How To Realistically Go From $0 to $1 Million
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- Опубліковано 20 чер 2024
- How To Realistically Go From $0 to $1 Million - Explained!
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Timestamps:
0:00 - Intro
1:14 - The Math
3:32 - Mindset
5:01 - Aggressive Saving
7:00 - Additional Income
8:34 - Time Disconnection
10:41 - Appreciating Assets
12:30 - Net Worth Tracking
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Hi Humphrey,
I am a huge fan! It seems like the markets are getting choppy and whipsawed.
I recently found an investing strategy that works for me and that’s passively allocating to Minimum Volatility and Low volatility ETFs each month. I think it would be a great learning opportunity for your audience to see the benefits of investing in Low Vol ETFs and Stocks passively each month.
Thanks.
Piroz
@humphrey Where did you get your green hoodie? Also love the content lol.
Ive been keeping a networth spreadsheet for 10 years now that i update every month. Started at $110k and now it's at $1.5m. My old boss used to say, "winners keep score"
I just reached 30 2 weeks ago. On my birthday, my girlfriend asked me if I have any goals. I said I want to be a millionaire before I reach 40. I wasted a lot of time in my 20s since I didn't take school seriously and had low wages. Currently at 100k net worth, 70k salary. I am gonna work my ass off for the next 10 years
just change gf, bro.
Also save it and live on nothing... i did this at 28 i was doing lawncare and taxi driving. I hustled hard for 3 years then coasted a bit.
Why? He wants to be a millionaire. She didn't mention it. Why you blaming her?
@@judegrindvoll8467 don't be so dense. women will indirectly want a man who is financially capable so they dont look too materialistic, or else she wouldnt be asking..... you need to go out and see women more
@@mbank3832 I am a woman you absolute muppet, and I couldn’t give a fuck about money. I expect a man to be able to pay his half of the rent and bills, that’s not materialistic, it’s responsible. A man (or woman) obsessed with money and lifestyle is quite frankly beyond repugnant.
I think the point about disconnecting time and money is a bit over optimistic. Most people who start a successful business will do this later in life after they have gained the necessary experience trough a salaried job. Jumping out of the rat race at age 21 to start a drop shipping or E-commerce company will leave 95% of people who try this worse off.
how to have 1million dollars - save more than average gross salary
Probably why the average person isn’t a millionaire after 10 years of working.
TLDR: income matters more than investment returns. No easy outs.
Think about how easy that should be to do if you're a disk income household with the expenses of a single income household
Have a full time job and live with your parents rent free for 10 years
@@jo4285 yes and buy no clothes and not any car or motorcycle
Before watching the video: $0
After watching the video: $1Million - Thanks Humphrey!
haha thanks brian, that might have been the fastest 1M ever made
Saving is important but living along the way is also very important. Life is what's passing by while you're planning it!!
Agreed. I think balance is best.
Yeah, that's stupid. Sounds nice, though.
That’s cute advice until you can’t qualify for a mortgage and your expenses begin to outpace your income and you accumulate debt.
I work with a guy who believes in taking care of yourself and enjoying life while you can still walk. With that being said….he’s 58 years old and lives in an apartment with his mom. He’s borrowed so much from his 401K that he has a whomping $8k for retirement. We work in a physical environment. Aches and pains is creeping up quickly. He’s dependent on SSI for retirement. I’m worried for him. He still doesn’t see the writing on the wall!
This is great. Nearly perfect for every young person to watch. A little more focus on the reasons you might want to get to $100k. I want to worry less, I want to be able to help family, I want to travel more, I want to donate more to Doctors Without Borders, I want a $20k yurt at Coachella. Young people rarely know what they want. In my 20s someone helped me with a few goals. It unleashed the power to making the first 100k. I was lucky for that.
Keep up the awesome teachings!
I guess investing is not for everyone. I've only lost money investing in stocks
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it. Investing is a long-term game. It's just hard to focus on the long term playbook when I'm already in a massive loss
@@CurateHub The best bet of all is taking your wealth building advice from a real-life expert. From inflation to cryptocurrency, they have valuable perspectives on how current events can affect your finances, as well as how to mitigate those risks.
@Renee Riggs Teague Fortunately, I know someone who can help, a pro with a real world experience at cambridge investment research, INC. " Kathleen Carole Yanelli ". Found her on a CNBC financial interview.
@Renee Riggs Teague You will have to look her up (I'm sure she has a webpage)
Suprised being single isn't on this list lol. My family costs me so much money, schooling alone for 2 kids is $90K a year. I often chuckle about how much richer I would be single 😊
Four words: Dual Income, No Kids
@@Boblol126 that works but if you split have to give up half your stuff anyway? I earn substantially more than my wife too 😂
@@zepho100 I mean ideally you and your spouse would’t split and would combine finances, operating as one unit
@@Boblol126 sure, though there's risk there. I'm not disagreeing I think that's the best way but realistically probably better off without any exposure. That being said, I am happy with my situation as it gives me enough pressure to work hard and we have a wonderful family which gives purpose.
Paying 90k for school is where you're messing up 😂
10 years seems like a long time for a lot of people and discipline and following through will get you there instead of hoping you'll get there.. Love this video.
thanks Courtney, btw I see you EVERYWHERE in comment sections, saw you in Shelby Church's.
@@humphrey I didn't know you followed Shelby. I know Graham does. I love his channel.
I used to think 10 years was far far away when I was younger. I am only 26, but realizing how close freshman year of college feels (almost 8 years)and that I've been with my Fiance for 6 years already, really sets in my mind how fast time actually moves.
What’s the secret Humphrey?
@@aang6421 Because you perceive time logarithmically (with respect to time that has already passed)
Along with Real Estate Agents, if someone does not want to be a realtor but enjoys the real estate world and people they should look into becoming a loan originator. Similar in the sense that you work on commission and you can go a number of ways with your career ranging from opening your own branch/broker and building a team to working with your own clients by yourself for a brokerage or mortgage company. You can even transfer into becoming a retirement specialist. All you need is to pass a national test along with some pre-req training (only 20 hours) and find a sponsoring company and you are good to go!
Was so pleasantly surprised to see you talk about the power of positive attitude. Of course it's true that we perform better when we think better of ourselves. Thank you again for another killer video. Also gotta shoutout the Sofi savings account, I was super hype to wake up to that notification for 4.2% the other day
OMG, congrats on 1M Humphrey! Great vid as usual by the way!
ty Kimmy :) and thanks!
Working as a service advisor in a car dealership is a great way to bypass high salary jobs that have requirements like bachelors. In particular, domestic dealers like Dodge and Chevrolet. The job sucks, but get good at it, and you can make nearly 30k a month doing it. I personally have been doing it for only 2 and a half years and am clearing over 10k at this point at a Dodge dealership. One coworker made 15k last month, and the other made 27k. It's completely performance based, but that's what being an entrepreneur is about anyways. I dropped out of college twice, and I don't think I'll ever go back because of this. The job is not very enjoyable, but depending on your financial goals, it may be work the sacrifice
Great video! I know several millionaires who never really earned much at their day jobs. All of them maintaned their credit ratings meticulously, lived frugally, and invested in rentals.
Logo design and writing jobs are probably gonna get taken over by AI 😢. But on the flipside, the AI wave comes with tremendous opportunity for early adopters. What are your thoughts on using robo advisors to automate monthly or biweekly investing?
Yooooo congrats on 1M!! 🔥
ty!!
That dependent part is so true. Just daycare alone costs me 18k per year right now.
We just said screw it and lived on my income when my 2 kids weren't in school. Realistically my wife could have made like 21k net. Daycare would have been similar around 18k there's no point in working just to pay for daycare. It was a rough few years but we made it through.
I think FIRE had the right idea. I'm saving aggressively. I work for walmart, and make dogshite. Well, 15.3 is a garbage wage but 20 is better. At 30% my GAS, I'm saving about 9,547.2/y with my GAS being 31,824. I hope to upgrade soon, because if I can get 20/hr, I will earn 41,600, hopefully making it so I can go up to 50% my GAS. After my typical yearly CoL, I'll have 202 per paycheck, but when you factor in taxes, then maybe it should be GAS × 0.4 instead of 0.5.
Educate if you have time/resources! Could be a few skills to up on the side which may help with promotion or switching jobs for a higher salary!
You could do pretext dollars as well For example, I drive Uber. I can claim 62 cents per mile tax deduction. My car cost about 20 cents per mile to run. So I'm getting 40 cents per mile in free money.
The millionaire par isn't as high today as it sounds due to inflation particularly in housing. In my area your lucky to find a house under 600k with a 80k house hold median.
Consistency and getting started are so key when it comes to investing! It’s a no brainer!
yes manny, yes!!
There are so many options for automating your investing these days to help with that consistency. Been truly a game changer for me lately
Thanks for the content!
Congrats on 1 million Humphrey!!🎊
ty!!
Great video! 💕
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio of $450k dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@KevinClarke9 I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
My advisor is Dawn Maureen Humphrey ’’ , a renowned figure in her line of work. 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
@@KevinClarke9 Insightful... I was curious after reading what you shared, so I Googled her name. I came across her webpage.
So Ive seen these videos. And my question is exactly how is this money saved? What type of investing would you do with this? Can someone point me in the right direction?
I was told I would be considered a millionaire by my FA if I go by certain criteria of asset -debt= net. But with inflation and everything so costly. I feel so darn poor😭.
Love it!!
My girlfriend and I are saving money to buy a house in 3 years. Do you plan to make any videos on how to make short term investments, especially toward a down payment for a house? Thank you Humphrey, I love your videos.
Congratulations on hitting 1M subs.Well deserve and thank you for all your informative videos.
I just wanna know how you open the door with the plant right there?
Great video, very motivating.
thank you cory.
$64,800 per year? You lost me. If I had that kind of money I wouldn't need this video.
keep watching the vid
You would be surprised how many high earning people waste their income and save nothing. People at all income levels need financial advice right?
You are the best.
Awesome video
1 out of 11 Americans is a millionaire. We are doing pretty damn good.
yeah Eugene!
@@humphrey But what are the net worth amounts for the other 10? As much as that metric looks good, it won't be good if 8 out of those 11 are in poverty for example.
@@SuSpicious9748
1. The poverty rate here is only 10% so that 8/11 figure is BS otherwise we'd all be in shambles.
2. Poverty here is a lifestyle choice, not because the government is being unfair or whatever force or entity people seem to be blaming.
It's the result of the individual's poor habits & lifestyle choices. Spending extravagantly, not auditing one's own finances,
really simple shit that most normal people pay attention to.
3. If U.S. is doing so bad, why are so many foreigners trying to move here? How are so many immigrants who don't speak any English, with no money or assets, come here & thrive? If the government was truly unfair here relative to other countries, why are more people trying to come here as opposed to leaving.
@@matw1x correct, many living here lack perspective and have never seen how the less fortunate in other countries live.
@@matw1x You DO have people leaving. But it's usually older people who want to retire in a cheaper country, using American dollars they earned at American jobs. My wife and I have discussed her country as an option for retirement. But we would starve if we had to work there at our ages.
Do you have a link for the Google sheets net worth sheet
Love the videos!!
My 9-5 only gets me about 50k per year but the benefits are great -- and it's fully remote. Ever since I made a vow to myself to earn an additional $600 per week, I've achieved it. That places me around $80k per year.
I'm curious, would you stick with the 9-5 for now simply for the flexibility + good benefits, or seek out a higher paying main job?
since you're fully remote id probably stick with it and then try to earn some income on the side for sure.
@@humphrey Thanks!
Can I ask what you are doing to earn $600 a week? That's amazing
@@emilyboyer9211 I have 3 VERY mindless side gigs that pay pretty good! I deliver pizza in a nice neighborhood, work security at the pro baseball team in my state and DoorDash!
What did you do to make an extra 600 per week?
Is it not more wiser to set up businesses instead? I mean someone earning 5k a month can do a lot with that money in 10 years which could result in many millions. Any advice on this because im debating what to do with my money currently. So far no savings but 10k a month self employed.
and please dont say 5k on business and 5k save, its not the point im just wondering why people choose to save over doing business. Am i missing something here?
Hi Humphrey! I was looking at your list of assets and I noticed there was no life insurance listed. Some argue that life insurance should be included as an asset when calculating net worth. How do you feel about this, and what argument would you make against including life insurance in net worth calculation?
Congrats on hitting 1M subs!
Plan for the future, live for today.
3:53 for me it's more like "I don't have that much income period"
So does someone out all 64k in one ETF? Or Index fund? Please make a video to break down where to put the money?
Do you spread the 5400 a month in multiple accounts but not in retirement accounts?
I would do vtsax and VOO or VTI
Thank you so much for this educational video, keep sharing your valuable tips!
Based on the figures for the auto loan, I reckon you drive either a Civic. :) I am just guessing and you have great content.
Make a video on how the hell you buy a house!
I make just under 70k a year as a Correctional Officer in Canada, in 5 years that’ll be 89k and our contract is being re-negotiated right now with the government and we’re expecting to get a new contract that puts us just under 98k. I’ve been following your tips, I wrote down all of my fixed and variable expenses, cut my variable expenses as much as I could without sacrificing quality of life, while adopting new, less expensive habits to replace the more expensive ones. I’ve managed to put away just under 5k in 6 months. I have a child on the way so the pressure to put away a good chunk of savings into a high interest account is higher than ever. I’ve calculated that by next May I’ll have a savings account earning 500$ a month passively off of interest, and I’ll still be making my bi-weekly contributions which will make my savings account explode. I live in one of the most expensive regions of Canada and on a modest salary I’m still expecting to be a homeowner in 5 years. Your tips and your videos have been indescribably valuable to me. My family and my incoming son thank you, your work is changing lives and is going to help us achieve a much higher quality of life than we would have without your advice.
Kyle, that is amazing my friend. Consistency is the most important part and it looks like you have that quality. I am glad these videos have inspired you - you made my day!
Thanks for another banger Humphrey!
you are welcome doge overlord.
So as a couple you can essentially max out 401k (22,500 each before tax) and Roth IRA (6,500 each after tax) which equates to about $65k gross and meets the target.
If you are single this would be more difficult due to tax brackets taking more of your income and having to put half the needed monthly amount into an after tax brokerage account.
i like the video but think it's a bit too rosy on growth stocks and real estate. the 8% from index funds is already relatively high-risk, high-return but has the magical property of decreasing in risk the longer you hold them. historically, they almost never lose money over a period of 10 years, while growth stocks of course can easily go to 0 over that period. real-estate will also almost certainly appreciate over 10 years, but can screw you in plenty of other ways, especially if you're renting it out, and the leveraged appreciation aspect is overrated. because if you hold onto real-estate for a long period, you'll have paid most of the cost of it (via mortgage payments) so the appreciation is a smaller percentage of what you put in. so if you're treating property as a leveraged investment like that you have to hope for a short-term upswing to make an exit. maybe that will happen, maybe it won't. to say nothing of everything else you have to do to manage real-estate.
second
Also, Humphrey I love your videos
Hi Oliver. Thanks man!
5:08 you forgot marry someone who also saves and will cooperate while delaying having children. 💵💵😄
did not receive net worth tracker. it did not contain a copy.
I save about 30% of my gross income. I spend 10% of my gross income on my child's "enrichment" experiences and education. Sometimes, I wonder if I should save that 10% as well so that I can retire sooner and have more money to pass down to my child. Other times, I feel this 10% is my investment in my child's cultural wealth and intellectual growth. I just hope my consistent educational investment grows with a compound interest like my financial one does...
can you help run the numbers with real estate. Like the interest from the loan? I am torn if I will be investing in real estate especially if it will be through bank loans due to interest.
in ten years, you’ll need $2.5 million to have the same buying power as today’s $1 million. the average Joe earner is completely effed
$1,000,000 in 2013 is worth $1,295,672.59 today according to the CPI calculator. so yeah its a bit more than $1m but true true.
@@humphrey the next ten years will not be the same as the last ten years. the cracks are getting bigger.
@@blowinshtup6553 So what’s your solution ? Exclaiming the world is doomed ?
This calculation seems to account for inflation.
I'd still rather have an inflation-diluted $1 million in 10 years than nothing at all
One thing that will get you to a million quicker than you think is dividends, especially if you are investing in individual dividend paying stocks that are increasing their dividends 6% or more per year and especially if you are re-investing those dividends back into the stock to increase your dividend each time it’s paid. It may not allow for a million in 10 years for someone with a regular 9 to 5 (it’s very few who can realistically keep a 5,000 a month savings rate) but after 10 to 15 years of contributing 4000 a year into a dividend stock can generate 5 to 10 thousand a year in annual dividends. Do that between 3 or 4 different stocks and that’s an extra 3,000 a month being generated in passive income or 40,000 a year being added to your regular savings rate. As opposed to just buying a S&P 500 index fund which yes will likely grow at 9% per year or more but isn’t generating hardly any dividend income, you can almost certainly hit a million between 15 to 20 years when you factor in dividends paid and re-invested for even someone able to save 1,500 to 2,000 a month…it just takes a little more time to get it rolling and compounding.
Im 2.5 years in and already at 250k so seems easily doable within 10
My friend who worked at Walmart managed to save $300 a month for many. Many years. With compounding interest reinvesting dividends. She has about a million dollars in her 401
I’ve just realized you’re now a millionaire (I’m talking subscribers) CONGRATS Humphrey!!!
yess ty!
Thank you for focusing on having a positive attitude and for not having flames and red eyes focusing on inflation and yellen. 😝🥵
Being millionaire is nothing, but becoming a millionaire by age 30 is hard
Shout out Kobe 3:35
What would be your best growth stock picks in the current market?
Which is better if you have $10k. High yield savings or dividend stocks?
Ibit etf … your welcome
Can you do a 0 to 100,000 in 10 years? It makes it more realistic for all of your viewers.
Thank you!
Just divide what he did by 10 lol
@@brianbrown8339: Exactly. Exponential growth is multiplicatively self-similar.
So, basically, the key is to max out an IRA for ten years straight. Make it Roth if you do not want to worry about accounting for the taxes.
Friend with Steve Harvey 😎 nicee
haha
I don't think anyone will argue that saving $20k a year while driving a Ferrarri and vacationing in Aruba is better than saving $20k a year surviving off of Ramen. Assuming that $700k isn't putting you into a debt bomb situation.
In 10 years that 1 million will be worth 0. So my broke ass is already a millionaire!
boom!
It's all about your savings rate 👌
How long can you have one of those accounts? If there is a set limit could you pull out that money and have your children continue with something similar? And then they do that with their kids? How long could that realistically continue? Wouldn’t the interest gains become literally impossible at some point? Would make a weird but informative video.
Isn't the average return of the S&P 500 closer to 11% 🤔
I think he is talking about after tax. Remember you have to pay taxes every time you earn dividends. If not perhaps he took the average of a different range of years than you did.
The thing is, in 10 years 1 milion wont be all that much money
Wrong perspective.
In 10 years, $1M is still a lot more than $1,000.
Oh and by the way, the way life works sometimes, you will learn some valuable lessons along your way to $1M that you may not have learned otherwise.
My wife and I went from -$250k (student loans) to over 2 million in 12 years, and got married, had 3 kids, bought 2 houses at the same time. How? Study your ass off until you are 30, make that good income, then only let go of those frugal poor international student habbits slowly. The path to success in the US is much clearer and easier than in Asia. We are dismayed to see that most Americans are so bad at studying hard and live within their means. So many Chinese and Asians would give an arm or a leg to have opportunities like this.
Average 3% monthly gain and add $100 per month into your trading account. If you start with 10k, you can hit $1 million in 8 years.
If you cant add the $100, then you need about a 5% gain per month.
Be selective with your trades. You can look at wheel method too.
You are out of your head. Who can make 36% return year over year? You can’t count unrealized capital gains as growth but rather only the money you get from reinvested dividends. You will take 30 years to get a million and you will have to eat noodles and no live at all if you want to get there. This video is garbage…
Would you consider $QQQM more of a growth ETH compared to $VOO?
10 years, that’s such a long time, it would be nice to have $1M in 1 year
You will probably take 30 years. This video is very misleading
@@carloslinan88 how is it misleading? He said in the beginning, most won't be able to save at this rate so he's acknowledging how difficult this will be. On top of the amount of discipline it would take even if you do make enough money.
hey man. is Wealthfront still safe with all these banks crashing? like who the heck is green dot bank o_O
yeah, wealthfront sweeps your $ to a network of partner banks (I think they haev 15-20) where they keep the total amount less than $250k (covered under fdic insurance), right now even if a bank fails FDIC insurance will step in. Thats the point of the system. in the case of FRB and SVB, they had a clientele that often had way more money in their accounts than FDIC limits, so when they all went to withdraw - you saw those two banks go down. Some regional banks are suffering, but even if they ultimately fail, the FDIC steps in and that system is in place to ensure deposits up to $250k. Right now theres chatter about raising FDIC limits in general (last time it was raised was from $100 to $250k back in 2008)
❤❤❤
Solid breakdown 🤯
tha nks Brooke!
10 years is sensible but in this age of instant gratification most people want to get rich quick. Us sensible ones prefer to get rich slowly.
Hello Mr. Humphrey, I have a question regarding the interest involved in the investment. Is there a way to have an investment without having any interest rate “usury"? If yes then it would be so kind if you to show us. Thank you.
Have you done this yourself?
How much will a million be worth in 10 years?
Who knows?
The only way to know is to work towards it and you'll see what it's worth when you get there.
The question is come ten years from today, i.e., 2033, would you rather have the million or not?
A lot more than 100k in 10 years
Yes...we all have that friend that makes 700k a year but blows it all
Who is getting a 5 to 10% raise a year? Genuine question I need to switch jobs.
Taking Notes 📝
Keep an eye out I will succeed
Humphrey Y > Graham S.
graham is the 🐐
If bank keep printing money from air we will soon all be milioners
I hate when rich people are so rich that they say, hey if you invested every dollar that make in the S&P500 for 10 years you'll have a million dollars lol Like how am I supposed to do this if I only make 50k a year lol
Great video
And if this doesn't work for you, you can always just hope for hyperinflation
Inflation: You are welcome.
Most realistic for me is keep living with my asian parents and save %100 of my annual income 🤣🤣🤑🤑🤑
1 mill in 10 years?.... with today trash economy and inflation that's really not that much.
I have like $400 in my bank right now, I plan to hit 1 mill in less than 5 years from now.
And maybe 5x in following 5 after that..
If you do it roth ira it's tax free so $650,000 is the same
I just want to be able to buy a house 😅
With land
10 years is definitely a solid wait but if you’re 25 that’s having $1M at 35
Let's miss out inflation 😂😂😂😂