I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...
@@ЕленаФирсова-ц6м The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
And don't get frustrated if you have a year or a few where it isn't moving, it happens. Some years are static or drops don't give up or you miss the inevitable gains.
@@thatoneguyis They say that when it comes to long-term investing, you should actually pray for bare markets, as that’s when you can continue purchasing funds while they’re priced low, and when the economy eventually improves, your portfolio really swells up.
Nice video coverage with trading, technical analysis skills alone are not enough; discipline and emotional maturity are also crucial for success. The saying "time in the market vs. timing the market" is a good mindset to have during market fluctuations. Thanks to Shea Ardolf’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Keep it up!
The beauty of Shea Ardolf ’s approach is her dual focus: while she aggressively pursues profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
Investing in Bitcoin is the wisest asset to be in, not trying to shit on other stocks, it just won’t outperform Bitcoin over pretty much any long time horizon…reality over feelings!!
Bitcoin's role as a store of value and its potential for future growth make it an attractive investment option. BTC trading can be a thrilling way to participate in this digital asset's journey.
Just getting out of debt (all debt: auto, mortgage, student loans, credit card) is just about impossible for most Americans. Let alone have a genuinely positive net worth.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market..
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment..
My advisor is Stephanie Kopp Meeks highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.!!!
THIS IS BEAUTIFULLY PUT!! Awesome. So, basically, it just as hard to go from $1 to $2, as it is to go from a 1 Million to 2 million (as far as investment growth is concerned) This is amazing. Thank you for this beautiful thought!
My financial progress: 1996 - 2005: Deep in debt; net worth *negative* $30k 2006 Net Worth: $0; aggressive investment (1/2 my pay) starts. 2014 Net Worth $650k; retired from Army; aggressive investing stops 2018 Net Worth $1 million 2020 Net Worth $2 million (thanks in part to early Tesla investments) So, yeah.
@@bryanwhitton1784 I paid a lot of taxes, spent a lot of money on stupid stuff and the market is down. So I'm at about $1.6 million. Not great but after losing half my money in 2008 (and getting it all back) then losing a fat chunk in the 2020 flash crash (and getting it all back) I'm on track to $3 million by 2030 (if not more).
@@EricDaMAJ Very good. I was curious as was my wife. We are down for 2022. Me about 20 - 25% depending on the day and phase of the moon. My wife about 5%. I also did well by TSLA. I invested about $1700 11 years ago and it is worth about $263K now. I have sold and repurchased a few times plus the spits. Always good to hear someone turn it all around.
Live within your means. Stay healthy. Invest what you can afford and make sure you keep money to live too. You'll have enough to keep your same standard of living even without a million dollars. STAY OUT OF DEBT is number one.
Opened up a small pizza restaurant, profit margins are great, sell by the slice, fast convenient and get tons of customers in for those. Also made a great house purchase 2 years ago which went up 250-300k in value
@@gymlaxbrocongrats! Did you subtract the amount of money you owe on your home since you technically only count on the equity, not what the home is worth. Also how much a year we’re you making/investing?
4:00 is key, Keep bad debt low, use good debt to make cash flow. It how businesses work, by using leverage. Use it to your advantage. Keep a good credit score to make it easier. Save to get started by living within your means. Compound interest will kick in. Use the company match if you have one. Snowball effect is real. I used some of my savings to buy rentals, or I'd be there. But these properties provide cash flow now. Once paid off like my house in 2 years the Snowball grows really fast. Rinse repeat.
It’s kinda wild how people are only scratching the surface and don’t take the time to read 25 money secrets from Donald Trump. Get out of the rabbit hole.
My Dad told me that he was working on his second million, because the first million was too hard. Another fellow told me that the second million is easier because you have a millionaire friend working for you. That's a good way to look at it. It's hard to do, but if you have faith and keep plugging away, one day your portfolio will "suddenly" explode in value.
My friend it’s not too late. Things seem bleak at some point in life but educate yourself in finance, talk with a friend, read books like millionaire next door. There’s many people in your shoes that have been in situations you’re in and they did it. I encourage you watch Dave Ramsey podcasts.
It's all about compounding. In theory if you don't put any more money in, your money should double every 7-8 years. So 100,000 becomes 200,000 in 7-8 years but 1 million becomes 2 million in 7-8 years.
@@uberboizthe particular theoretical statement is not actually dependent on your contribution, because that theoretical stat is based on 0 additional contribution and the long term (50-100 year) historical return of U.S. real estate and equities, which is somewhere in the ballpark of 10% annualized (ignoring inflation). The point is that by the principle of compounding growth, each additional million takes a proportion less time because each years return produces a greater proportion of a million dollars.
@@Krashoan I get the idea of compounding. But even if we disregard contribution rate, the statement that "money should double every 7-8 years" is obviously an oversimplified and overoptimistic one (be it in theory or in reality), based on a distorted assumption on investment return derived from past performance. The reality is there is no guarantee the historical 10% average annual return in stock market or real estate would continue going forward - professional investors like Bogle and Buffett already made this observation years ago.
@@uberboizyour knowledge is insufficient to determine whether 10 percent is over optimistic or an underestimation, as is mine. We have nothing but historical returns and the context that they occurred in to rely on. The exact percentage is somewhat irrelevant in the scheme of things. People produce more of value than they consume on the whole, and as such the value of various resources, organizations, and regions continues to increase. Should that progress cease, productive investments will be the least of our concerns.
@@ChrisInvests I reached my first million on 7/20/20, which was three years ago. Since then I have never got below that million, and as of today, which is about three years later, I am now worth about $1.25M, which is consistent with your projections at 7:12. Based on that, I should make it to my second million about four years from now, then my third four years after that, and my fourth three years after that.
@@donaldlyons17 Well yeah I mean if you're contributing thousands every month then you'll see more growth but for the average person it won't matter if they continue to contribute or not.
@@livingunashamed4869 Just curious how much do you think the "average" person can contribute each month? I think the median mortgage payment is about $1,500 while the median take home is around $3.400. So after just that they might have $1.900 so I am not sure if even with a million even 1K per month would not be noticeable because with 24K after everything from 1 million an extra 1K per month should be noticeable. The long term impact I am not so sure about.....
Average person maybe $500. But extra 1k a month after the million for another 15+ yrs then yeah you’ll have maybe have another couple hundred thousand on top. But most will use their nest egg sooner than that.
@@livingunashamed4869 Yeah your idea sounds about right with after tax and inflation difference of 150K in 25 years with 6K each year saved..... OMFG these UA-camrs are crazy with only 6K each year saved many will never reach 1 million in stocks compounded!!!!
When I first started investing, I was taken aback by how much money I make just by the market gaining 1%. Then I realized, what if I had $1M or even $10M. Then I notice that the market’s gained about 1,000% since 1990 and it’s easy to see how there’s such a gigantic wealth gap in the US. It also makes me kick myself for not starting decades sooner. But that’s the cool thing about the market-it doesn’t discriminate; literally anyone could take advantage of this.
That is until the radicals push for unrealized capital gain tax and both fuck over businesses, and severely damage compound interest for investors. Sounds crazy, but there’s a social push for this by people that don’t understand the economy and want to tax the rich. Would force business owners to sell a portion of their business every year if they grow too fast, would seriously reduce the investment opportunities of everyone because interest would be taxed before it can compound, and would stagnate the economy. Blows my mind, would be a tax change worthy of moving countries.
Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
@@Too-old-Forthischet Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
3% return on 1 million moves further than 15% on 100k. That’s it. That’s the simple math. It’s a curve. A growth curve. Stay the course! Also, early on the the big gains are completely tied to income.
Not to mention the possibilities of investments with higher cash value. Someone with lots of money is not limited by choice in stocks. The first few investments are more crucial to get right until one has higher cash flow. A million gives way to opportunities of greater wins or losses.
I've heard that saying before but it was concerning the first $100k, not the first million. In any event, everything that was said in the video is still applicable.
The first $100k is easy. You can save your way to that. Stash away $10k per year and you’ll be there in under 10 years. Definitely doable. The first $1mm is a b*tch. You can’t save your way to a million. If you saved $50k a year, it would still take 20 years. That’s mind bending math.
I don't know about America but, in Australia, the credit card debt has a big influence on what we're allowed to borrow. If you're talking about the "pay yourself first" principle - I agree.
Rule of 72 seems to indicate it should take about 7 years to reach 2nd million but i guess if someone reaches 1st million by investment, they most likely are going to be consistent, so this should actually go much lower since you are still investing additional money with original principal.
If you are investing in addition to the compounding you will hit much faster growth. It is supposed to double every 7years with doing nothing. Adding to that could reduce it to 5yrs for example depending on how much extra you are putting in
So compounding interest comes from investing in stock dividends, index funds, S&P500, mutual funds, or what am I missing here? I'm learning how to invest my money, but I have not yet invested any of it yet until I know more about it. Looking to become a multi-millionaire one day to fulfill my dreams.
I started by simply adding to an S&P 500 index fund. I simply add money to it and leave it alone. No timing the market, just continually and consistently add to it like a savings account. (Timing the market is when you buy stocks, and then later sell them for a higher price. For example, if you buy ten stocks that are worth $30, and the price increases to $50, you can sell them for that price for $500, and if you bought a hundred of those stocks for $3k, you could sell them for $5k, and so on. However, timing the market can be risky, and you probably shouldn’t attempt it until you have some spare money, that way it’s not much of a loss if there’s no profit).
Invest into an etf such as VOO ; basically the s&p 500. Invest as much as you can and leave it alone. Dollar cost average. Also ; max out your Roth IRA every year.
It's all about the grind. Keeping focused. Research your investments and save what you can. The non-future millionaires will always have a reason for not putting money away. As a math teacher, compound interest is not pretty but it is powerful.
The majority of the population are not ever going to be cash millionaires. Many only made a few million lifetime earnings and it takes 100K plus every few year to live. Putting money away is not the only reason non-millionaires are millionaires...... Money is needed to maintain and gain access so again there are reasons why and plus with the median net work far shy of 1 million there must be reasons why.
We are going from investing $20k/yr to $100k/yr this year. Should be at $1 million in 4-5 years. The next million in another 4-5 years. If I can make extra money building a house every 2 years we may be adding an extra $500k biennially. Would be awesome if it works out that way.
Million? First of all, it takes almost a life time for vast majority to reach million if they even can. 100k is probably the right amount for the title
I think that's the point of this video. Most don't have a great relationship with money and saving and investing. This isn't for those with that mind frame. Once you break out of thinking about money like most the journey to $1 million begins.
1m liquid assets or net worth, both are 2 different thing. It is hard just leave the money in Retirement account when market just up and down. Real Estate Rental which could be steadier, could be path to Financial Freedom, if you know what's that number is for you.
Dutch here and I agree. Salaries of 100k/150k are quite common in US if I need to believe the internet while here the average household income is about 40k. And all income above 73k is taxed at 49.5%.
Cost of living varies by region, but compound interest is a universal truth, assuming you have the means of investing in a secure, diverse index fund. Taxes may be generally higher in Germany than the US, but I have a feeling higher education costs and health care costs are much higher in the US than Germany.
It's not easy to get rich in the US, but channels like this wouldn't be popular if they said that. If you can maintain discipline and luck for decades, you can become rich. Minor quibble is that one million dollars is worth less than 1 million euros. 1.07 ratio is close, but not quite equal. US household incomes, individuals make less than this on average.. 36.1%100k
The U.S. has 330 million people but millionaires are not even 1% of that. The real trick is to use the tax code to your advantage to pay nothing in taxes. Such as, you can technically earn no income and be rich by showing the IRS you had no income. One way to do that is to own a business and not take a salary. Instead you own stock and you take out loans with the value of your stock as collateral.
Cue the fake spam bots trying to get you to sign up for their "advisor" lol!. Beware folks. Set a budget & stick to it. When you have some capital use it to borrow & buy assets that appreciate . Keep it simple
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...
@@ЕленаФирсова-ц6м That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@AlilatTiamiyu My advisor is *MARGARET MOLLI ALVEY*
You can look her up online
@@ЕленаФирсова-ц6м The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Another Tip would be to set smaller Goals to not get frustrated. Start with your first 10k than 20k, next 50k than 100k and so on.
Absolutely 👍
Yep thats what I do :).
If you ever get to the smaller goals. The truth is a higher income without additional expenses seems to offer better chances.
And don't get frustrated if you have a year or a few where it isn't moving, it happens. Some years are static or drops don't give up or you miss the inevitable gains.
@@thatoneguyis They say that when it comes to long-term investing, you should actually pray for bare markets, as that’s when you can continue purchasing funds while they’re priced low, and when the economy eventually improves, your portfolio really swells up.
Nice video coverage with trading, technical analysis skills alone are not enough; discipline and emotional maturity are also crucial for success. The saying "time in the market vs. timing the market" is a good mindset to have during market fluctuations. Thanks to Shea Ardolf’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Keep it up!
Shea Ardolf program is widely available online..
The beauty of Shea Ardolf ’s approach is her dual focus: while she aggressively pursues profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
Reason i invest in the crypto market; to make my money work for me, to prevent inflation from eroding my savings
Investing in Bitcoin is the wisest asset to be in, not trying to shit on other stocks, it just won’t outperform Bitcoin over pretty much any long time horizon…reality over feelings!!
Bitcoin's role as a store of value and its potential for future growth make it an attractive investment option. BTC trading can be a thrilling way to participate in this digital asset's journey.
The first million is hard to make, so start with the second million- Arnold Schwarzenegger
That's a good idea 😁
You want to make a million? Find a way to make 10 and share it
I love that quote!!
Just getting out of debt (all debt: auto, mortgage, student loans, credit card) is just about impossible for most Americans. Let alone have a genuinely positive net worth.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market..
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment..
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person...
My advisor is Stephanie Kopp Meeks highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.!!!
If you have $1, you have to figure out how to multiply by 1 million to get to $1000000. To get the two million, you only have to multiply by 2.
THIS IS BEAUTIFULLY PUT!! Awesome. So, basically, it just as hard to go from $1 to $2, as it is to go from a 1 Million to 2 million (as far as investment growth is concerned) This is amazing. Thank you for this beautiful thought!
My financial progress:
1996 - 2005: Deep in debt; net worth *negative* $30k
2006 Net Worth: $0; aggressive investment (1/2 my pay) starts.
2014 Net Worth $650k; retired from Army; aggressive investing stops
2018 Net Worth $1 million
2020 Net Worth $2 million (thanks in part to early Tesla investments)
So, yeah.
And how are you doing for 2022?
@@bryanwhitton1784 I paid a lot of taxes, spent a lot of money on stupid stuff and the market is down. So I'm at about $1.6 million. Not great but after losing half my money in 2008 (and getting it all back) then losing a fat chunk in the 2020 flash crash (and getting it all back) I'm on track to $3 million by 2030 (if not more).
@@EricDaMAJ Very good. I was curious as was my wife. We are down for 2022. Me about 20 - 25% depending on the day and phase of the moon. My wife about 5%.
I also did well by TSLA. I invested about $1700 11 years ago and it is worth about $263K now. I have sold and repurchased a few times plus the spits. Always good to hear someone turn it all around.
Glad to hear you're doing well!
Congrats man 🎉
Live within your means. Stay healthy. Invest what you can afford and make sure you keep money to live too. You'll have enough to keep your same standard of living even without a million dollars. STAY OUT OF DEBT is number one.
Crazy talk 🤪 😜 🤪 😜 🤪 😜
Yeah all simple ideas but not real as long as one has expenses higher than income!!!!
@@donaldlyons17 If expenses are higher than income you're doing it wrong.
Well said, if you spend 5000 per year somehow, you don't need a million.
@@guanafd I don't know any single independent person who lives on less than 1K per month......
I started at 21 and have been grinding and sacrificing most of my 20s to be a millionaire by 30. I achieved it at age 28 recently, it can be done
How did you do it
Opened up a small pizza restaurant, profit margins are great, sell by the slice, fast convenient and get tons of customers in for those. Also made a great house purchase 2 years ago which went up 250-300k in value
@@gymlaxbrocongrats! Did you subtract the amount of money you owe on your home since you technically only count on the equity, not what the home is worth. Also how much a year we’re you making/investing?
Congratulations! I’ll see you at the top my guy!
@@tylerprice9498 yup! Assets - liabilities
4:00 is key, Keep bad debt low, use good debt to make cash flow. It how businesses work, by using leverage. Use it to your advantage. Keep a good credit score to make it easier. Save to get started by living within your means. Compound interest will kick in. Use the company match if you have one. Snowball effect is real. I used some of my savings to buy rentals, or I'd be there. But these properties provide cash flow now. Once paid off like my house in 2 years the Snowball grows really fast. Rinse repeat.
It’s kinda wild how people are only scratching the surface and don’t take the time to read 25 money secrets from Donald Trump. Get out of the rabbit hole.
My Dad told me that he was working on his second million, because the first million was too hard.
Another fellow told me that the second million is easier because you have a millionaire friend working for you. That's a good way to look at it.
It's hard to do, but if you have faith and keep plugging away, one day your portfolio will "suddenly" explode in value.
1 Million dollars is so hopeless.
Especially if your salary is less than 1K per month.
Be grateful for those who born as first world civilians.
My friend it’s not too late. Things seem bleak at some point in life but educate yourself in finance, talk with a friend, read books like millionaire next door. There’s many people in your shoes that have been in situations you’re in and they did it. I encourage you watch Dave Ramsey podcasts.
It's all about compounding. In theory if you don't put any more money in, your money should double every 7-8 years. So 100,000 becomes 200,000 in 7-8 years but 1 million becomes 2 million in 7-8 years.
"In theory your money should double every 7-8 years."
Not really, it depends on the return on the investment and your contribution.
@@uberboiz yeah, that was weird. What “should”. Like millionaires are made automatically.
@@uberboizthe particular theoretical statement is not actually dependent on your contribution, because that theoretical stat is based on 0 additional contribution and the long term (50-100 year) historical return of U.S. real estate and equities, which is somewhere in the ballpark of 10% annualized (ignoring inflation).
The point is that by the principle of compounding growth, each additional million takes a proportion less time because each years return produces a greater proportion of a million dollars.
@@Krashoan I get the idea of compounding. But even if we disregard contribution rate, the statement that "money should double every 7-8 years" is obviously an oversimplified and overoptimistic one (be it in theory or in reality), based on a distorted assumption on investment return derived from past performance. The reality is there is no guarantee the historical 10% average annual return in stock market or real estate would continue going forward - professional investors like Bogle and Buffett already made this observation years ago.
@@uberboizyour knowledge is insufficient to determine whether 10 percent is over optimistic or an underestimation, as is mine. We have nothing but historical returns and the context that they occurred in to rely on. The exact percentage is somewhat irrelevant in the scheme of things. People produce more of value than they consume on the whole, and as such the value of various resources, organizations, and regions continues to increase. Should that progress cease, productive investments will be the least of our concerns.
It took me 24 years to make my first million.
Did you reach the second?
@@ChrisInvests I reached my first million on 7/20/20, which was three years ago. Since then I have never got below that million, and as of today, which is about three years later, I am now worth about $1.25M, which is consistent with your projections at 7:12. Based on that, I should make it to my second million about four years from now, then my third four years after that, and my fourth three years after that.
This is one of your best videos yet. Keep them up.
I appreciate it 🙏
Yes after the first million the compound interest takes over big time, your contributions hardly make a difference.
That depends on the contribution amount right?
@@donaldlyons17 Well yeah I mean if you're contributing thousands every month then you'll see more growth but for the average person it won't matter if they continue to contribute or not.
@@livingunashamed4869 Just curious how much do you think the "average" person can contribute each month? I think the median mortgage payment is about $1,500 while the median take home is around $3.400. So after just that they might have $1.900 so I am not sure if even with a million even 1K per month would not be noticeable because with 24K after everything from 1 million an extra 1K per month should be noticeable. The long term impact I am not so sure about.....
Average person maybe $500. But extra 1k a month after the million for another 15+ yrs then yeah you’ll have maybe have another couple hundred thousand on top. But most will use their nest egg sooner than that.
@@livingunashamed4869 Yeah your idea sounds about right with after tax and inflation difference of 150K in 25 years with 6K each year saved..... OMFG these UA-camrs are crazy with only 6K each year saved many will never reach 1 million in stocks compounded!!!!
When I first started investing, I was taken aback by how much money I make just by the market gaining 1%. Then I realized, what if I had $1M or even $10M. Then I notice that the market’s gained about 1,000% since 1990 and it’s easy to see how there’s such a gigantic wealth gap in the US. It also makes me kick myself for not starting decades sooner. But that’s the cool thing about the market-it doesn’t discriminate; literally anyone could take advantage of this.
That is until the radicals push for unrealized capital gain tax and both fuck over businesses, and severely damage compound interest for investors. Sounds crazy, but there’s a social push for this by people that don’t understand the economy and want to tax the rich. Would force business owners to sell a portion of their business every year if they grow too fast, would seriously reduce the investment opportunities of everyone because interest would be taxed before it can compound, and would stagnate the economy. Blows my mind, would be a tax change worthy of moving countries.
I made my first million 4 years ago…now I’m at $3.4million.
Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@@Too-old-Forthischet I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
@@Too-old-Forthischet Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
diversification is how you preserve your wealth, concentration is how you grow your wealth.
“The first million is the hardest, so start with the second million.” - Arnold
Alternative title:
Why it's easy for rich people to stay rich and hard for poor people to stop being poor.
Many of the rich people started from the bottom too though.
3% return on 1 million moves further than 15% on 100k. That’s it. That’s the simple math. It’s a curve. A growth curve. Stay the course! Also, early on the the big gains are completely tied to income.
Not to mention the possibilities of investments with higher cash value. Someone with lots of money is not limited by choice in stocks. The first few investments are more crucial to get right until one has higher cash flow.
A million gives way to opportunities of greater wins or losses.
It's definitely a big part of it
Me watching this knowing I’m about to make a terrible decision purchasing another old car 👁👄👁
Don’t tell Dave Ramsey, he might flip out. :p
Work for 3 decades for the government and you will become a millionaire.
I've heard that saying before but it was concerning the first $100k, not the first million. In any event, everything that was said in the video is still applicable.
The first $100k is easy. You can save your way to that. Stash away $10k per year and you’ll be there in under 10 years. Definitely doable.
The first $1mm is a b*tch. You can’t save your way to a million. If you saved $50k a year, it would still take 20 years. That’s mind bending math.
Yes, I've heard both!
@@ChrisInvests and now you've done a video on both! 😃
That was in Charlie Mongor era. 100k was today’s 800k
Mind you, getting to 100k (in GBP here in the UK) is still no trivial feat.
I don't know about America but, in Australia, the credit card debt has a big influence on what we're allowed to borrow.
If you're talking about the "pay yourself first" principle - I agree.
What do you mean? 🤔
Charlie Munger suggests focussing on your first $100,00, hook or by crook, do whatever you have to do legally, and the rest comes easier.
Rule of 72 seems to indicate it should take about 7 years to reach 2nd million but i guess if someone reaches 1st million by investment, they most likely are going to be consistent, so this should actually go much lower since you are still investing additional money with original principal.
If you are investing in addition to the compounding you will hit much faster growth. It is supposed to double every 7years with doing nothing. Adding to that could reduce it to 5yrs for example depending on how much extra you are putting in
@@Teamshmoi hit the second million 4 months after the first (7 years of saving)
So compounding interest comes from investing in stock dividends, index funds, S&P500, mutual funds, or what am I missing here? I'm learning how to invest my money, but I have not yet invested any of it yet until I know more about it. Looking to become a multi-millionaire one day to fulfill my dreams.
I started by simply adding to an S&P 500 index fund. I simply add money to it and leave it alone. No timing the market, just continually and consistently add to it like a savings account.
(Timing the market is when you buy stocks, and then later sell them for a higher price. For example, if you buy ten stocks that are worth $30, and the price increases to $50, you can sell them for that price for $500, and if you bought a hundred of those stocks for $3k, you could sell them for $5k, and so on. However, timing the market can be risky, and you probably shouldn’t attempt it until you have some spare money, that way it’s not much of a loss if there’s no profit).
Invest into an etf such as VOO ; basically the s&p 500. Invest as much as you can and leave it alone. Dollar cost average. Also ; max out your Roth IRA every year.
Check out the book “The Psychology of Money” by Morgan Housel
100k to 200k is the same percent gain as 1 mil to 2 mil
It's all about the grind. Keeping focused. Research your investments and save what you can. The non-future millionaires will always have a reason for not putting money away. As a math teacher, compound interest is not pretty but it is powerful.
The majority of the population are not ever going to be cash millionaires. Many only made a few million lifetime earnings and it takes 100K plus every few year to live. Putting money away is not the only reason non-millionaires are millionaires...... Money is needed to maintain and gain access so again there are reasons why and plus with the median net work far shy of 1 million there must be reasons why.
We are going from investing $20k/yr to $100k/yr this year. Should be at $1 million in 4-5 years. The next million in another 4-5 years.
If I can make extra money building a house every 2 years we may be adding an extra $500k biennially. Would be awesome if it works out that way.
Million? First of all, it takes almost a life time for vast majority to reach million if they even can. 100k is probably the right amount for the title
I think that's the point of this video. Most don't have a great relationship with money and saving and investing. This isn't for those with that mind frame. Once you break out of thinking about money like most the journey to $1 million begins.
I'm 33 and have a net worth of only $150k. None of my investments are getting anywhere.
It’s not easy right now as the FED and federal govt have created a macro environment that forces people to gamble to get ahead.
what stocks have you invested in?
I saved 100k. What should I do?
Great video
Next video, "why the first billion is hard (and the next easy)"
😂
Yes I am enjoying my Audi A5 at 1.88% low interest before interest rate hike to now 3.78% in Singapore.
Uh.. not true, depends on the market, you could reach $1million, then the market crashes 50% and does not recover for 10 years
That's why it's an average
1m liquid assets or net worth, both are 2 different thing. It is hard just leave the money in Retirement account when market just up and down. Real Estate Rental which could be steadier, could be path to Financial Freedom, if you know what's that number is for you.
The first 100k is the hardest.
Ever since this video was uploaded, Bitcoin has outperformed all the other “non speculative” assets that were mentioned
Is it somehow easier to get rich in America? In Germany it is basically impossible because of the extreme taxes here :(
Dutch here and I agree. Salaries of 100k/150k are quite common in US if I need to believe the internet while here the average household income is about 40k. And all income above 73k is taxed at 49.5%.
Cost of living varies by region, but compound interest is a universal truth, assuming you have the means of investing in a secure, diverse index fund. Taxes may be generally higher in Germany than the US, but I have a feeling higher education costs and health care costs are much higher in the US than Germany.
It's not easy to get rich in the US, but channels like this wouldn't be popular if they said that. If you can maintain discipline and luck for decades, you can become rich.
Minor quibble is that one million dollars is worth less than 1 million euros. 1.07 ratio is close, but not quite equal.
US household incomes, individuals make less than this on average..
36.1%100k
@@MrEscape314 Could you explain how luck factors into the equation?
The U.S. has 330 million people but millionaires are not even 1% of that. The real trick is to use the tax code to your advantage to pay nothing in taxes. Such as, you can technically earn no income and be rich by showing the IRS you had no income. One way to do that is to own a business and not take a salary. Instead you own stock and you take out loans with the value of your stock as collateral.
Open an account with M1 Finance using this link and deposit $5,000 and get a $100 bonus: m1.finance/1JiMItjP-G12
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Which software you use to make videos
I use VideoScribe
@@ChrisInvests Thank you for answering my question ?
@@ChrisInvests Do you use paid version ?
@@dasarathpatra5709 yes
I really like your storytelling ability
Wealth is not spending
Isn't this kind of the same as your "first 100k" video?
Yup, similar. It was very popular!
Cue the fake spam bots trying to get you to sign up for their "advisor" lol!. Beware folks. Set a budget & stick to it. When you have some capital use it to borrow & buy assets that appreciate . Keep it simple
That’s why I’m starting by the second million
😂
poor?
Chris Invests: just make more money bro
Chris Invests: if you had a million dollars if would 4 million in just 13 years
first 10M is harder
Debt free is the only way to be.
30 year old multimillionaire here (big tech job after elite university). First million was hardest, subsequent millions were much easier.
Glad to hear it
I don't believe you
7:16
Rat race Is not an option
You mean "good option". 👍
@@Nolaman70 yes
@@Nolaman70
🤣🤣
Millionaires don’t need to borrow money.
Of course they do
Sure they do. Especially if they're business owners.
If borrowed money has lower interest rates than average market return.
BS