Compound interest investing, it's what I'm doing with a stock portfolio & I don't waste any time. Every time I get paid I buy more shares straight away.
@@MarriageKidsandMoney You don't wonder if his conditions are right to become a millionaire in 10 years? WTF man you thought process should be asking questions...... Dude I only had 5K out of 20K left each year and can already tell you many don't even have that little big left over if the $400 emergency fund this is accurate.
I am a mortgage free millionaire, but it took me a bit longer. As a teacher I never made six figures, and for going above and beyond every day, I was teacher of the month a few times. Reward: a certificate and some candy. Good luck on your journey.
Didn't realize you can use the money in a HSA after the age of 65 for anything you want. I'm 59 years old and currently have $10,000 in a HSA. Saving that amount of money was effortless, and it will grow significantly by the time I hit 65 years old which is when I plan to retire.
I'm glad to hear that! We really appreciate the benefits of our HSA. Here's more detail on how we use ours: ua-cam.com/video/lPm9f7SaxPQ/v-deo.htmlsi=EhUOW8XB-um5_IOU
Congratulations 👏. Honestly, this is inspiring not only the money aspect of it but the experience of the journey and all the valueable skills learned along the way such as discipline,financial literacy,consistency,charity,partnership and sacrificial love. Thank you for sharing your experience with us.
I love this video! You and Nicole are amazing! I have been watching your videos lately and wish I would have done this at your age! GREAT JOB!!! I love your joy and your presentation!
Not sure why you don't have more subscribers, you have a great following on your podcast and great content, if not better than other financial UA-cam videos. Thanks again.
What a compliment! Thank you so much. I started focusing more on putting consistent videos out this year so I’m just building up my channel. I’m happy that you are enjoying the videos!
Why trust someone making 200K or so when the median make 60K per household..... These people were outpacing expenses which mean they did not need to work hard..... For sure making $12 an hour provided way more options than when I made $5 WTF
@@donaldlyons17 As much as education is not looked upon as a pathway to a better life (specially these days, with kids becoming 'influencers' and what not), fact is education is still the most sure-fire way to a better life. The sad part is that education means student loans in the U.S. I'm not sure what your situation is, but at least try (if you can) get an Associates Degree from a community college and try to build your life step by step. # 2 - Do not think or bother about what other people say about you, your life or your situation. #3. Start where you are with what you have. #4. Believe in the power of compounding. It takes time to build wealth and a better life for yourself. If you're interested, I'd like to take you on as a student and provide step by step mentoring services - for free.
@@MarriageKidsandMoney Key (and I say this despite not having a YT channel) is to make consistent videos - once or twice a week. And sooner than later, you'll feature in YT's algorithm and will consistently rank higher. Loved your content. Good luck.
Andy, what do you think the priorities should be for my wife and I? I am 23 she is 25. We both work full time and I am also in the Army reserve. We recently bought a house and pay $1520 a month on the house and the total of both our incomes is right around 95k. We have no debt other than the mortgage which has $206,500 left on it. We both contribute to retirement accounts to get our matches and we put $250 a month into a vanguard S&P 500 ETF. What are some of your recommendations to get become a millionaire asap? Thanks for any input you might have. Love your channel.
Wow! You are doing incredibly well! I was digging my way into debt at your age and you’re way ahead of the game. Kudos! 1. Keep doing what you’re doing. 2. Consider a Roth IRA (for both of you) and HSA for more tax advantaged investing. 4. Don’t forget that Investing works it’s magic best over the long term 5. Make a plan to eliminate your mortgage eventually. Don’t forget to allocate money for fun and giving on your millionaire journey too!
I'm 48yrs old living in Montreal. I believe my retirement is quite close and I'll if things go according to plan, bought my second house last month. I find it extremely useful for planning my retirement. I only got into this stuff seriously when I hit 40 (48 now) but as I’ve never previously wasted too much money with a bit of focus and tweaking things each year I should be able to retire if I want to at a decent age
My advisor 'Martha Cornell Kerns'' In terms of portfolio diversity, she's a genius. she has years of financial market experience... The uncertainties accompanying this present market is more reasons I have both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive analysis, it's quite impossible not to outperform. Netted over $550k in return on investment, since using a coach for about 2years..
@Seilaffal I'm sure the idea of a Investment-Adviser might sound controversial to a few, but a new study by investopedia found out that demand for Investment-Managers sky-rocketed by over 41.8% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch.
I'll work on a video showing our investment growth over the years! Here's one that kind of shows it: ua-cam.com/video/K_O3e9ZFqYU/v-deo.htmlsi=slDdSbkyAvlgVNJj
So did you retire early when you got to the millionaire status? By retirement, I mean free from stress of performing well at work to get a paycheck. How much would you say you need for that?
Great question! I I decided to start a small business because I’ve always been an employee. I thought I’d give it my best shot! I’m starting year 2 (after my first year being pandemic crazy) and looking forward to outperforming last year. If both my wife and I stopped working altogether, we’d need at least $1.5 million in our taxable brokerage accounts (at 4% withdrawal rate that would give us around $60k per year to live on). Considering we only have $80k in taxable brokerage, we’ll be “working” until retirement. But right now we love our “work” so we’re happy.
@@MarriageKidsandMoney Thought you had 1 million after 10 years so your saying something else no wonder you ..... WTF you can save because your expenses are not super high compared to income.
Sure! Our income went down significantly over the past 3 years because we both started working part-time. Our net worth growth slowed down A LOT too but we're still over a million. Here are more details on the drop in our savings rate and how we've traded it for more fun and time freedom: ua-cam.com/video/NF3VNces4YQ/v-deo.htmlsi=p-uK1mdfBLuQ2Me6
Mortgage debt is so much manageable in the US. Here in Canada it is just not thinkable to be mortgage free so quickly. Even winning a million dollars (Canadian) lottery cannot buy you a home in Toronto or Vancouver. Sad but true.
@bennyl7224 It is but at today's interest rates you know how it is. Add to the fact that Canada doesn't have 30 years of fixed interest rate for mortgages
@@sandeeptanjore1253 Australia has high tax rates, max fixed loan is 5 years, not really worth it, save those who locked in low rates last couple of years. Also, can’t pay off fixed mortgages in Australia either. Variable with debt recycling into shares 👌🏿
Congrats..! Gotta pay off that mortgage as fast as possible. It's the interest that is killing you..! The best way is to make strategic, lump sum payments, at specific dates, to eliminate future mortgage payments & eliminate interest. For example: Based a $200,000 mortgage...if you sent in $5,000 with your very 1st mortgage payment, you would knock off 23 payments & save over $23,000 in interest. Once the mortgage is paid off, you can then use those monthly payments to invest in wealth building products. Maybe an annuity, IUL or a whole life policy. You can then access those funds in the future tax free.
I'm with you on eliminating the mortgage! After mortgage freedom, wouldn't you experience more potential growth in the market by investing the difference between a term policy and whole life? The monthly payments on whole life can be a lot more sizable than term, right? I guess my real question is WHEN does Whole Life actually make sense for people (outside of having a special needs child that will need support for their whole life)?
Mortgage interest is nothing over the long term, especially on a fixed rate 30%... don’t listen to such old fart advice. Pay the minimum and invest the rest. A paid off mortgage purely for the sake of it-totally overrated.
Becoming a millionaire in 10 years: Buy a house at the lowest cost after a crash, Buy investments at the highest value and lowest cost after a crash just before a massive bull run 😂😂
cool video, thank you! here are some other cool thoughts: My personal philosophy has 20 beliefs I strive to live by: 1. “Love is the only rational act.” -Stephen Levine 2. We are all teachers, we are all students. We grow and evolve together. 3. Nothing about me, without me. 4. “Make Life Beautiful” from the song Beautiful by Storm Large 5. "Work is love made visible." -The Prophet by Khalil Gibran 6. I can like you, even though I am not like you. We are equals even though we are not alike. -inspired by the book A Wrinkle In Time. 7. The Universe provides. 8. Pain is (often) ignorance leaving the body. -paraphrased from the Tsunami Rangers 9. As you are art, so am I. 10. “Joy is the gift of love, grief is the cost of love, anger protects your love.” -Valarie Kaur 11. “That which is moral is that which feels good, (during and) after.” 12. If you don't heal from those who hurt you, you will bleed on those who didn't cut you. 13. "You can ask for anything in the world that you want, as long as you are willing to accept no for an answer." -Steve the Hippie 14. “Sit with reason, move with passion.” -paraphrasing Kahlil Gibran from The Prophet 15. “Those who have a 'why' to live, can bear with almost any 'how'.” -Viktor Frankl, 16. It doesn't have to be fun, to be fun. -from an unknown rock climber 17. We live in a world where anything is possible. 18. There is pretty much just one question in life to answer, and that is, how do you want to spend your time? -my step father Paul 19. The best way to predict the future, is to create it. -Peter Drucker 20. If you want something you've never had, you gotta do some thing you've never done. -Carlos Anderson, the Minister, from Hope Church
I heard you saying that you had students loan when you had George Kamel and one more who i dont remember so i now had a trust issue with what you're saying😂😂
For sure! More money helps A LOT! There are other folks in the comments who had half or less than us and still reached that millionaire milestone. I hope the principles of what we shared help you to do the same over time.
lol I don't subscribe, just found this randomly but after the first 35 seconds I realized they can't possibly say anything to help average middle class me lol
I understand what you mean! Our income at $190k for those 10 years was anything but average. You're so right. Today, our HHI is closer to $100k per year since we've said goodbye to full-time work and now work part-time. Here's someone with a much lower household income who did something amazing with her family's financial life: ua-cam.com/video/deY7V_9mvtQ/v-deo.htmlsi=rmRydNGBhmK0UmHm
I think people like them live in their own world...... They don't work harder but they get benefits the more excess they have. I have felt the same benefit making $12 an hour because I previously worked for $5.
Please get a NICER forgery proof interdiction trust administration plan do you don’t get put on the street like us when a dysmorphic sibling charges your plans.
You forgot to mention how you stopped buying lattes and eating out. #boomerMath Seriously though, thanks for the truth: Making more money is the most significant factor in accumulating wealth. Thanks for sharing.
Glad you appreciated the transparency! Making more money can definitely help you achieve financial goals faster. That being said, there are plenty of broke people making multi-six-figure salaries.
With their high incomes all lattes and eating out would do is slow the process.... Making money a multiples the need equals options regardless of other behaviors.
Step 0: get born in the USA, aka, get into top 5% luckiest people in the world. No, wait, that doesnt cut it. Get born in usa in a family rich enough to pay for your education without having any debts when you're out of university, able to help you buy your first real estate. There. Get luckier than 99.5% of people. There. Good job, you made it with just birth luck. Your effort in the next 30 years: dont f*k up in a huge way, so bad your parents can't fix it. Easy if you have a bit of a working brain. The real question: How do you become a millionaire with income of 20k a year before rent, which eats up 50% of your income? The answer is easy. You don't.
@shini1984 I hear you, I was born in the US but to a middle eastern immigrant family. At one point I thought I would never be stable, let alone affluent. Spent many, many years struggling but finally got a good job by taking every opportunity to grow and build skills. Now I still live like I am broke ( thanks family for giving me that skill! I’m cheap!) but save and invest the difference. Also I’ve always pretended I’m allergic to debt. College and occasionally panic buying a cheap car have been the exceptions.
so the 2 of you as a household together are a millionaire, as in 1 million? not really gonna help out the single earner household with this... 2 people saving 50K each per year, by making 100K each and you'd have 1M in 10 yrs. not hard to figure out - live frugally, make good money, save it
@@MarriageKidsandMoney well my point was kind of that this video does no good for most people that live alone or make less than 100K a year - and most people dont make that in america. the title alone sells it as advice when in reality its just your life story. totally pointless.
@@robi6317 I completely understand your point. I'll consider changing the title to "How We Became Millionaires in 10 Years" -- perhaps that's a more accurate title. While most people will not be able to become a millionaire in 10 years, most people will need to try over 40 years. In order to retire comfortably, a million dollars invested can allow you to live off of $40,000 per year in retirement. These steps helped us to become millionaires in 10 years. Even if it takes twice as long or even 4x as long, the steps still work. Spend less than you make. Invest the rest. Be patient and it'll happen. I truly appreciate your candid feedback. Thank you for taking the time to leave it.
@@robi6317 There's a rule of thumb in investing called "the 4% rule" that came from a study demonstrating that you can (in theory) safely withdraw 4% of your portfolio each year without reducing your principal. It's not perfect, but it helps for back of the napkin math. So, the theory goes, if I have a $1,000,000 portfolio when I'm 65, I can withdraw $40,000 (or 4%) each year and my balance will still be $1,000,000. This is because on average, the market (S&P 500) has gone up by nearly 10% per year on average since its inception. For me, I see this as an opportunity to create a large enough pot of money so I can just live off of my safe withdrawal rate. For my investments, I like index funds because they are simple and effective.
How are you able to take out 100% of your Roth IRA without the 10% fee of taking it out before 59.5 years of age I understand no taxes or are you talking about after 59.5? Did your company offer a Roth 401k? I'm looking for this so that $7000 cap on a Roth turns to 22,000 or whatever the 401k cap is without paying tax on the principal. Pretty cool way to maximize not only a 401k but a Roth as well aside from the Interest accumulate and the company match that gets taxed.
Which of these 10 ways on how to become a millionaire in 10 years do you like the most?
Compound interest investing, it's what I'm doing with a stock portfolio & I don't waste any time. Every time I get paid I buy more shares straight away.
@@terryhall818 Smart move!!
@@MarriageKidsandMoney thanks 👍
@@MarriageKidsandMoney You don't wonder if his conditions are right to become a millionaire in 10 years? WTF man you thought process should be asking questions...... Dude I only had 5K out of 20K left each year and can already tell you many don't even have that little big left over if the $400 emergency fund this is accurate.
I am a mortgage free millionaire, but it took me a bit longer. As a teacher I never made six figures, and for going above and beyond every day, I was teacher of the month a few times. Reward: a certificate and some candy. Good luck on your journey.
YES! If you spend most and save/invest some, this mortgage free millionaire thing can happen over time.
Thank you for sharing!
@@MarriageKidsandMoney I never said I spent most. In fact, without being frugal, I would not have met any financial goals.
Didn't realize you can use the money in a HSA after the age of 65 for anything you want. I'm 59 years old and currently have $10,000 in a HSA. Saving that amount of money was effortless, and it will grow significantly by the time I hit 65 years old which is when I plan to retire.
I'm glad to hear that!
We really appreciate the benefits of our HSA. Here's more detail on how we use ours: ua-cam.com/video/lPm9f7SaxPQ/v-deo.htmlsi=EhUOW8XB-um5_IOU
Just started paying extra. Will be done in 10 years instead of 30 years. Good job on the video
That's an incredible plan! Keep us updated on your progress so we can celebrate your wins :)
Congratulations 👏. Honestly, this is inspiring not only the money aspect of it but the experience of the journey and all the valueable skills learned along the way such as discipline,financial literacy,consistency,charity,partnership and sacrificial love. Thank you for sharing your experience with us.
I really appreciate these kind words. Thank you so much!
Really appreciate how you approach this so humbly. Thank you for the inspiration!
I'm glad you enjoyed the video! I appreciate you watching and supporting our channel.
I love this video! You and Nicole are amazing! I have been watching your videos lately and wish I would have done this at your age! GREAT JOB!!!
I love your joy and your presentation!
You are so kind! Thank you!
I’ll keep the videos coming 🙏
Wonderful work!! Good job y’all 🎉
Thank you for the kind words!
Can’t wait to create a scholarship fund to help students get a head start on a debt free life. Shooting for a 20 year timeline to make it happen.
That is incredible! I love that mission!
Not sure why you don't have more subscribers, you have a great following on your podcast and great content, if not better than other financial UA-cam videos. Thanks again.
What a compliment! Thank you so much. I started focusing more on putting consistent videos out this year so I’m just building up my channel. I’m happy that you are enjoying the videos!
Why trust someone making 200K or so when the median make 60K per household..... These people were outpacing expenses which mean they did not need to work hard..... For sure making $12 an hour provided way more options than when I made $5 WTF
@@donaldlyons17 As much as education is not looked upon as a pathway to a better life (specially these days, with kids becoming 'influencers' and what not), fact is education is still the most sure-fire way to a better life. The sad part is that education means student loans in the U.S. I'm not sure what your situation is, but at least try (if you can) get an Associates Degree from a community college and try to build your life step by step. # 2 - Do not think or bother about what other people say about you, your life or your situation. #3. Start where you are with what you have. #4. Believe in the power of compounding. It takes time to build wealth and a better life for yourself. If you're interested, I'd like to take you on as a student and provide step by step mentoring services - for free.
@@MarriageKidsandMoney Key (and I say this despite not having a YT channel) is to make consistent videos - once or twice a week. And sooner than later, you'll feature in YT's algorithm and will consistently rank higher. Loved your content. Good luck.
@@rosh70 I appreciate that feedback and your kind words! I'm excited to grow this year
Good job, Andy! Welcome to the club!
Hey hey! Thanks Andy!
Excited to share your story soon!
Love your content!! So informative and fun too.
I really appreciate that! Thank you so much!
Andy, what do you think the priorities should be for my wife and I? I am 23 she is 25. We both work full time and I am also in the Army reserve. We recently bought a house and pay $1520 a month on the house and the total of both our incomes is right around 95k. We have no debt other than the mortgage which has $206,500 left on it. We both contribute to retirement accounts to get our matches and we put $250 a month into a vanguard S&P 500 ETF. What are some of your recommendations to get become a millionaire asap? Thanks for any input you might have. Love your channel.
Wow! You are doing incredibly well!
I was digging my way into debt at your age and you’re way ahead of the game. Kudos!
1. Keep doing what you’re doing.
2. Consider a Roth IRA (for both of you) and HSA for more tax advantaged investing.
4. Don’t forget that Investing works it’s magic best over the long term
5. Make a plan to eliminate your mortgage eventually.
Don’t forget to allocate money for fun and giving on your millionaire journey too!
I'm 48yrs old living in Montreal. I believe my retirement is quite close and I'll if things go according to plan, bought my second house last month. I find it extremely useful for planning my retirement. I only got into this stuff seriously when I hit 40 (48 now) but as I’ve never previously wasted too much money with a bit of focus and tweaking things each year I should be able to retire if I want to at a decent age
My advisor 'Martha Cornell Kerns'' In terms of portfolio diversity, she's a genius. she has years of financial market experience... The uncertainties accompanying this present market is more reasons I have both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive analysis, it's quite impossible not to outperform. Netted over $550k in return on investment, since using a coach for about 2years..
@Seilaffal I'm sure the idea of a Investment-Adviser might sound controversial to a few, but a new study by investopedia found out that demand for Investment-Managers sky-rocketed by over 41.8% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch.
Great video and honest sharing ! Can’t wait for you to do an update on your investments!
I'll work on a video showing our investment growth over the years!
Here's one that kind of shows it: ua-cam.com/video/K_O3e9ZFqYU/v-deo.htmlsi=slDdSbkyAvlgVNJj
Congrats! Please consider making a video on how you used credit card miles for your trip. Thanks!
This is a great suggestion! I’m on it 👍
Excellent job... Congratulations!
Thank you for your support Carlos!!
Love the transparency
Glad it was helpful!
Love this, Andy! Congrats!
Thank you!!
Great video thanks for making it👍👍👍👍🙏🙌🙌🙌
Glad you enjoyed it!
Congrats Andy!!
Thank you!!!
So inspiring!
Thank you so much Adam!
I am over 50 and maxing my 401k and Roth IRAs and have a company 4% match and curious if you did a backdoor IRA or used taxable brokerage accounts?
We did not do a Backdoor Roth IRA but did use taxable brokerage accounts.
Maxing a 401k and Roth IRA is incredible! Nice work!
So did you retire early when you got to the millionaire status? By retirement, I mean free from stress of performing well at work to get a paycheck. How much would you say you need for that?
Great question! I I decided to start a small business because I’ve always been an employee. I thought I’d give it my best shot!
I’m starting year 2 (after my first year being pandemic crazy) and looking forward to outperforming last year.
If both my wife and I stopped working altogether, we’d need at least $1.5 million in our taxable brokerage accounts (at 4% withdrawal rate that would give us around $60k per year to live on).
Considering we only have $80k in taxable brokerage, we’ll be “working” until retirement. But right now we love our “work” so we’re happy.
@@MarriageKidsandMoney Thought you had 1 million after 10 years so your saying something else no wonder you ..... WTF you can save because your expenses are not super high compared to income.
Previlges higher earners. Can get to ladder quicker that's benefits.
Well there are two of them so they don't have to work as hard nor be as lucky..... The majority don't outpace expenses like them at those rates so....
Is there a net worth update thanks
Sure! Our income went down significantly over the past 3 years because we both started working part-time. Our net worth growth slowed down A LOT too but we're still over a million.
Here are more details on the drop in our savings rate and how we've traded it for more fun and time freedom: ua-cam.com/video/NF3VNces4YQ/v-deo.htmlsi=p-uK1mdfBLuQ2Me6
Mortgage debt is so much manageable in the US. Here in Canada it is just not thinkable to be mortgage free so quickly. Even winning a million dollars (Canadian) lottery cannot buy you a home in Toronto or Vancouver. Sad but true.
Debt recycling not available there?
@bennyl7224 It is but at today's interest rates you know how it is. Add to the fact that Canada doesn't have 30 years of fixed interest rate for mortgages
@@sandeeptanjore1253 Australia has high tax rates, max fixed loan is 5 years, not really worth it, save those who locked in low rates last couple of years. Also, can’t pay off fixed mortgages in Australia either. Variable with debt recycling into shares 👌🏿
Congrats..!
Gotta pay off that mortgage as fast as possible. It's the interest that is killing you..! The best way is to make strategic, lump sum payments, at specific dates, to eliminate future mortgage payments & eliminate interest.
For example: Based a $200,000 mortgage...if you sent in $5,000 with your very 1st mortgage payment, you would knock off 23 payments & save over $23,000 in interest.
Once the mortgage is paid off, you can then use those monthly payments to invest in wealth building products. Maybe an annuity, IUL or a whole life policy. You can then access those funds in the future tax free.
I'm with you on eliminating the mortgage!
After mortgage freedom, wouldn't you experience more potential growth in the market by investing the difference between a term policy and whole life? The monthly payments on whole life can be a lot more sizable than term, right?
I guess my real question is WHEN does Whole Life actually make sense for people (outside of having a special needs child that will need support for their whole life)?
Mortgage interest is nothing over the long term, especially on a fixed rate 30%... don’t listen to such old fart advice. Pay the minimum and invest the rest. A paid off mortgage purely for the sake of it-totally overrated.
@@X11CHASE it's only considered overrated by people that haven't gotten there. We're there and take a guess if we'd go back.....
Becoming a millionaire in 10 years:
Buy a house at the lowest cost after a crash,
Buy investments at the highest value and lowest cost after a crash just before a massive bull run
😂😂
Very informative.
Thank you for sharing. Have a great day. 🎉856 likes
I really appreciate your support!
cool video, thank you! here are some other cool thoughts:
My personal philosophy has 20 beliefs I strive to live by:
1. “Love is the only rational act.” -Stephen Levine
2. We are all teachers, we are all students. We grow and evolve together.
3. Nothing about me, without me.
4. “Make Life Beautiful” from the song Beautiful by Storm Large
5. "Work is love made visible." -The Prophet by Khalil Gibran
6. I can like you, even though I am not like you. We are equals even though we are not alike. -inspired by the book A Wrinkle In Time.
7. The Universe provides.
8. Pain is (often) ignorance leaving the body. -paraphrased from the Tsunami Rangers
9. As you are art, so am I.
10. “Joy is the gift of love, grief is the cost of love, anger protects your love.” -Valarie Kaur
11. “That which is moral is that which feels good, (during and) after.”
12. If you don't heal from those who hurt you, you will bleed on those who didn't cut you.
13. "You can ask for anything in the world that you want, as long as you are willing to accept no for an answer." -Steve the Hippie
14. “Sit with reason, move with passion.” -paraphrasing Kahlil Gibran from The Prophet
15. “Those who have a 'why' to live, can bear with almost any 'how'.” -Viktor Frankl,
16. It doesn't have to be fun, to be fun. -from an unknown rock climber
17. We live in a world where anything is possible.
18. There is pretty much just one question in life to answer, and that is, how do you want to spend your time? -my step father Paul
19. The best way to predict the future, is to create it. -Peter Drucker
20. If you want something you've never had, you gotta do some thing you've never done. -Carlos Anderson, the Minister, from Hope Church
Don't think I will ever make it to a millionaire. I am 59 years old now, and I don't have much time left to make it happen.
Honestly, it's just a number. Your security, peace, and life enjoyment are much more important.
I heard you saying that you had students loan when you had George Kamel and one more who i dont remember so i now had a trust issue with what you're saying😂😂
What took you so long .
Yall are a beautiful looking couple!
Thank you so much!
Them: we had to sacrifice. The sacrifice: living on around 100k😅
I’d give
Great idea!
going above and beyond doesn't work. Forbes says you have to change jobs every few years
Half your gross or net (after tax) income? There is a big difference.
Now you have plenty of money to give to the poor, orphaned, elderly and needy.
❤😊
Making 200k a year of course y’all will be millionaires
For sure! More money helps A LOT! There are other folks in the comments who had half or less than us and still reached that millionaire milestone.
I hope the principles of what we shared help you to do the same over time.
Who is your employer? My employer only matches 2 percent
Ill give u this u are geek
A rich one
Agreed on both counts!
lol I don't subscribe, just found this randomly but after the first 35 seconds I realized they can't possibly say anything to help average middle class me lol
I understand what you mean!
Our income at $190k for those 10 years was anything but average. You're so right.
Today, our HHI is closer to $100k per year since we've said goodbye to full-time work and now work part-time.
Here's someone with a much lower household income who did something amazing with her family's financial life: ua-cam.com/video/deY7V_9mvtQ/v-deo.htmlsi=rmRydNGBhmK0UmHm
Strange flex….
I think people like them live in their own world...... They don't work harder but they get benefits the more excess they have. I have felt the same benefit making $12 an hour because I previously worked for $5.
Nothing at all😂😂
Right?!
Please get a NICER forgery proof interdiction trust administration plan do you don’t get put on the street like us when a dysmorphic sibling charges your plans.
You forgot to mention how you stopped buying lattes and eating out. #boomerMath Seriously though, thanks for the truth: Making more money is the most significant factor in accumulating wealth. Thanks for sharing.
Glad you appreciated the transparency!
Making more money can definitely help you achieve financial goals faster.
That being said, there are plenty of broke people making multi-six-figure salaries.
With their high incomes all lattes and eating out would do is slow the process.... Making money a multiples the need equals options regardless of other behaviors.
Step 0: get born in the USA, aka, get into top 5% luckiest people in the world.
No, wait, that doesnt cut it. Get born in usa in a family rich enough to pay for your education without having any debts when you're out of university, able to help you buy your first real estate. There. Get luckier than 99.5% of people. There. Good job, you made it with just birth luck. Your effort in the next 30 years: dont f*k up in a huge way, so bad your parents can't fix it. Easy if you have a bit of a working brain.
The real question: How do you become a millionaire with income of 20k a year before rent, which eats up 50% of your income?
The answer is easy.
You don't.
I don't disagree with you at all. Spot on points.
With that attitude you are not going to accomplish anything! Good luck!
@shini1984 I hear you, I was born in the US but to a middle eastern immigrant family. At one point I thought I would never be stable, let alone affluent. Spent many, many years struggling but finally got a good job by taking every opportunity to grow and build skills. Now I still live like I am broke ( thanks family for giving me that skill! I’m cheap!) but save and invest the difference. Also I’ve always pretended I’m allergic to debt. College and occasionally panic buying a cheap car have been the exceptions.
so the 2 of you as a household together are a millionaire, as in 1 million? not really gonna help out the single earner household with this... 2 people saving 50K each per year, by making 100K each and you'd have 1M in 10 yrs. not hard to figure out - live frugally, make good money, save it
You’ve got it. Two people earning a six-figure plus income saving and investing half of it.
That’s the video!
@@MarriageKidsandMoney well my point was kind of that this video does no good for most people that live alone or make less than 100K a year - and most people dont make that in america. the title alone sells it as advice when in reality its just your life story. totally pointless.
@@robi6317 I completely understand your point. I'll consider changing the title to "How We Became Millionaires in 10 Years" -- perhaps that's a more accurate title.
While most people will not be able to become a millionaire in 10 years, most people will need to try over 40 years. In order to retire comfortably, a million dollars invested can allow you to live off of $40,000 per year in retirement.
These steps helped us to become millionaires in 10 years. Even if it takes twice as long or even 4x as long, the steps still work.
Spend less than you make. Invest the rest. Be patient and it'll happen.
I truly appreciate your candid feedback. Thank you for taking the time to leave it.
@@MarriageKidsandMoney i'd love to hear how to get a 4% return on 1M as well
@@robi6317 There's a rule of thumb in investing called "the 4% rule" that came from a study demonstrating that you can (in theory) safely withdraw 4% of your portfolio each year without reducing your principal. It's not perfect, but it helps for back of the napkin math.
So, the theory goes, if I have a $1,000,000 portfolio when I'm 65, I can withdraw $40,000 (or 4%) each year and my balance will still be $1,000,000. This is because on average, the market (S&P 500) has gone up by nearly 10% per year on average since its inception.
For me, I see this as an opportunity to create a large enough pot of money so I can just live off of my safe withdrawal rate.
For my investments, I like index funds because they are simple and effective.
go to job
boring didnt see all the gibbish .
How are you able to take out 100% of your Roth IRA without the 10% fee of taking it out before 59.5 years of age I understand no taxes or are you talking about after 59.5? Did your company offer a Roth 401k? I'm looking for this so that $7000 cap on a Roth turns to 22,000 or whatever the 401k cap is without paying tax on the principal. Pretty cool way to maximize not only a 401k but a Roth as well aside from the Interest accumulate and the company match that gets taxed.