Key Milestones to Multi-Millionaire Status: Milestones #1 and #2
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- Опубліковано 28 тра 2024
- The First Two Milestones to Becoming a Multi-Millionaire: Are You on Track?
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Hit 200k$ today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. God bless you ❤
Awesome, Tell me about it!!!!🙏
@@MelodiRavoIt's Renee Marie Harrison doing she's changed my life. A BROKER- like her is what you need.
$500K monthly is something you should feel differently about.....
Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Renee Marie Harrison.
I know that woman (Renee Marie Harrison)
If you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
Amazed at how quickly wealth builds after that first $100-200k! More than ready for the snowball!
Another amazing thing is the incredible growth after you surpass 7 figures. That first time the earnings exceed your income is beyond magical. Thats when you really think about quitting or shifting careers to something you enjoy more.
Gonna be 38 this year and household net worth just broke the 1 million level. The next goal is to hit the 1 million in liquid by 40, then we're off to the stars and beyond. 🌟 🚀 🌙
I started following you guys a few years back, and watch your videos just about every day.
Years ago you were the only ones telling me to aim for 20-25%, and that's exactly what I did, because of your lofty goal-setting.
Pay raises became the perfect time to implement the 20-25% goal.
At lot of the information I have already learned from you, but I think each time you say it, it helps me internalize the concept of exponential growth.
Recently I passed one of your milestones, and in the next few years looking to pass another if God allows.
Thank you for your continued excellent lessons.
Seconded.
Failure is the best teacher. Teaching is second-best. Repetition (practice/implementation/watching these vids again) is third.
This is so true. Saving the first $100K seemed to take forever!!! After that, it was so gratifying to watch the earnings exceed my contributions. Eventually, the earnings alone exceeded my annual income! That is the definition of financial freedom.
Great video. I really appreciate you guys.
My favorite UA-cam channel ❤️
I was a lot more excited when I hit $200k than $100k. At $100k, your return % is your return (in thousands), but at $200k it’s double. It’s obvious, but it just feels much nicer.
You're actually right. The person who came up with the notion that the first $100,000 is the hardest but it's when you start really noticing the compounding effect was Charlie Munger who was Warren Buffett's partner. He said this in the early 90s though. So if you were to apply inflation to his advice you would need the first $200,000 today to feel what Charlie Munger was talking about in the early 90s.
Ya I had the same feeling. $200k is fun because it surpassed the max 401k contribution
I am currently at 100k and I’m 23 I’m so glad I found this channel and will be continuing listen I appreciate yall
Characterizing investment returns as extra Roth/401k max-outs is utterly brilliant. Really shifts the thinking away from getting lost in portfolio returns and back to focusing on savings rate and acceleration.
First! Love your content keep it up!
Last year, my 401(k) grew by more than I put into it (the max), but slightly less than what I and my employer put into it. I am contributing a bit less to it this year because I cannot do better, but it is outpacing my employer and me combined.
36YO with $300k in Roth 401K and Roth IRA. $30k invested in HSA and $80k in traditional 401k.
On top of that we have two paid off rentals and wife will start her clinical therapy telehealth practice so we will be going from one income to two incomes.
I feel behind however I know that I am not. $15M is the goal by the time we are in our 60s.
Hard work pays off. Just Hit 40 years old.
Coming out of our messy middle this year, hopefully. Our income went way up with my wife graduating and getting her first Nurse Practitioner contract. Transitioning from spending massive amounts of money on tuition/clinicals to making great money.
As soon as we are debt free our investment rate is going from $1700/month to $12000/ month. 401A (me), Solo Roth 401k (wife), rest in outside retirement investments.
We are planning to invest 100% of her salary and live on mine. It will be awesome.
Can't wait to get our feet back underneath us and get settled in. This last few years was crazy.
Just hit $40k or 40 years old?
@stuartdavis83 definitely 40 years old if he's "coming out of the messy middle"
I got to 100K before the Covid season, but put all of that in a whole life insurance. This year, I surrendered the insurance and just got the money back for investment. My first 100k just survived but didn’t work for me for 4 years 😂
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Comment
What is this assuming you are putting the money into? Mutual Funds?
I started with the equivalent of an S&P Index fund. Average historical returns 8% - 11%.
I hit the million dollars in my 401(k) retirement account in 26 years (this year at age 49). I have $150,000 in a Roth IRA, and I have one house paid off and am buying another house. However, I still feel behind. Can anyone help me "rewire" my mindset?
I'm 38 and having a similar issue. I'm just shy of 600k in my 401k and 24k in my roth ira. I could pay my home off but my interest rate is so low on 55k loan there isn't much of a point. I always feel behind though but I think I'm ahead of most of my peers. Such an odd feeling
Even if you change jobs, are you really gonna STOP earning income before traditional retirement age? *Without additional contributions* , your financial assets will double in about 7yrs. Even after gradually moving out of equities, you should have $3-4M with a paid off home by early to mid-60s. Plus SS and whatever the second house is cash flowing, you’ll be making well over 150k annually without any mortgage or other debt… please update in a few years and let us know how the caviar tastes 😂
Where’s the rest of the 850k if you only have 150k in the 401k account?
@@Stanley-gi9nb 1M in 401k, 150k in Roth IRA, and paid off house at age 49.
@@Stanley-gi9nb he has 150 in his roth ira. That means he has a mill in his regular 401k I think. That's the way I interpret it
It seems subsequent millions take longer to grow.
Once you get into million+ arena, your annual contributions are insignificant. Your account balance is now controlled by the ups and downs of the market. The ‘Money Guys’ use the 8% annual return, but in 2022 it was a 20% drop, but the good news is the next year it went up about 25% and so far this year about 10%. Hopefully we’ll have some 25% years coming up.
@glasshalffull2930 True. It's definitely a roller-coaster ride when the numbers get big. That's why retirees usually have a more conservative mix of funds to avoid the huge swings that might cause you to lose sleep.
@@glasshalffull2930 "Hopefully we’ll have some 25% years coming up." If you look at a trend line for the S&P 500 since 2008 (16 years), it will be crystal clear that a market correction is looming. If I had to guess, I'd think there might be one last surge after the Fed begins to ease rates. Then we'll probably see a correction of 20% - 30%. That will be ugly for anyone with big numbers.
@@DaveM-FFBstock market climbs the wall of worry bud