To achieve wealth in 2019, one should focus on generating two incomes, building relationships with successful people, saving to invest, automating finances, getting used to uncomfortable things, dedicating 20 minutes a day to developing new skills, not showing off, and thinking big. Self-made millionaires allocate their time and energy differently, focusing more on personal growth, thoughts, investments, and work. There are four main paths to becoming a millionaire: don’t play the game, develop a written financial plan, start saving regularly when young, stay disciplined, and create and maintain a long-term financial plan.
To live a richer life, one should avoid debt, focus on freedom, adventures, connections, and put their money, time, and energy right there. With planning, strategy, and math, everyone can create their own rich lives for themselves.
Finance expert Ramit Sethi works with people across the US to help them achieve their richest lives. To become a millionaire, start saving early, avoid unnecessary spending and debt, save 15 of your income—or more, make more money, don’t give in to lifestyle inflation, develop a written financial plan, get into the habit of saving, live below your means, stay out of debt, invest, start your own business, create a personalized financial plan, start saving immediately, prioritize debt management, increase income, build an income, and focus on the $30,000 questions, such as getting a great job, negotiating your salary, finding the right partner, and making the right decision.
📹 How To Get Rich Overnight
How to become a multimillionaire?
To achieve financial independence and wealth, adopt the right mindset, develop multiple income streams, practice financial discipline, invest in yourself, and take calculated risks. This journey requires the right mindset, discipline, strategy, and strong financial acumen. Starting from nothing can be challenging, but certain principles and steps can significantly increase the chances of achieving this goal.
- Adopt the right mindset: Your beliefs about money, wealth, and success will either propel you forward or hold you back. Focus on developing multiple income streams, practicing financial discipline, investing in yourself, and taking calculated risks to achieve financial independence and wealth.
What is the 50/30/20 rule?
The 50-30-20 budget rule is a financial management tool that suggests that individuals should spend up to 50% of their after-tax income on essential needs and obligations, with the remaining half dedicated to savings and 30 for non-essential items. This rule aims to balance paying for necessities with saving for emergencies and retirement. To follow the rule, individuals can set up automatic deposits, use automatic payments, and track income changes. If spending more than 50 on needs, it may be necessary to cut down on wants or downsize lifestyles, such as downsizing to a smaller home or car, carpooling, or cooking at home.
Is saving $500 a month good?
If you invest $500 a month, you’ll likely build wealth over time, potentially becoming a millionaire. Investing involves buying assets that increase in value. While some may be nervous about investing, there are many ways to invest without trading floors. One option is to open a brokerage account and invest in index funds, mutual funds, or ETFs. Researching and picking stocks takes time and may not be suitable for everyone. Instead, you can access a mix of assets in one fell swoop by investing in a mix of assets in one fell swoop.
What creates 90% of millionaires?
A substantial majority (approximately 90%) of individuals in the United States who have attained the status of millionaires have done so as a result of their involvement in the real estate market. Real estate has generated a greater return on investment than all industrial investments combined. The prudent young person in employment today will invest their capital in real estate, as this is one of the most expedient and secure methods of accumulating wealth and enhancing one’s net worth within the country.
How long does it take 100k to turn into 1 million?
The S&P 500 has a historical annualized return of about 10, meaning an investment can double every seven years on average. To achieve this, investors can buy a low-cost index fund that tracks the S&P 500, which can grow your $100, 000 to $1 million in 23 years. Investing additional funds, such as $500 monthly, can also help reach $1 million in 19 years. While past results don’t guarantee future outcomes, history is on investors’ side. Investing in blue chip stocks is also a good option, but your retirement nest egg should not be based on hot stock tips.
How to invest 200k to make $1 million?
To invest $200, 000, it is essential to evaluate your starting point, estimate your risk tolerance, calculate necessary returns, allocate investments wisely, and minimize taxes and fees. The “Sīkdatņu politikā” system helps in identifying investments, authenticating investments, and identifying new investments. The system also includes information about partners, partners, and other partners, such as IP addresses, personal information, advertising, and notes, which auditors can review and provide recommendations. By following these steps, you can effectively manage your investments and minimize taxes and fees.
How much money do I need to live rich?
The Schwab’s Modern Wealth Survey shows that Americans now believe a net worth of about $2. 2 million to be considered rich, slightly dropping from 2020 when people thought $2. 6 million was the magic number. The survey also highlights the importance of “Information Policy”, which includes the collection, authentication, and use of personal and financial information, as well as the role of partners in the IAB Prredzamības and the data collection system. The survey also highlights the need for better data protection and privacy measures, as well as the importance of auditing and compliance.
How to live a rich full life?
To enhance one’s quality of life, it is recommended to prioritize the pursuit of autonomy, novel experiences, and interpersonal relationships. It is recommended that financial resources, time, and energy be allocated to these areas. The concept of wealth is not merely defined by a balance in one’s financial accounts; rather, it encompasses the growth and expansion of one’s entire life. This entails the enhancement of one’s abilities, the pursuit of novel experiences, and the cultivation of meaningful connections. It is of the utmost importance to maintain optimal physical health, as it is a form of true wealth. It is imperative to adopt an attitude of abundance rather than one of scarcity.
What is the average age to be rich?
The average millionaire in the United States is 61 years old. The policy “Sīkdatņu politikā” aims to protect the privacy of foreigners and foreign investments, including their personal information, authentication, and new investments. The policy also includes a system for registering and registering partners, including IAB Prredzamības and the IAB Procurement and Contracting System, which collects and processes various types of information such as personal data, IP addresses, and personal information, as well as ensuring auditors’ compliance and protection.
How can I get a rich lifestyle?
To become a millionaire, it’s essential to develop a written financial plan, adopt saving habits, live below your means, stay out of debt, invest, start your own business, and seek professional advice. The U. S. has the highest number of millionaires globally, with 22 millionaires in 2023. Being a millionaire is not uncommon, but it’s more attainable if you start young and develop the right financial habits. With inflation rising in 2021 and 2022, a million dollars in assets may not be as significant as it used to be.
How do millionaires start out?
To become a millionaire, one can start with a few dollars per month, while buying real estate requires more upfront cash. Most millionaires combine strategies like investing in stocks, owning real estate, and building their careers. Earning a high income makes it easier to become a millionaire, but living paycheck to paycheck is not enough. One common way to become a millionaire is by contributing to your 401(k) at work.
Fidelity reported over 485, 000 401(k) millionaires at the end of Q1 2024, and this strategy requires minimal effort. Contributions are automatically taken out of each paycheck, and tax deductions may be available. Employers may also provide additional matching or profit-sharing contributions.
📹 How To Build Wealth With $0 – The Easy Way
Let’s discuss how to build wealth with no money, the best ways to make passive income, and how to grow your investments to …
My sister was working in a Nail Studio and the costumers would pay 40-80€ each set depending on how much they want on their nails. Depending on each costumer she needs about 30 mins to an hour for a Set. Made a bunch of money per month and kept the money to open her own Nail Studio. She started hiring people that want to learn doing nails and trained them. Once she had good workers, she started to open her second Studio and it just kept going. Nowadays she only has to manage workers and do some office stuff, since everything is working. Her workers are getting paid over averagely and she earns six figures every year by doing little to no work and having more time for family.
I’m saving and investing around 70 percent of my income in the financial market(high yield etfs, stocks, coins, gold etc) pretty much how I made my first million although with an FA. I have a high paying job, and I live upstate NYC. my expenses are low. I have zero debt, low rent and car paid off. So i can just save. feel lucky at this point I’m actually grateful for Lisa Rosa Cavanagh handling my portfolio, she’s the only person i know that’s richer than me hahah!!!
The best advice I can offer is to conduct due diligence on each and every trading system, platform, educational course, account manager, and brokerage firm you are considering. And I’d recommend Mr Sam Deymon and the IQ momentum strategy for anyone who is still trying to find an edge in the market. If you are still losing money then you need this strategy.
Investment is one of the quickest part to financial freedom, i was unemployed with very little to do. I came across an advertisement for Mr Sam Deymon on YouTube and it was a match made in heaven, now i can unequivocally say that trading is one of the most profitable and lucrative business for every investors with the right expert.
I still think it speaks volumes about the American lifestyle that a second job is a technical necessity just to achieve any semblance of fiscal stability. If you told youngsters in high school that, for the cost of their 20s they could be free but no parties, trips, and just work 60+ hours, you would be heckled out of the room. This is also why such true advice is almost never followed, and yet given away for free: no one wants to hear that the main purpose of, and the bedrock of success in life, is sacrifice.
I started trading with Sir Deymon few months ago and it has been an amazing journey. Very soon it became clear that he puts not only a lot of effort, enthusiasm and professionalism in his work, he also cares a lot of being a true, honest mentor to the new traders. In all of the classes, the profit returns is great.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. The stock market has plenty of opportunities to earn which I myself took advantage of.. I made my first million from going diverse, mainly stocks, ETFs, coins and bonds. It’s a long term plan for me so I invest and re-invest
Watched this twice! Graham’s recommendations: -Listen to people who are where you want to be -Work a job that pays on results not on hours (ex. sales) -Switch jobs to earn more -Start a business -Invest immediately (maximize time in market) -Open Roth IRA -Save as much as possible as soon as possible (ideally more than 10% of income) -Create multiple sources of income (millionaires have 3+ sources of income) -Common sources of income: Salary, Dividends, Capital Gains, Interest Income, Rental Income, Side Hustle -Don’t increase your expenses when you increase your earnings
Gov jobs are commonly overlooked If sales and instability isn’t your thing. Get into a municipality if you’re young and just looking to start out, you can transfer to a higher level state job and your pension time will cary over. Pensions are on a decline but they still exist and some states are generous with them
I feel hope while also feeling hopeless from this article. I am totally motivated by it to just work like a boss and secure my future, but at the same time at 35 I am feeling like all we all are doing is just working to prepare to die. Someone please help me in changing my mind if this isn’t the case. I feel so conflicted sometimes.
For my bro’s and sisters that have no education outside of high school. Being a financial planner/ advisor is very lucrative. I’m getting into real estate as a broker and that makes serious money especially in Canada where I live. Real estate in combination with my 14+ year financial back ground it will make me a deadly real estate agent
Graham I always wonder about your real estate debt. Do you ever get worried about having so much debt despite the real estate to back it up? I listened to Dave Ramsey’s story and he went from millionaire to bankruptcy taking out too much real estate debt and I believe this was mentioned you about your portfolio from mr wonderful in a past article. Thanks!
Retired with a 7 figure portfolio and Receiving about $43k in dividends. I have been in the Stock market about 20 years. Am I worried? Am I selling? Absolutely not. I have purchased growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out, adding more at a time. my investment strategy with my FA actually calms me down. Eye on the prize, stay the course!
Happy to say, after years of struggling and perusal articles from people like you. And changing my mindset, my wife and I finally cleared a net value of over a million. Still work to do, but I have started asking myself, is this an asset or a liability? I would love to get land for us to retire on, but it makes more sense for us to buy a lake house that we can air bnb out half the year on a lake that has an average of 63% occupancy. So thank you Graham, thanks to you and people like you I have come a long ways. And I am on my way to my long term goal. Keep sharing this stuff, we all appreciate it.
I defnitely understand the place you’re coming from and this indeed is golden advice but there’s one thing still bugging me. We don’t know if there will be a tomorrow and by living confined within these rules in order to increase money over the long term, you miss your freshest, youngest years, not enjoying life to the fullest.
Wtf is this advice? Like it’s not technically wrong or bad, it’s just ridiculous. This advice is less about becoming wealthy and more so instructions on how to survive. You’re telling people they should have a decent 9-5, and then follow that up with a side hustle from 6-12? Side hustles usually require investments as well, and a side hustle isn’t a guaranteed success. Could be more risk than Reward. Besides some people have kids etc….. This isn’t realistic for a lot of people. And it’s nothing against Stephen here, it’s just sad that this is the state of our affairs. We are far from having equal access to wealth…..
By personal experience, the best ways to increase wealth are: avoid debt or “kill” your debts as soon as possible, invest what you were spending (50% high risk 50% low risk), live not below your means, but with a very critical thinking about your spending (buy what you need and not what you want) therefore saving as much as you can.
Graham, one thing to note about the switching jobs to make more money tip: correlation ≠ causation. Meaning that the two are probably correlated because people predominantly leave a job for better pay. So it makes them correlated, but leaving a job by itself doesn’t necessarily mean more pay. You have to first find a job that pays better and qualify for said job. Then you leave and it reinforces the statistic. Hope I articulated that well. Great article! Just wanted to point out that observation.
I just finished listening to the whole article, Wow, this is the best step by step blueprint to build wealth I have seen. They should show this to every teenager out there. So well explained. Best part since this knowledge comes from you, I know my daughter will accept this far easier than if it comes from Mom! Lol, heck I don’t mind, as long as this great information sinks in and helps her. Sincerely, thank you Graham for sharing your knowledge with us!
People look at their current finances and despair thinking “it will always be this way.” But it won’t. On average every person living in a western nation makes more money over time. If you save and invest that money you will be rich or at least well off. No guarantees, of course. You might encounter a financial calamity and wind up WORSE off. But on average the trend is upwards. It just takes time and most people don’t have the patience.
Grahams Joke of working so much that you don’t have time to spend your money is actually something valuable. Find something as a side gig you really like that you make money doing and just do it as your joy instead of spending money at the mall. Realizing that work can be your fun can get you really far even if your not making a lot doing it because if you save what you make it’s just helping you out for if you ever decide to change things later on.
I love your articles man! Thank you for making them. Please continue! It was very informative. I currently left a job and at a crossroad between looking for new job while deciding if I want to lean in and grow my business – side hustle. I have online marketing experience. I’m realizing a lot of things for myself, that I don’t necessarily know how to grow a business. I would love to start learning about finances, investing, growing money. Anyway, thanks for all you do!
Impressive article. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I’m not very knowledgeable in investing, so I just have my investing currently in index funds mainly voo, but have been putting a lot into schd the past few months. I dunno if that’s the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance.
shouldve mentioned serving with sales…ive done both for the last 10 years and i average $75k-80k a year serving tables 25-35 hours a week. granted i take pride in my section and more importantly i work at a decent restaurant where management actually cares about their employees with decently high food prices which helps.
I used to think every investor lose out during inflation, meanwhile, some make millions. I also thought everybody went out of business during the Great Depression, but some went into business. The bottom line, there’s always depression for some and profit for others, it all starts with having the right mindset. That said, I’ve set asides $250k to invest for the future, unfortunately, I’m a complete noob.
I love how you’ve figured out how to re-package the same solid information over and over again in new articles with catchy titles and different content, but the messaging about good financial management is the same. It’s very cleverly done and I’m sure the repetition of the same values helps a lot of people!
The thing is, these articles, while really really helpful in general, it doesn’t help people from poorer countries that want to help themselves. Unless I move to the USA or a bigger wealthier country and forsake everything in my own, it’s a lot harder to succeed. Investing is harder, more complicated, paychecks are low, and inflation hits hard thus expenses are bigger. These articles unfortunately usually correlate to the US audience and other first world countries.
been perusal Graham for many years ( before he even had 5k subscribers and would reply to literally everyone) and have always enjoyed his content. However I took a break from perusal him and now I remember why. It seems as if his article ideas have dried up, all of his new articles are just about a bunch of stuff I’ve already heard him say in the past.
Im 32, after living frugally and working for 10 years i had a grand total of 30K to my name. I put 10K in a rainy day account (future pay checks go into my spending account), 20K into investing. Already its up to 23K and i only invested it earlier THIS VERY YEAR! Every time i get money from my investments I put it right back in the stock market to diversify my portfolio. If the market goes to pot, i still have tbat 10K to fall back on and even then the market can still recover and I can buy the dip. Money management is the name of the game.
Graham is right, this is really how to get rich. There’s no tricks or schemes. Simply save and invest rinse and repeat. What you invest in is what varies how wealthy you can become. But be weary of risks. Take smart risks. The money your investments pay you. Take that money and invest it again. Never stop investing.
Having children is for the very poor or very wealthy. The poor get subsidized housing, food, phone, bus transportation, low level phone . And tax credits for having children. The veey wealthy get support from staff to do the unpleasant parts of taking care of kids the rest of us often can’t afford the luxury of having kids.
I think theres a disconnect with the jobs thing. Most jobs are now actually advertising high pay and actually giving low pay and people that are OVER qualified are having trouble finding jobs that will hire them because they want to hire underwualified people for lower pay so the CEOs can keep the same 350%+ profit in their own pocket instead of cutting down 100% of that to actually pay people what theyre worth while they artificially inflate the cost of living.
I understand investing for the future. And there is value in staying lean, and living a bit below your means. But dont understand the thought of stripping your life down to nothing while you’re younger and healthy, just to have some cash when your old, sick, and half your friends and family are gone. Weve all been hoodwinked.
Read Revelation in the Holy Bible all the prophecies are being fulfilled this is the apocalypse Jesus is coming repent and become born again Christian seek Jesus believe Jesus died and rose again to pay for your sins ask Jesus to be your personal Lord and Savior and fill you with his Holy Spirit… Jesus is the only way to heaven and to escape from going to hel 🔥 get baptized in Jesus name share Jesus with all ….
I got a question to everyone who lives in the US. the average salary is at 30k/year wich means you make about 2.5k/month now my question is: If you are a factory worker with no education do you really get that much for a month? (working 8h a day 5day a week) cuz that seems so crazy to me. I mean I make around 7k euro a year. Also these average salary things are such bs I think, for my country it says 2.1k a month wich is absurd, I never met a person in my life who earns that much the realistic average is around 500-800euro/month
Not another get a job article! What would be helpful is if the title actually meant what it says. Most people who click on this article are looking to increase wealth from where they stand. Mostly because where they stand is where they are kind of stuck at. Probably already have a job or a stable income that isn’t very much and they are limited and maybe what they can do or the hours and the day that they have due to other responsibilities, disabilities, etc. I’m on disability with a couple of side, hustles, and the particulars of my life, don’t allow to Get”another” job so essentially you’re saying to make more money we have to make more money. Duh.
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Hi Graham. I watch some of your articles, and those I was able to watch had important and interesting information. Don’t get me wrong, I love your energy and enthusiasm too, but the reason I will not subscribe to your website is because you talk so quickly, I always get headache from your articles. I would love to watch more but I have kind of get ready for each one, so I am not able watch a lot. I will try to watch your articles in the future too, but don’t see the point to subscribe. I don’t want to offend you (and I am sorry if I did), I just reply to the part were you ask us to subscribe. Just wanted to say why I cannot subscribe to your website. I don’t have personal negative feelings towards you, it is just too quick for me and it hurts. I know you will be perfectly fine without me subscribing of course. And I do promise I will watch some of your articles in the future too, like I have done before too, but unfortunately I cannot watch all of them. Nevertheless please keep up with the good work, as many others do enjoy your articles (and I am benefiting from them too once I watch them). So take care. Don’t lose your energy either.
That’s all good and well said, BUT guys, don’t be all frugal; live a life a little. Enjoy it while you can. You could save and live below the minimum just to put that extra penny into a Roth IRA saving account to have a million by the time you retire at 65. Imagine you did that when you were 18, and you saved all those money; you don’t have a family and kids (Kids do cost A LOT OF $$), and by the age of 45, you get supper sick and die, or you get hit by a car, and you are gone. You haven’t lived a second just so you can enjoy the 1mil when you retire, which you don’t know if you will even reach and enjoy. I am not saying you should not save as much as you can, but you should definitely leave some room for you to enjoy life and have fun. Create a long-term plan that works for you with savings, raising kids if you have some and allowing them to have fun and, perhaps, help to put some money towards their college savings. Enjoy a family vacation, it doesn’t have to be expensive but treasure those days. They are precious!!!
I’ve done all that you’ve suggested… over the past 40 years. I’m 61 now, and staring at living on the streets… I have a meagre income from self-employment because I was forced into it through redundancy and unable to get a full-time job. Have done what you said about not having the same job for years on end, changed several times, each time increasing responsibility, responsibilities and salary. I’ve had five properties in my lifetime, all sold at a loss – even though everyone says the market was increasing their value. Right now, I am a single older woman (should be retired, but because the govt decided to increase the pension age without letting me know, I’m still working), with no home (living in a van, not by choice), only £3k left in the bank because I’ve been spending all my savings on rental (have to park my van somewhere!) and rental on an office space for my self-employment. So, where do I go from here?
I just can’t with people saying ‘what do you do between x and x time? That’s an extra _ hours in the day where youre not working!!’ If any of you listen to that, you’re going to get burnt out INSTANTLY. It’s all good and well if you’re a robot but work 19 hours a day like they say and god bless. It’s about work life balance as well. We’re not robots, please be realistic.
i thumbed up but i would thumb down – if i didnt like you 🙂 – at the point you said> build a basic income of 30.000 Most ppl with 2000 euro/month in europe wouldnt think abt raising anything they’d thank god.luck n feel grateful /superior from the rest 95% of ppl thats far from 0 0 is also not having a job with “medium”800eu wage and a place to stay 0 is not even having food n shelter (either bcoz you own a house or pay rent or someone else who owns or pays it PROVIDES it to you for free -and thats a big-IF) 0 is you have yourself,assuming you got KNOWLEDGE (still a huge asset) can you do it (considering you cant work w/o paying tax FIRST true 0 = you wth your personal talents and the willingness to work and to learn ( hiting on the first wall,the lack of living space) …and here s my 2nd disagreement Stay at someones elses home to save $ might make you incapable of gaining .Having the conditions to be able to function minimally, or normally if not optimally are v important and cost
Most people live on debt. First thing you should do is a very simple rule. If you do not have the money, do not buy it. Get out of your debt. I do not own a credit card for years now. Back to basics. You would be amazed how much money you can save. I always ask this question, before I spend money. Do I really need it? If the answer is No, I do not buy it. I do invest and save money. I have been broke in the past by going to much in debt. Now, I have 0 debt and good savings. No stress. I lived for years in a very cheap and small place. Only a bed, closet and few chairs and my working desk. All my friends were laughing. Just basic stuff. I worked very hard and at some point I spend only 10% of my earnings for my expenses. I have learned my lesson. “No to debt”.
How to get rich quick when you’re broke: start a busines open a Roth IRA just before congress outlaws Roth IRAs have multiple sources of income (sell drugs on the street corner as a side gig) evade paying taxes rent out your body (behind your local Wendy’s dumpster) What else are you going to do between the hours of 6pm-midnight? Minimize all costs at all cost (become pro-Semitic) These are all great points Graham, but I would add the most important step to becoming rich: view human relationships as transactions leading to the end goal of worshipping net worth as a substitute to self worth.
ok so this is my idea and i will like to hear some feedback im 25 y/o first of all, i live in Texas, im trying to get my CDL so i can be a truck driver, at the moment im working as a forklift driver but im saving somewhere between 200 -500 per month since i live alone and my expenses are very low ( i spend less than 1k per month ). since i will be a truck driver i will be able to make a good amount of money and im planning on keeping my expenses the same, now from the money ill be making i belive i can save as much as 4k-5k per month ands investing it in low risk Etfs or index funds. when i reach my goal (100k -200k invested) i will hit the real state market, by then ill have some knowledge of it from there im planning on diversifying to other countries
Graham start moderating physically. I really like your IQ and brilliant future is yours if you dont burn out stroke cardiac. Your IQ advice humor and shames ambition is great. Skip Jack in Box Ultimate Cheeseburgers which are addictive and pace yourself young so middle age and golden years dont hit as hard unless politically periah writing true crime. I will sign up latter. Thanx
Warren Buffett has mastered what patience looks like. He has stuck to the markets, having a long term view on the markets. This is what I’m struggling to do, trying to learn how to not react to market news about inflation and all. I have currently set aside about $253k to put in the market now that prices are down. Any ideas?
I understand that its tax free when put into a roth ira but what does it matter if you reach the goal faster if you cant touch it until 59 without a 10% penalty. This withdrawal is also subject to income tax if I’m not mistaken so you’d be paying 10% over what you would normally be paying if it were just capital gains. (25% for capital gains and then 25% on withdrawal amount plus 10% penalty if I’m understanding this correctly) Why wouldn’t you want it in a dividend stock account so that you can at least access it in the meantime?
Hey, great article I do have a question tho. Im 19 years old so the idea that ill only be able to get the money from the Roth IRA in 40 years is kinda scary to me, something could happen in those 40 years an I would’ve “wasted” the money on saving when I could have used it otherwise. Is it possible to get ur money tax free before the age of 59 and if not does somebody know hoe much the tax is?
Im 16 years old and my goal is making 100k by the age of 18 or 20. Do you think this will be possible?? My yearly salary is 9860 soo and thats only my earned income. Im about to start a side hustle and try to earn 25 dollars each day atleast. Im not sure its doable but i want to retire at the age of 30 lmao
One thing that you’re forgetting is yes you can save until your 65… but you are missing a key point of life… You might not make it to 65, and if you do make it you would have lost 65 years of your life saving every penny and now you’re too old to enjoy it. Savings important, but experiencing the world at a young age is more important… building memories.
Best advice is clean out your bad debt, then take the money you make from Your job or business and buy rental properties, take that income from your first rental property and reinvest it in the stock market. Then when the next year comes up get a heloc to buy another property then take the money from that put it in the market. Rinse and repeat until you’re investing $500 to $1000 a week back in the stock market you’ve got X amount or rental properties. Then after 10 year you will be making enough off the dividends from the market be bad debt free you can also balance out the money where a portion goes towards your house and the rest goes in the market. Then after your pay down on the properties decreases you can sell the properties after 10 years. Once you get that money go buy a bigger complex and still you’re earning money off the dividends. When you get hear that job you had to work no longer becomes relevant. You have invested the best you can hands free.
What do people do between 6pm and midnight? Care for children, help elderly parents or grandparents, do household chores, prepare food, run errands, workout, prepare for the next workday, date, help friends, care for pets, self care. To suggest that people have a whole extra day of work they just arent utilizing is laughable and out of touch.
9:47 most people don’t use their time from 6pm to midnight? is this meant seriously? i think pretty big chunk of people are parents, and if your kids are smaller, you do nothing else than take care of them and spend your time with them. How could you then use that time for work? Some people also have hobbies to keep them sane, have you heard of psychological wellbeing?
i never understood the whole concept. can someone please explain why these people are obsessed with hoarding money and refuse to relax in the evenings until they’re too old to even enjoy their wealth or possibly even move their bodies? i’ve got one of those things that you pay into and gains money until you retire. but who the hell knows if ill even make it that far?