How To Become A Millionaire On A Low Income
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- Опубліковано 8 чер 2024
- How To Become A Millionaire On A Low Income
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SOURCES:
finance.yahoo.com/news/warren...
en.wikipedia.org/wiki/Grace_G...
en.wikipedia.org/wiki/Ronald_...)
en.wikipedia.org/wiki/Anne_Sc...
smartasset.com/investing/infl...
www.financialsamurai.com/the-...
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
But, I don’t want to die a millionaire, I want to live a millionaire.
Millionaires don't become millionaires by living like....millionaires.
@@AndreiJikh dang bars
You will never be a millionaire with that mindset, so you might as well give up. Or change your way of thinking
when you live conspicuosly like a millionaire,
you'll have all sorts of 'friends' and relatives (you never knew you had)
and strangers, thinking that you should fund all their fun and lifestyles too
(and then abandon you when it comes time to 'pay the piper' and your money and credit run out, then they'll be on to the next sucker!)
😂
"All you have to do" = 65 Years 😂😂
it take about 50 years to get to 2mill and by the time 50 years passes inflation will have set in so heavy that 2mill will equate to around 300k. Might as well just spend your money on the things you like.
The sooner you start the better. Compound interest is your best financial friend.
ikr
That time is going to pass anyway
@@chozen_juanStocks stay ahead of inflation
Are we going to glance over the fact that they never spent any money that they invested so basically it was scrimping and being frugal your whole entire entire life to give the money to people you don’t know
This is at the center of Asian mentality -- long term planning. My parents came to the US in the late 80s as dirt poor graduate school students, graduated in early 90s. Saved half of their paychecks (which admittedly is upper middle class being PhDs) and invested in the 401k and diversified portfolio, took early retirement mid 2010s. Less than 25 years worked, total net worth almost $4 mil. Power of compounding is very powerful, but the savings habit is just as important. The low savings rate in America is the main reason why most Americans can't afford to maintain the same life style during retirement.
I’d say it’s also lack of education and awareness on money. The average American isn’t set up to even have opportunities to invest. Especially those who are in low income and then struggling to find any work or support their parents at 14-18. Then you add in scams and MLM companies and it’s tough.
The video should be titled: How to become a elderly millionaire. From my understanding, compound interest is most beneficial when you invest in your early 20's.
answer: live rent free, steal food, and don't buy anything for the rest of your life 👍
Aladdin?
@@AndreiJikh essentially, yes ... and I'm sure our Jasmine will come along any day now
This is still feasible in modern day house hack & shop lift😂
Looking homeless at my favorite coffeeshop is not really my thing
I got the rent free part. I live in my trailer with a solar system and free water from the city😊
Congrats on hitting $1mil!! I just hit $100k in my my 401k a couple months ago.
Well done! You're starting to get some real momentum
i hit 100k a year ago. turning 42 this year
Congrats!
Congrats!! I hope you celebrated and got some pizza!
Ah yes the famous company pizza party because they can afford a raise@AndreiJikh
I feel sad for the old folks who were so frugal and died with millions left behind. I would never want to be the one like that. Life is short work hard play harder.
They lived the life they wanted ... Only person who is sad is you .
@@Willis-de5hx You don't know that.
1000% agree
@@Atrus999 actually I knew a few old people that lived that life .. major Penny pinchers ... But they had all the money they could ever want and need and they still had that mindset to save money to live that cheap life but they never struggled... And when they passed away they literally left all the money to their Church they had no family family members left to leave the money to. Definitely dad but it happens...
@@Willis-de5hx I never said it never happened, what I said was you don't know that they lived the life they wanted.
No ads, no selling something, just the straight-up truth. Thanks for that Andrei! It's all about time management. Unfortunately, "youth is wasted on the young" and often we are not able to appreciate this at the age in life when investing should start.
Bitcoin is hope
Stay single, no family, kids or friends, eat rice and beans, wear the same t-shirt for 40 years, live like a hermit, and in 75 years give all you own. My Dream Life, how fulfilling it is to be a multi millionaire when you die 🙄
Savers enjoy saving money. Financial Freedom is worth more than spending a million dollars.
@@curtfromcanada6988not when ur dead😂
Answer is to spend less than what you make while you enjoy your life. Could be saving up for a rental property and increasing your income through that. Or having a side just a high paying job.
It's not hard to be in the middle. Just don't be the extreme of saving everything and the extreme of being heavily In debt on debt
@@lolu5334 Thats so dumb, materialism wont mean anything when youre dead either
OK then stay poor
Best UA-camr only UA-camr doesn’t sell anything and doesn’t push anything honest. Anyone could do it safely and regardless of how old you are.
Given enough time, anyone can do this. But, some of us are way past the point where we have enough time left.
This is my issue. I've only been investing on my own for a couple years but I don't have 30-50 years. Unless by some miracle...
Exactly. What is the advice for his parents?
Then you either accept the reality that you will never become a millionaire. Or you take a lot more risks.
Do you have kids? Make sure they don't make the same mistake and start early
@@FIR2031 and don't forget that you can have them as beneficiary.
Congratulations on your $1 million! I'll catch up to you one day. 😂
To all us entitled individuals. Andrei, this was a very (and very important) necessary video. Thank you for making us aware. Now no one cannot say they were never told when they're old and destitute.
Well said!
Your magic tricks are definitely attention-getting. Love the video from start to end. Great information.
Congratulations!!! Have been following for a few years now. So excited for you!!
A divi millionaire!!!!🎉🎉🎉
Congrats Andrei. Watched your journey from the beginning and I appreciate what you do for the personal finance community! Genuinely entertaining and educational, every time.
Inspirational.
Thanks so much!!
Love your light hearted care free disposition. Thanks for sharing.
I'll have enough money to enjoy life, right at the end of my life when I'm too old to enjoy life.. Wonderful.
Thank you for this Andrei. I LOVE how you think of, care about and work to help the ‘common man.’ God Bless You!✨
My pleasure!!
I think people are missing the point here. You don’t have to live as frugal as the people he mentioned. He’s showing every day people that became multi millionaires. He said if you invest $600/month you’ll get there if you start early enough. Never did he mention not enjoying your life. Just living below your means.
EXACTLY.
Yep! Not surprised. If this message resonated with people, most Americans would be on track to a good retirement. Unfortunately that's not the case
@@AndreiJikh You mean if they lived on 90% , 75% or 50% their incomes like you most likely did at points "most Americans would be on track to a good retirement" Dude you can't be non aware of this issue because as YOU HAVE MADE MORE YOU COULD ALSO REACH HIGHER NUMBERS FASTER!!!!
whats the point of getting rich when you cant even spend it...
Who said you can't? The examples choose not to but they could have
Financial Freedom. The Freedom to do what you want when you want to do it. Help who you want when you want if you want. Fancy trinkets and gadgets and impressing people are not important to frugal people.
@devsimplified, your comment is what rich people call “poor mentality”. Rich people use their assets to generate what’s called passive income, while they appreciate in value, they also produce consistent income. They use their consistent income to fund their lives, while their assets appreciate in value over time. That’s how you get rich and get to spend money. Might want to educate yourself
When people say they want a million dollars, what they really mean is "I want to spend a million dollars"
You can spend. Just wait until you have at least a acpuple of million
I'm 53, I remember having a consultation with a fiduciary last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are!
Absolutely agree! A good fiduciary can make a world of difference. What specific insights did you gain?
I know that learning the ins and outs of the market isn't for everyone, that's why personally, Jonas Herman oversees my investments.
How can I reach him, please? I'm buoyed by the good recommendations I’ve come across elsewhere. I need help
Hermanw Jonas (a Gma!L
Is he taking commissions for his services? Yes, I’m I still making money in the process. Most definitely!
Thanks for the advice. It’s reassuring to hear positive experiences.
I feel more confident about moving forward with Herman now. I just shot him a mail. Thanks for sharing your experiences!
This video gives a lot of hope, Andrei!!
Thank you for showing the truth 🔥🙌🏻
This video was one of my favorite from Andrei. So good.
"Your money is theirs = the IRS"... theIRS.. mind blown
Best youtuber! Well detailed and concise
this was a great episode Andrei! love the perspectives and the numbers
Another great episode!! Inspiring to those of us who save like crazy. Thank you!!
I love these inspirational stories of regular people achieving such amazing things! 😊
Hey Andrei thank you for the video
My pleasure!
Buy bitcoin for 15 years every month, the hardest asset ever
Every month for 15 years?
Long live BTC.
One the best financial video out there! Thank you ❤
Andrei - you’re awesome! Congrats!
The answer is to save, invest, and have wealthy parents who give you a small loan of a million dollhairs 😊
When I was younger I used to dismiss these videos as stupid. Who wants to wait 65 years to become rich?
But the missing piece of the puzzle Andrei didn't mention is all the benefits you get along the way. Owning valuable things reduces your stress and anxiety, improves your credit rating, allows you to borrow against your assets, means you have something to leave your children, gives you the freedom to consider retiring early, changes your time preference from short term to long term and makes you more attractive.
Don't underestimate the power of compounding. It's not about the destination.
That was one of the best videos of yours, Andre!
You are the best! Thank guy for not trying to sell us anything. It makes you more legitimate and honest!
Absolutely no point being the richest person in a cemetary!!!
i stopped by for the MAGIC 🤩🤩 Andrei you always Bless your viewers with Gems💎💎and your magic tricks are BOSS! may GOD Bless YOU 🙏🏽
Congrats on your million portfolio I’ve been following you when your portfolio was at 180k congrats man 👏
Great vid thanks for the advice !
Thanks heaps for the learning.
Sure! They saved money by living below their means, probably counting every penny. In the end was it really worth it considering they lived like rats just to leave the furite for someone else? By definition, legacy is not to be enjoyed by the person who accumulated the wealth.
He's giving extreme examples. Save what's tolerable for you.
Congrats!!! ✊️😎
Great money gags!
Love these examples!!!
Make your Money Work For you
I love you Andrei
I know compound interest takes time many years as we see but it’s like a long term safety net one can build. Just maintain it and keep investing go automatic to auto transfer from a bank account and forget it.
Great video
How To Become A Millionaire, make videos about how to make money, selling people the dream.
0:27 I NEED to learn that!
Congrats on reaching $1M 🎊🎉💯😎✌️
Can you consider making a "Road to $1M Timeline" video? 👀 Things you did, why you chose those investment(s), wins/losses, and what you learned along the way? 📈
Time, experiences and memories are priceless and way more precious than 1, 8 or 12 M after 70 years. You can build your wealth but still enjoy life...
One of your best 👍
Great content, as expected. Please, kee it up. Cheers
Congrats on hitting the 1m mark on your Robinhood account! Iv been following for a while and I can imagine how much this means to you!
Thanks so much!!
Congrats 🎉
Congrats Andrei! Watching since 2019
Same here! I wonder why don't be go all into the best performing asset - Bitcoin
Great explanation. I started at 68 and who knows maybe I'll come close.
Another fantastic video
Great Video, very well written
Whats the point of investing all this and only to reap to benefits when ur on ur death bed tho... seems like a selfless act for your grandkids and not yourself .
The number one thing we can do right now is invest in our careers and businesses more than we invest in anything else. Someone making above average money can invest more than someone making an average income. We can enjoy life now AND still invest right ?
Frugal people never intend to spend their money before they die, Savers enjoy saving their money, Financial freedom is worth more than buying random useless things.
love your videos
DCAing baby!
The magic is getting elite. Soon you'll need to create an entire channel full of magic 😊
Thank u for the tips 🎉❤
There is no point in living like a begger only for the sake of dying as a millionaire.Undeniably, saving makes more sense than taking on debt :)
You also have to have a stable career for all the time, which is less likely today with all the random layoffs due to economy downturns.
Congratulations!!! You are an inspiration.
Thank you so much!
One off best vidoes yet 👌
Awesome content!! Keep it coming
Live life and save money!
It's kind of like walking and chewing gum at the same time. 🙂
Gotta admit, some great value in this video 👏🏾
Nice video. I'll be showing to my kids.
High yield saving account /or a time deposit
Another entertaining video. Great examples of letting the market do its thing.
Glad you making this. It’s been a while since your investing vids. So awesome seeing it grow and your insight. Now that you made it, glad you’re making a new how to.
Appreciate it!
What to invest into?
hi andre I like your videos my first comment
Hey, thanks!
buy Bitcoin 👍
Be frugal, live a meager life, and work until all your good years are behind you.....and you can die a millionaire and leave it for your children and grandchildren to enjoy. Got it! 😂
Have fun working until you die because you didn't save any money for retirement. Or are we just ignoring that part?
If youre watching these videos your good years are already behind you. Grow up.
Honestly how are they preaching this and acting like it's a good idea, it's not
@@jux3283 your comment contradicts itself. 😂
65 years ??? lol people live average 70 - 80 years what's the point ok if you wanna leave some money for your kids that's a good idea
Everyone can be a millionaire if they can live 500 yrs😂
The walk to school in the snow and the IRS joke 😂
great video. thanks for j trick
ALL YOU HAVE TO DO is say all you have to to do! Then anyone who disagrees is holding themselves back and doesn’t understand compound interest!😂😂😂
Yeah such CR*P He knows better because he knows his numbers which he is slow to tell all us!!! But consider this having mindset people watch the video might bring in more dollars than having people who ask hard questions and don't watch.
Nice content, Andrei, as always! You should definitely check out the meaning of your right-hand gesture at @14:35 among the Turks :)
Nice watch Andrei :)
Great content and very entertaining.
You only have to work 100 years and you too can be a millionaire on a low income 🤣
Congrats Andrei
I just feel sad that these people saved all this money but died never seeing it or enjoying it. I think this is why the "spend it while I got it" group is so big. I assume the best balanced answer is between the two.
Great editing as always. Love the videos.
Thanks again!
Thanks for the info!
whats the taxes on that after you sell????
Congratulations on the new high!
Good stuff
or just buy bitcoin
Where’s the part where you actually get to enjoy your money?
The book unshakable by Tony Robbins has a good story like this about a guy who worked a regular job at Fed ex and just put a much money into etfs as possible over the years still got married still had kids and ended retiring a millionaire
As usual we need to understand, Andrei made his fortune because he found his passion and started a youtube channel. If you want the same million he just achieved, find your obsession and make a youtube channel talking about it.