I would like to offer an alternative- live on the cheap. I became a truck driver. Very low cost of entry (CDL school cost me $5350.) And very low cost of living. I sold my car, donated most stuff to thrift stores (except for a few boxes of sentimental stuff I stored in my parents attic,) and lived in the truck. I never made more than $50,000/year yet I retired at age 44. Trucking is just one option, there are other ways to live cheap. Military, working on cruise ships, van life down by the river, etc. You don’t need to have a high income to save. That is one way, yes, and it’s a valid option. I’m not disagreeing with your path. I’m offering another path, because choices are good. Become a high earner and live a “normal” life while saving or become a low earner and sacrifice like mad while saving. The only requirement for saving and wealth building is earn more than you spend.
Most people don’t want to live on the cheap. May be an option for some people but I think most people would balk at being a low earner and having to sacrifice
Above all else. MAINTAIN YOUR HEALTH. Then read and watch everything from Brian Tracy. Understand it’s not the money. It’s the person you must become to deserve the money. That is the benefit of becoming a self made millionaire.
I can agree with a bunch of that but I took a different path to $1M at 40. If your goal is purely money, I wouldn't follow my path. I've never had a salary above $200k and at 30 I was only making $80k. Keeping major costs low was very important. I never had student loans, got scholarships for undergrad then graduate research/teaching assistance that paid tuition and stipend. I got a 5 year old Honda Accord when I was in my early twenties and drove it until I hit the $1M mark. I lived with roommates until I had $100k invested. I didn't buy a house until I could put 20% down and feel like I wouldn't be missing that money. The rest was that I invested 50-60% of my income in a diversified portfolio, nothing speculative and never tried to time the market. The reason that I got so aggressive with saving and investing was that after grad school the job market was terrible (great recession). It took me 1.5 years to find a job in my field, I was broke and in a lot of personal debt just to cover basic necessities. I never wanted to feel that way again.
Love it! This bottles up exactly what i want to share with young people. The salary numbers seem quite high (people actually make 120k out of college?). But it can be done starting with much lower salaries (i'm on track, slogging).
I agree the out of college is quite high - but in certain jobs in places like CA or NY, this is indeed what the starting salaries are. Glad that you're finding the info useful and it can help someone
@@JimMurray2 Good question. But even if you gain this knowledge at 40 and have the maturity to act on it, it can work by 60 and you'll be lightyears ahead of many Americans - I'm totally aware that most 20 year olds don't get it. Lord knows I certainly didn't!
@@YourRichAuntie :) fully agree, i was just paying a compliment on your youthful appearance. I certainly did not have this knowledge at 20 (and might not have been wise enough to recieve it if someone tried to share it). I just subscribed, very much on same frequency with your content!
Your numbers are very all over the place. I was confused for a long time when you said 100K net worth at 30. You talked about maxing out 401k right away. 5 years of that would be 100K without any market return. Later you seem to be focused on only net worth outside a 401K. This seemed very arbitrary considering you used the term "net worth". Your salary expectations are extreme for the middle class to consider. Not everyone can earn that much a year. For more viewership, your reference points need to be more accessible for the middle class. Otherwise, you are talking to an audience who already gets most advice outside UA-cam. The gentleman from Heresy Financial has a good video on building a UA-cam channel. You do not have to take all of his advice about monetization, but research, structure, and audience are important. Best wishes, Matt.
Financial Literacy will cut that in half. I got to 1 Million in net worth in about 5 years. But my wife and I have high paying jobs that got us there by reinvesting the money we made to make money.
I'm not sure your typical 20 year old will listen to this plan. You hit all the points. I didn't have the knowledge based back 20 years ago. Social media help a lot of this spreading this knowledge though.
This video should be viral
I would like to offer an alternative- live on the cheap. I became a truck driver. Very low cost of entry (CDL school cost me $5350.) And very low cost of living. I sold my car, donated most stuff to thrift stores (except for a few boxes of sentimental stuff I stored in my parents attic,) and lived in the truck. I never made more than $50,000/year yet I retired at age 44.
Trucking is just one option, there are other ways to live cheap. Military, working on cruise ships, van life down by the river, etc.
You don’t need to have a high income to save. That is one way, yes, and it’s a valid option. I’m not disagreeing with your path. I’m offering another path, because choices are good. Become a high earner and live a “normal” life while saving or become a low earner and sacrifice like mad while saving. The only requirement for saving and wealth building is earn more than you spend.
Most people don’t want to live on the cheap. May be an option for some people but I think most people would balk at being a low earner and having to sacrifice
@@YourRichAuntie I don’t know what most people want to do, I only speak for myself. As I said, I’m simply offering an alternative. It worked for me.
Above all else. MAINTAIN YOUR HEALTH. Then read and watch everything from Brian Tracy. Understand it’s not the money. It’s the person you must become to deserve the money. That is the benefit of becoming a self made millionaire.
BIG FACTS!!!!
Great advice. Thanks for sharing your knowledge. Financial literacy should be a goal for everyone. It's essential for breaking out of poverty.😊
So true!
Great video!
Thanks for the watch and the comment!
Thank you for telling it the way it is. My husband and I followed the described timeline. The timeline works and it is a slog.
You are so welcome
Hi! I completed your contact information form on your web site but I wasn’t sure if my information went through.
Yes I just saw it- I’ll be sure to reply
Thank you!
I have watched this video seven times plus I took notes. I am going to share this information with my nieces are 20 years old.
As someone in their late 30s, you hit the student loans part. I think this the most part. It's no joke.
Thanks for the postive feedback!
I can agree with a bunch of that but I took a different path to $1M at 40. If your goal is purely money, I wouldn't follow my path. I've never had a salary above $200k and at 30 I was only making $80k. Keeping major costs low was very important. I never had student loans, got scholarships for undergrad then graduate research/teaching assistance that paid tuition and stipend. I got a 5 year old Honda Accord when I was in my early twenties and drove it until I hit the $1M mark. I lived with roommates until I had $100k invested. I didn't buy a house until I could put 20% down and feel like I wouldn't be missing that money. The rest was that I invested 50-60% of my income in a diversified portfolio, nothing speculative and never tried to time the market. The reason that I got so aggressive with saving and investing was that after grad school the job market was terrible (great recession). It took me 1.5 years to find a job in my field, I was broke and in a lot of personal debt just to cover basic necessities. I never wanted to feel that way again.
This is actually the fast way to reach $1M. You hit the point on saving 50%+
Love it! This bottles up exactly what i want to share with young people. The salary numbers seem quite high (people actually make 120k out of college?). But it can be done starting with much lower salaries (i'm on track, slogging).
I agree the out of college is quite high - but in certain jobs in places like CA or NY, this is indeed what the starting salaries are. Glad that you're finding the info useful and it can help someone
@@YourRichAuntie the real question is how do you have this 20 year knowledge without even appearing to be 40 yet yourself?
@@JimMurray2 Good question. But even if you gain this knowledge at 40 and have the maturity to act on it, it can work by 60 and you'll be lightyears ahead of many Americans - I'm totally aware that most 20 year olds don't get it. Lord knows I certainly didn't!
@@YourRichAuntie :) fully agree, i was just paying a compliment on your youthful appearance. I certainly did not have this knowledge at 20 (and might not have been wise enough to recieve it if someone tried to share it). I just subscribed, very much on same frequency with your content!
Refreshing to hear the plain and simple truth of how to get to $1,000,000. I think most people mess up with the lifestyle creep.
Most people don’t want to do it. They’re looking for an easy answer to $1M and for most people there are no easy answers
Once you reach 1 mil, how quick of a process is it to 2 mil if you never invest a single penny again and just let the S&P work for you?
Depends on market performance
It's usually every 7-10 years. Some decades vary. The last decade has been exceptional. Some decade , it took 10 years to recover
look up rule of 72
Your numbers are very all over the place. I was confused for a long time when you said 100K net worth at 30. You talked about maxing out 401k right away. 5 years of that would be 100K without any market return. Later you seem to be focused on only net worth outside a 401K. This seemed very arbitrary considering you used the term "net worth". Your salary expectations are extreme for the middle class to consider. Not everyone can earn that much a year. For more viewership, your reference points need to be more accessible for the middle class. Otherwise, you are talking to an audience who already gets most advice outside UA-cam. The gentleman from Heresy Financial has a good video on building a UA-cam channel. You do not have to take all of his advice about monetization, but research, structure, and audience are important. Best wishes, Matt.
Thanks for the feedback
while I would challenge your salary progression assessments, I wholly agree with the base of your advice.
Financial Literacy will cut that in half. I got to 1 Million in net worth in about 5 years. But my wife and I have high paying jobs that got us there by reinvesting the money we made to make money.
Do you plan on retiring early?
I'm not sure your typical 20 year old will listen to this plan. You hit all the points. I didn't have the knowledge based back 20 years ago. Social media help a lot of this spreading this knowledge though.
Probably not. But even if that 20 year old does some of what I suggest it’ll put them far ahead of most people at 40