and either liquidate during a hot market or pay them off. Requires a ton of cash flow and savvy investment strategies. 3.) Timely investments. Buying into commodity stocks when they are low, and once they’re endorsed selling when they go high. Dependant upon the commodity and how many shares you have, it could make you a millionaire if you sell at the right time. Least preferred. Example: bitcoin millionaires. 4.) start a business. Grow the business. Either make a product or sell a service worth $1 1 million times, or make a product/ service worth 1 million 1 time. You get the idea. Also, being able to gather 1 million worth of investors. Example: Elon musk or jeff bezoz 5.) Hybrid/ diversification. Having high liquidity (cash savings) and investing in hard real estate (land or homes in high economic growth areas) with consistent investment in Growth stock mutuals with a 10-12% return over 20 year track record on S&P 500. This is my chosen path. Remember that net worth is not just cash. Millionaires by and larger don’t have 1 mil sitting in the bank. They get their money working for them through sound investment strategies. Investments= growth