Make $1,000,000 in Ten Years By Investing This Much Each Month
Вставка
- Опубліковано 29 тра 2024
- ▸▸▸Enroll in our 365 Days to F.I.R.E. Program! - www.365daystofire.com/. Enrollment is now open for our class of 2024, 365 Days to F.I.R.E. program! As part of the program, you will get to attend our 2024 meetups in Portugal (with more than 500 people attending the meetups this year!), get assigned daily FIRE tasks to complete, participate in live monthly Q&A sessions with us, be broken into smaller accountability groups with other people in the program, attend quarterly book club meetings, get personal coaching from us (for those in the coaching plan) . . . and more!!! Enroll today!
▸▸▸Enroll in our Stock Market Investing Course for Financial Independence and Retiring Early: www.ourrichjourney.com/invest... Enroll in our new 21 module, 4-plus hour stock market investing course with more than 30 handouts of summary notes, homework assignments, and resources. Learn how to research and select investments, how to determine your asset allocation, how to rebalance your portfolio, how to optimize your investments for tax purposes, how to automate your investments, and much more (including a 19-page Investment Plan to work on)!
▸▸▸Enroll in our FIRE Master Class: www.ourrichjourney.com/firema... This FIRE Master Class is designed for people interested in pursuing financial independence and retiring early. In the Master Class, we explain how to live off of your investments during early retirement; how to withdraw money from your investment accounts to support your living expenses during retirement; how to calculate your FIRE number; new and creative ways that you can save money; new side hustles for making money; how to invest in the stock market and in real estate; we discuss healthcare options in retirement . . . and MORE!
▸▸▸Enroll in our How to Move to Portugal Course: A Step-By-Step Course to Relocating and Living in Portugal: www.ourrichjourney.com/moving... This course is designed for people interested in moving to Portugal. In the course, we explain the visa process, the documents you need to submit for your application, and the step-by-step process that we took to obtain our visas; we explain the residency permit process and how we obtained our residence permit here in Portugal; we explain the process for buying and renting a house in Portugal; we discuss healthcare, school options, and setting up NIFs, we explain taxes here in Portugal, and MORE!
▸▸▸Follow us on Instagram: / richjourney
Our Rich Journey - Make $1,000,000 in Ten Years By Investing This Much Each Month - In this video, we answer a caller's question regarding how much she should invest each month to reach financial independence and retire early with one million dollars in ten years.
▸▸▸Check out some of our other videos!
Stock Market Is Crashing, So We're Buying This NOW (See Our Top Pick):
• Stock Market Is Crashi...
Oh NO! Interest Rates Are Going Up! | Here's How to Invest in the Stock Market:
• Oh NO! Interest Rates ...
9 Rules We Followed to Become Millionaires in our 30s:
• 9 Rules We Followed to...
Financial Norms Destroying Your Wealth - We Broke Them to Retire at 39 As Millionaires:
• Financial Norms Destro...
Our Top ETF Investments for Dividend Income and High Returns to Retire Early:
• Our Top ETF Investment...
Investing in Index Funds for Beginners | Tips & Advice From Millionaire Investors:
• Investing in Index Fun...
▸▸▸PLEASE SUBSCRIBE:
If you like our video, please make sure to "like" the video and subscribe to our channel. We post one video a week related to our journey towards financial independence, including making money, saving money, and investing money. Make sure to check out all our videos and . . . join the journey!
DISCLAIMER:
We are not financial advisors. Our videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our personal opinions.
#FinancialFreedom #HowToRetireEarly #FinancialIndependenceRetireEarly - Навчання та стиль
▸▸▸ www.365daystofire.com/
Enrollment is now open for our 365 Days to F.I.R.E. Program
Sign up and get:
◼ Completed F.I.R.E. Plan, Stock Investing Plan, Real Estate Investing Plan, etc. by the end of program
◼ Daily F.I.R.E. Actions
◼ Monthly Live Q&As
◼ Small Accountability Groups
◼ Quarterly Book Club
◼ 3 Meet-ups in Portugal
◼ Private Facebook group
◼ Lifetime access to daily tasks, recorded live Q&As, recorded book club meetings, Facebook group, and resources
◼ Discounted future meetups as 365 Days to F.I.R.E. program alumni
AND, for the Plus Coaching Option
◼ All of the above AND
◼ 365 days of email support: Email us your questions throughout all of 2024! We’ll answer your individual questions!
◼ Monthly Plan Reviews - Send us your baseline plan, stock investing plan, real estate investing plan, saving money plan . . . each plan you work on each month(!!!!) and we’ll send you our feedback!
◼ Additional invites (to bring additional guests) to our meetups on Portugal!
To learn more and enroll NOW, go to: www.365daystofire.com/
27 and have 125K invested! Compound interest let’s go!
I just used a FIRE calculator and my FIRE age is 290. let's go year 2467!
Find a friendly vampire 😂
😂😂😂😂😂
🤣🤣🤣😭
😂
😂
I started at 24. I'm now currently 31, aiming to retire before 36. Your channel is amazing to help me maintain focused on the end goal. 😁
I’m 40, I wish UA-cam was around when I was a teenager. Youngsters are LUCKY to have this knowledge. Our parents gave us 0 help.
Exactly! They definitely have the information advantage.
What you parent didn't known they can teach u. 40 isn't bad to start now and putting ur best in it. You will be able.
@@moniquemichelle7295yes and no we have the information but don’t forget that you was a adult around the housing market crash where houses where on average 35k we don’t have this luxury that’s why most people your age actually have a house and younger people have to rent
The issue is that your parents don’t know either. They can’t teach what they don’t know.
I started my fire journey at 22. I am now 24 1/2 exactly today my stock portfolio is down to 13500, I own 2 rental properties and a small home me my girlfriend and daughter live in, we have a easy 125k equity, this is possible. You got it. Learn and save. I was someone who was always broke before learning about fire
Wow. Thank you for the inspiring news.
@Joseph Stupar are you from SA?🇿🇦
Mindset is important, but a dose of reality is also maybe equally important. Like when my brother was ending college, he had a goal of reaching x amount (a very lofty goal, like your subject on this video) of NW by age 30. With a rising stock market and discovering alternative ways of accelerating his market gains. Things were looking really positive. Things really took off when he got a high paying job right out of college. Then the Dot Com crash hit, and let's just say he got derailed, like the train overturning type.
All that in two years? From 22 to 24? The math ain’t mathing. There’s something you’re not telling.
A young person who focus on retiring in 10 years might forget the most important part. To enjoy the journey.
I've seen videos pf people who have done F.I.R.E. complaining about this. What's worse is some find that they don't even like being retired.
10yrs is a long time , people will learn to enjoy life also in that time
@@abvivek Exactly!
Fire does not mean giving up on life lol
Maybe, maybe not. If you have $1M at age 33, you can more easily enjoy the whole rest of you life when working for money is optional. And who's to say you can't enjoy life while working toward FIRE?
Additional Income is the key. I'm planning on retiring in 3 years before I'm 50. I tell some people and they don't believe me and some who know my capabilities do believe me. Your surroundings is another key to success.
You guys have made a magnificent change in both my wife’s and my way of handling money and investing it. We have followed you both over the last three years. We have taken over the decisions to control our financial future and have fired two of our financial advisors. We have educated ourselves with your courses and videos and now are very confident with handling our investments. We just want to thank you both so much!
Tony - Wow! That is so amazing!!! Congratulations on taking control of your finances!
Would love to know if things are better for you after three years of making changes! I've been wanting to take their courses too. Congrats on whatever you have accomplished so far!
@@bellajordans1053 guess tony is off somewhere living a rich lifestyle..
She is great. I did not retire until I was 60. And even though I have acquired the $$ it took me 4ever.
Thank you guys for guiding young people
Being able to invest $6000 per month is a very aggressive goal, not just for a 23-year-old, but also for an adult who makes good money in the US. In order to save $6000 per month, it would require a salary of over 100K a year! But then you need to account for the essential expenses like rent or mortgage, groceries, car payments etc so you will probably be left with about half of that or $3000. This doesn't mean that this goals is impossible, it just means it will take 20+ years to get there.
It does NOT take 20 years to make 100K/year!!
Don’t forget taxes. You would need way over 100k income to invest that each month. Thats also if you live under a rock or at home with parents who pay for almost everything.
For the majority of people $6,000 is just unrealistic. I don't even make $6,000 a month. I am looking for a second remote job where I can just invest the entire monthly salary. That's probably the only way I'll be able to retire in general. Not even early. Everything costs so much it's just so hard.
I’m 22, started investing at the start of 2021. With all the turbulence in the stock market I ended making a lot of mistakes but I’m glad that I’m learning from those early on while I’m still young. Because of my age I’m willing to take a lot more risk. Now I’m shifting my strategy to investing more into ETF’s, high yield dividend Aristocrats and kings, as well as trustworthy growth stocks such as Apple. I do t have a FIRE number because I plan on having a business empire but I do want to be a millionaire by 30 yro.
What etf and high dividend stock are you investing in ?
Everyone can dream big until reality brings u back to reality!
Just double up on jobs and payoff a bedroom bathroom suite on bus stops with housemates, and then buy dividends. There's a 95% chance you'll reach financial freedom within less than 4 to 5 years on this plan.
@@adange11 s&p 500 is the safest bet
That's about $74,400 a year for 10 years or $6,200 a month for that amount of time.
If anyone knows of any good side hustles that can fit that bill - Lets us know please.
OF
I'm glad some young people are planning early. I wish I had done better, but at 50 at least I'm ahead of the curve.
Even if very early retirement isn't achieved, it will at least set you up for more financial freedom. You'll be way ahead of the curve.
I love you guys and I'm proud to say that at 38 I've found my life partner and were going to be using some of you guys strategy and set goals on the pathway to retiring in 10yrs. Blessings to you both!
I'd give anything to go back to 23 and pursue the FIRE movement. So I also feel inspired hearing stuff like this
Dividend reinvestment is a great way to increase your cash flow as well
Yes! Consistent dividend income!
I would love to go back to 23 for a bunch of other reasons too. The years pass by way too fast and sadly you can never go back in time and live your life again.
We all do but at least your realize it now. Most people don’t ever realize anything
Keeping a positive mindset just can’t be emphasized enough! Especially now. Thank you for always keeping that focus.
I'm not trying to be a Debbie Downer but ain't investing this much a month impossible for 99 percent of the population ? I cant barely save $6,200 per year in my Roth, let alone per month !
I purchased one of your packages at the beginning of this year (I believe it was a brand new one that built on itself each month for the course of 12 months). I started it but didn’t fully use it as I was focusing on paying off my credit card debt that was at $18,000 in January and is now at $1,900. When I started paying it off it was at $37,000 so at the end of this year I will be completely paid off! It took me three years and downsizing my rental expenses to having a roommate. It was so hard to think about investing with that monkey on my back. I’m excited to use it now. Even tho I won’t get the full benefits of what I purchased just having the guided template is helpful! Thank you for all you do!
I love that you film these podcasts!
Very helpful! Thank you!😊🙏
Thank you for your great tips and insight as always! I will make sure to share this with my daughter which is close to the same age as your caller !
Saving $66,000 per year, investing it in the total US stock market with an expected 10% return per year yields a total of investment plus interest of $1 million in 10 years time.
Nice goal and thank you for outlining the means.
So basically every year you invest 66k in that particular stock to make over 1 million in 10 years?
@@naana-scelyne6370,yes. That's how I understood the video. Invest $66,000 each year for 10 years at 10% per year compounded yields $1,000,000 according to the folks in the video. I didn't check their math but again that's what I took from the video.
@@naana-scelyne6370 You don't want to invest in an individual stock. That is putting all of myour eggs in one basket. Better just buy an index of stocks like the total stock market index - VTI/VTSAX.
10% is ambitious
Sp500
5500 pounds a month is a LOT of money in the UK
Yes most people get paid half of that monthly .
The caller is a dreamer. Very very unlikely to achieve her goals. But it is important to aim high, suppose she gets to 500k in ten years that would still be a great achievement.
Not for London
Thank you for the video, very helpful ♡
Retiring in ur mid 30s . . In the States you’ll need like $3M +
Hey, you know my retirement goal but at like 48.
Thanks for all the great content you are posting in this channel. Is it a better idea to invest in Annuities for a 35 year old?
great video and question. I am in my 40s and this really got me thinking! thanks for that
“What u r doing is going to be Unique, but u have to own this journey”. 🙌🏾!
Break the old generational mindset they tried to put on u, because obviously that didn’t benefit them.
I would love to be financially independent, but to be retired early is another story. I need to interact with people going through similar challenges as I am. I need to work, even if part-time. The best thing about the FIRE movement is that it views retirement as an option, not necessarily the end goal. Perhaps we should just call it the financial independence movement.
Great information! Love listening to the channel! Thank you for taking your time to help people!
Thank you Austin!
I really wish i could have started at 23 years old, that's awesome! Now a bit old but still on the grind!
Joy thank you
Can you discuss recommendations what stocks to invest
Excellent video Team
We started Sep 2020 with nothing, learned about FIRE, became FI in Mar 2022 and now plan on RE in May 2023 at the age of 54 under the rule of 55 🤘
Tell us more 😂
What’s the rule of 55?
@@chilove9955 it’s Nigeria 🇳🇬 rule, that u can no longer work as an employee once you are 55yrs, you ll be forced to retire
In the US, the rule of 55 is that if you retire from a W2 job in the year you turn 55 or later, the 10% early withdrawal penalty is waived. Otherwise you have to be 59.5 years old.
I'm 35 seconds into this video and i said to my self I like this couple. Great vibe...Big smiles...You look great together
!
This is amazing about this young lady. My husband and I are so looking forward to retiring next June, 2024 in Portugal. We are looking forward to a peaceful, gratitude and simple life there.
love your podcast!
Thank you!
Thanks for sharing!
Great video, thank you for sharing. The reality is that dividend investing has a tremendous passive power and it is ideal for all investors, whether beginner or experienced. It requires PAYtience which ultimately PAYS off!
Thank you 👍👍👍
Great information!!!!!, just subscribed
Love these two. They changed the way I think about money and life. Making both things seem within my control
Can you please talk about the new laws that were instated January 2022 about which properties you can buy for the golden visa where they are?
Such great information, as usual.
Thanks Alicia!
In the video you mentioned to look at episode 2 of the podcast. Is there a link to it?
This episode is a 💎 and it points out solutions that was provided for me to visualize 🤔
I’m 20 on my financial journey I’m very excited
5k a month! Welp looks we're going to be lean fire lol.
Great discussion
You're the best! Keep it up.
Ok Back to the Fire Journey coourse study yes working on my Mind Set! I'm Planning On! Thank You!
Thanks for all of the information you share. I too am a govt employee. Left in 2007 and came back in 2018. Trying to maximize my TSP and other investments.
Yes! TSP is a great tax advantaged account!
Put it all in Roth I am able to put 30 k in my Roth TSP every year. 30 k divided by 26pp.
Love the Pod. I was thinking of the expression, “Hope is not a Strategy”…but a good plan and some determination…who knows!
Thank you so much for this very clear and encouraging video guys, always a pleasure watching and learning from you both, to hear a 23 year old asking a question for her financial future self is absolutely amazing, Lord bless her heart and her journey, Love and blessings always ❤️🙏🏽😘💐
What a great question to ask at such a young age. A bright financial future is in the horizon.
Thank you Danelle! ❤️
i think your bread and butter is now your YT channel. You two are killing it! Thanks for creating so much great content :)
Thank you!
Thanks.
The hindsight that comes with age…wishing we all did this sooner!! I’m on a mission to educate young people too so that they have this knowledge for their own financial future. Education is key 🙏🏻
Wonderful video - with £5,500 per month invested for 10years. You most likely require x2 jobs with Uk salaries and economy downfall
Enjoyed your video and information. We will achieve FIRE in 5 years. Wondering how the Airbnb side hustle is working out in Portugal. It would seem the Airbnb here in the US is over-saturated.
Question for anyone that can help -
My spouse had mid 250k in 401k last year down to about 220k now. This entire year she maxed 401k all in S&P 500. She will be ending her employment to be a stay at home mother starting the beginning of next year. The plan is to roll everything into an IRA and continue with S&P 500. Is it reasonable to think that in 17 years with average returns of 9-10 percent this amount could grow to one million? Contributions will stop so dependent on reinvested dividends and market growth. Financial advisor told me this was unrealistic, but I’m thinking that this is what the S&P averages over time.
There is a huge difference between average rate of return and actual rate of return. Don’t get me wrong. You can make a lot of money in stock market. But once you throw in a negative yearly return, it messes up the maths results that you calculated using all positive rate of returns, and once again, there’s a huge difference.
If no other contributions think about other save bets like t bulls series I treasurey vonds whole life insurance policies with cash called annuities..there's alot of info out there.
Great info 😮
Q) How much should you invest every month? A) As much as you can afford to invest, plus 10 percent.
And then some!
Um? As much as you can afford to invest, bugdeting conscientiously. Taking on debt to invest is a good way to sink yourself - you think you're getting ahead, but one mistake or bit of bad luck can sabotage the whole plan
@@arh1234 I wasn't implying margin. I would NEVER invest on margin. I was implying to find a way to cut another 10 percent of expenses from your budget, and investing that 10 percent.
@@supersteve8305 Oh! That makes sense. In that case, I agree. My bad.
What do you guys think about schd and dgro long term ?!
Love these two.
Hi guys, this is a great great episode! I have a follow up question: how would the numbers be different if the timeline was a bit shorter or a bit longer? Given the magic of compound interest, my guesstimate is that even a couple of years would shave off the monthly number exponentially. So in a sense, sometimes I think getting there a bit more slowly can pay off.
You guys are my favorite couple 🙌🏾‼️
thank you
Great content.
Is there a formula to find out what your monthly investment number should be?
Awesome this has inspired me. Your right it's the mind set. 👍
Great people. It’s crazy how they immediately garner trust
Better also account for inflation on the final fire number
December 28th, 2022
I honestly can’t wait to have my own side hustle!!
I only make $1700 a month. Started a digital marketing business and fitness business but make 0 of it. I live off 25% of my income
Checking in from the DMV.
Hey there LaShawn!!! ❤️
@Christina @Amon - In the video, you mentioned the estimate of $6,200 to reach $1M FIRE in 10 years considering total stock market index fund (VTSAX?). Does this estimate consider the reinvestment of Quarterly dividends? Maximizing tax advantaged accounts first? I'm developing my own FI/RE calculation and wondering what inputs you used for this estimate.
I've been following y'all for 4 years when I was starting my own personal finance journey, which I've learned/unlearned a lot more through your channel compared to "common knowledge" taught elsewhere.
33 and invested $350,000. F.I.R.E here I come.
Awesome 🎉
I love your outlook on mindset, this is something I struggle getting my husband to understand. I would like to talk more about real estate, we have the credit and could do VA loans and even down payments but I can’t get my husband to see the potential in it, all he see is risk.
I’m sorry for that! Risk is part of our life! Evaluating it and learning about the sector will lead to a fact based decision. Hope he will do his best and both come up to a consensus !🎉
Thanks for sharing Helene!!
You can sell covered calls on your stock to increase returns without adding much risk.
how?
Hard to tell if this is the right platform for this. But ill try anyways as this is still considered business. Given the present conditions, is it better to invest
into Real Estates or into Stocks? Which would yield better output.
In general, RE
This is a great goal!
You guys inspired me for FIRE, I watched your video in august 2019, I am pursuing FIRE. I am in 3rd year but it is very difficult to keep myself motivated all the time. Pls advice what should I do.
It's hard to know without knowing you. What is hardest about it for you?
I would be retiring in about six and a half years and I'm quite curious how people split their wages, how much of it goes into spending, savings and in vestments ? I'm a high earner not rich yet (HENRYs) but still have nothing to show for it yet. Something needs to change
Do you guys recommend slow travel? Let’s say rent a villa in Bali and live there for a month or two then go to Thailand. Right now I think it’s cheaper than living here in the US.
Majority of countries are cheaper than living in the US and Europe. I migrated to Africa and spend FAR less per month
Great advice you gave her. One more thing, as your caller is up based she should think about setting up a low cost stocks and shares isa which will allow her to invest up to £20k per year and she never has to pay tax on the returns or growth. There are lots of different types but definitely something to look into if uk based
You're right
You see many people remain poor because of ignorance
Wish I had the knowledge at 23 that I have now. I share with my girls all the time in the hope that they will make good choices in investing.
Teaching the next generation! It's a gift!!!
Still don’t know how much to invest & where to achieve this
I’m a nurse . The question is how to learn skills , ideas for a side hustle . Tyvm
Whats u guys opinion about IUL tax advantage cash value
Good stuff…
❤ THANK YOU
Making money is an action. Keeping money is behavior. Growing money is knowledge.
Can someone who lives outside the US and is also not American invest into the American stock exchange?
Wow this is really good guys thank you. Spoken words really do have POWER🔥💯❤ Leandra will get there.
I am sorry but I have to remain skeptical after watching this video. The 23 year old caller said she wants to have 1 million pounds after 10 years. It means that in a period of 120 months, she has to save over 8300 pounds each month. I just assume she just graduated from college, what type of jobs she can do to save that huge amount every month?. I am not sure she can even make that amount every month. She really needs to be realistic and evaluates her FiRE number again.
Is this episode posted under the wrong UA-cam account? I was thinking it should go under the podcast one?