Make $1,000,000 in Ten Years By Investing This Much Each Month
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- čas přidán 24. 05. 2024
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Our Rich Journey - Make $1,000,000 in Ten Years By Investing This Much Each Month - In this video, we answer a caller's question regarding how much she should invest each month to reach financial independence and retire early with one million dollars in ten years.
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27 and have 125K invested! Compound interest let’s go!
I just used a FIRE calculator and my FIRE age is 290. let's go year 2467!
Find a friendly vampire 😂
😂😂😂😂😂
🤣🤣🤣😭
😂
😂
I started at 24. I'm now currently 31, aiming to retire before 36. Your channel is amazing to help me maintain focused on the end goal. 😁
I’m 40, I wish CZcams was around when I was a teenager. Youngsters are LUCKY to have this knowledge. Our parents gave us 0 help.
Exactly! They definitely have the information advantage.
What you parent didn't known they can teach u. 40 isn't bad to start now and putting ur best in it. You will be able.
@@moniquemichelle7295yes and no we have the information but don’t forget that you was a adult around the housing market crash where houses where on average 35k we don’t have this luxury that’s why most people your age actually have a house and younger people have to rent
I started my fire journey at 22. I am now 24 1/2 exactly today my stock portfolio is down to 13500, I own 2 rental properties and a small home me my girlfriend and daughter live in, we have a easy 125k equity, this is possible. You got it. Learn and save. I was someone who was always broke before learning about fire
Wow. Thank you for the inspiring news.
@Joseph Stupar are you from SA?🇿🇦
Mindset is important, but a dose of reality is also maybe equally important. Like when my brother was ending college, he had a goal of reaching x amount (a very lofty goal, like your subject on this video) of NW by age 30. With a rising stock market and discovering alternative ways of accelerating his market gains. Things were looking really positive. Things really took off when he got a high paying job right out of college. Then the Dot Com crash hit, and let's just say he got derailed, like the train overturning type.
A young person who focus on retiring in 10 years might forget the most important part. To enjoy the journey.
I've seen videos pf people who have done F.I.R.E. complaining about this. What's worse is some find that they don't even like being retired.
10yrs is a long time , people will learn to enjoy life also in that time
@@abvivek Exactly!
Fire does not mean giving up on life lol
Maybe, maybe not. If you have $1M at age 33, you can more easily enjoy the whole rest of you life when working for money is optional. And who's to say you can't enjoy life while working toward FIRE?
You guys have made a magnificent change in both my wife’s and my way of handling money and investing it. We have followed you both over the last three years. We have taken over the decisions to control our financial future and have fired two of our financial advisors. We have educated ourselves with your courses and videos and now are very confident with handling our investments. We just want to thank you both so much!
Tony - Wow! That is so amazing!!! Congratulations on taking control of your finances!
Would love to know if things are better for you after three years of making changes! I've been wanting to take their courses too. Congrats on whatever you have accomplished so far!
@@bellajordans1053 guess tony is off somewhere living a rich lifestyle..
Additional Income is the key. I'm planning on retiring in 3 years before I'm 50. I tell some people and they don't believe me and some who know my capabilities do believe me. Your surroundings is another key to success.
She is great. I did not retire until I was 60. And even though I have acquired the $$ it took me 4ever.
Thank you guys for guiding young people
Being able to invest $6000 per month is a very aggressive goal, not just for a 23-year-old, but also for an adult who makes good money in the US. In order to save $6000 per month, it would require a salary of over 100K a year! But then you need to account for the essential expenses like rent or mortgage, groceries, car payments etc so you will probably be left with about half of that or $3000. This doesn't mean that this goals is impossible, it just means it will take 20+ years to get there.
It does NOT take 20 years to make 100K/year!!
Don’t forget taxes. You would need way over 100k income to invest that each month. Thats also if you live under a rock or at home with parents who pay for almost everything.
For the majority of people $6,000 is just unrealistic. I don't even make $6,000 a month. I am looking for a second remote job where I can just invest the entire monthly salary. That's probably the only way I'll be able to retire in general. Not even early. Everything costs so much it's just so hard.
I’m 22, started investing at the start of 2021. With all the turbulence in the stock market I ended making a lot of mistakes but I’m glad that I’m learning from those early on while I’m still young. Because of my age I’m willing to take a lot more risk. Now I’m shifting my strategy to investing more into ETF’s, high yield dividend Aristocrats and kings, as well as trustworthy growth stocks such as Apple. I do t have a FIRE number because I plan on having a business empire but I do want to be a millionaire by 30 yro.
What etf and high dividend stock are you investing in ?
Everyone can dream big until reality brings u back to reality!
Just double up on jobs and payoff a bedroom bathroom suite on bus stops with housemates, and then buy dividends. There's a 95% chance you'll reach financial freedom within less than 4 to 5 years on this plan.
@@adange11 s&p 500 is the safest bet
I love you guys and I'm proud to say that at 38 I've found my life partner and were going to be using some of you guys strategy and set goals on the pathway to retiring in 10yrs. Blessings to you both!
That's about $74,400 a year for 10 years or $6,200 a month for that amount of time.
If anyone knows of any good side hustles that can fit that bill - Lets us know please.
OF
Keeping a positive mindset just can’t be emphasized enough! Especially now. Thank you for always keeping that focus.
I'm glad some young people are planning early. I wish I had done better, but at 50 at least I'm ahead of the curve.
Even if very early retirement isn't achieved, it will at least set you up for more financial freedom. You'll be way ahead of the curve.
I'd give anything to go back to 23 and pursue the FIRE movement. So I also feel inspired hearing stuff like this
Dividend reinvestment is a great way to increase your cash flow as well
Yes! Consistent dividend income!
I would love to go back to 23 for a bunch of other reasons too. The years pass by way too fast and sadly you can never go back in time and live your life again.
We all do but at least your realize it now. Most people don’t ever realize anything
great video and question. I am in my 40s and this really got me thinking! thanks for that
Thank you for your great tips and insight as always! I will make sure to share this with my daughter which is close to the same age as your caller !
📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire
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Thank you so much for answering my question, you helped me a lot. I am currently investing on the S&P 500 and also started a youtube channel as a side hustle to make more money. I am learning as I go, reading books and listening to your podcast. The mindset is definitely the hardest thing but it won't stop me. Thank you so much!
How can i attend in your meetup??
Can’t it be online, please?🤍
Can I start fire at 55?
Thank you so much for your informative videos. For European nationals, investing in the US stock market can seem useless particularly when you would like to invest in dividend and/or as a long term retirement plan: e.g. Issues with having access to your investment, taxes, and earnings as a non-American. Do you have any recommendations of where to start?
I love that you film these podcasts!
Very helpful! Thank you!😊🙏
Saving $66,000 per year, investing it in the total US stock market with an expected 10% return per year yields a total of investment plus interest of $1 million in 10 years time.
Nice goal and thank you for outlining the means.
So basically every year you invest 66k in that particular stock to make over 1 million in 10 years?
@@naana-scelyne6370,yes. That's how I understood the video. Invest $66,000 each year for 10 years at 10% per year compounded yields $1,000,000 according to the folks in the video. I didn't check their math but again that's what I took from the video.
@@naana-scelyne6370 You don't want to invest in an individual stock. That is putting all of myour eggs in one basket. Better just buy an index of stocks like the total stock market index - VTI/VTSAX.
10% is ambitious
Sp500
Thank you for the video, very helpful ♡
Ok Back to the Fire Journey coourse study yes working on my Mind Set! I'm Planning On! Thank You!
5500 pounds a month is a LOT of money in the UK
Yes most people get paid half of that monthly .
The caller is a dreamer. Very very unlikely to achieve her goals. But it is important to aim high, suppose she gets to 500k in ten years that would still be a great achievement.
Not for London
I'm 35 seconds into this video and i said to my self I like this couple. Great vibe...Big smiles...You look great together
!
Love the Pod. I was thinking of the expression, “Hope is not a Strategy”…but a good plan and some determination…who knows!
Great information! Love listening to the channel! Thank you for taking your time to help people!
Thank you Austin!
This is amazing about this young lady. My husband and I are so looking forward to retiring next June, 2024 in Portugal. We are looking forward to a peaceful, gratitude and simple life there.
We started Sep 2020 with nothing, learned about FIRE, became FI in Mar 2022 and now plan on RE in May 2023 at the age of 54 under the rule of 55 🤘
Tell us more 😂
What’s the rule of 55?
@@chilove9955 it’s Nigeria 🇳🇬 rule, that u can no longer work as an employee once you are 55yrs, you ll be forced to retire
In the US, the rule of 55 is that if you retire from a W2 job in the year you turn 55 or later, the 10% early withdrawal penalty is waived. Otherwise you have to be 59.5 years old.
In the video you mentioned to look at episode 2 of the podcast. Is there a link to it?
I purchased one of your packages at the beginning of this year (I believe it was a brand new one that built on itself each month for the course of 12 months). I started it but didn’t fully use it as I was focusing on paying off my credit card debt that was at $18,000 in January and is now at $1,900. When I started paying it off it was at $37,000 so at the end of this year I will be completely paid off! It took me three years and downsizing my rental expenses to having a roommate. It was so hard to think about investing with that monkey on my back. I’m excited to use it now. Even tho I won’t get the full benefits of what I purchased just having the guided template is helpful! Thank you for all you do!
Great information!!!!!, just subscribed
I really wish i could have started at 23 years old, that's awesome! Now a bit old but still on the grind!
Thanks for all the great content you are posting in this channel. Is it a better idea to invest in Annuities for a 35 year old?
Retiring in ur mid 30s . . In the States you’ll need like $3M +
Hey, you know my retirement goal but at like 48.
Love these two. They changed the way I think about money and life. Making both things seem within my control
“What u r doing is going to be Unique, but u have to own this journey”. 🙌🏾!
Break the old generational mindset they tried to put on u, because obviously that didn’t benefit them.
Can you discuss recommendations what stocks to invest
Excellent video Team
I’m 20 on my financial journey I’m very excited
This episode is a 💎 and it points out solutions that was provided for me to visualize 🤔
I would love to be financially independent, but to be retired early is another story. I need to interact with people going through similar challenges as I am. I need to work, even if part-time. The best thing about the FIRE movement is that it views retirement as an option, not necessarily the end goal. Perhaps we should just call it the financial independence movement.
Great video, thank you for sharing. The reality is that dividend investing has a tremendous passive power and it is ideal for all investors, whether beginner or experienced. It requires PAYtience which ultimately PAYS off!
I'm not trying to be a Debbie Downer but ain't investing this much a month impossible for 99 percent of the population ? I cant barely save $6,200 per year in my Roth, let alone per month !
Thanks for sharing!
Such great information, as usual.
Thanks Alicia!
Thank you so much for this very clear and encouraging video guys, always a pleasure watching and learning from you both, to hear a 23 year old asking a question for her financial future self is absolutely amazing, Lord bless her heart and her journey, Love and blessings always ❤️🙏🏽😘💐
The hindsight that comes with age…wishing we all did this sooner!! I’m on a mission to educate young people too so that they have this knowledge for their own financial future. Education is key 🙏🏻
love your podcast!
Thank you!
Can you please talk about the new laws that were instated January 2022 about which properties you can buy for the golden visa where they are?
Thank you 👍👍👍
Joy thank you
Thanks for all of the information you share. I too am a govt employee. Left in 2007 and came back in 2018. Trying to maximize my TSP and other investments.
Yes! TSP is a great tax advantaged account!
Put it all in Roth I am able to put 30 k in my Roth TSP every year. 30 k divided by 26pp.
You're the best! Keep it up.
Hi guys, this is a great great episode! I have a follow up question: how would the numbers be different if the timeline was a bit shorter or a bit longer? Given the magic of compound interest, my guesstimate is that even a couple of years would shave off the monthly number exponentially. So in a sense, sometimes I think getting there a bit more slowly can pay off.
What a great question to ask at such a young age. A bright financial future is in the horizon.
Thank you Danelle! ❤️
i think your bread and butter is now your YT channel. You two are killing it! Thanks for creating so much great content :)
Thank you!
Awesome this has inspired me. Your right it's the mind set. 👍
Checking in from the DMV.
Hey there LaShawn!!! ❤️
Great discussion
You guys are my favorite couple 🙌🏾‼️
December 28th, 2022
I honestly can’t wait to have my own side hustle!!
Enjoyed your video and information. We will achieve FIRE in 5 years. Wondering how the Airbnb side hustle is working out in Portugal. It would seem the Airbnb here in the US is over-saturated.
Wow this is really good guys thank you. Spoken words really do have POWER🔥💯❤ Leandra will get there.
Wonderful video - with £5,500 per month invested for 10years. You most likely require x2 jobs with Uk salaries and economy downfall
@Christina @Amon - In the video, you mentioned the estimate of $6,200 to reach $1M FIRE in 10 years considering total stock market index fund (VTSAX?). Does this estimate consider the reinvestment of Quarterly dividends? Maximizing tax advantaged accounts first? I'm developing my own FI/RE calculation and wondering what inputs you used for this estimate.
I've been following y'all for 4 years when I was starting my own personal finance journey, which I've learned/unlearned a lot more through your channel compared to "common knowledge" taught elsewhere.
Great info 😮
Is this episode posted under the wrong CZcams account? I was thinking it should go under the podcast one?
I’m a nurse . The question is how to learn skills , ideas for a side hustle . Tyvm
Great content.
Thanks.
Hi guys! Amazing stuff! Could you link the referenced ep2 please? I don’t quite see it and don’t see where to look.
Thank you Jay! Here is the apple podcast link to episode 2: How Much Money Should I Invest in Stocks and Real Estate to Retire Early? - podcasts.apple.com/us/podcast/how-much-money-should-i-invest-in-stocks-and-real/id1645770055?i=1000581170259
@@OurRichJourney imagine missing the operative words, Apple Podcasts. lol. Thank you so much. You got a new subscriber!
I love your outlook on mindset, this is something I struggle getting my husband to understand. I would like to talk more about real estate, we have the credit and could do VA loans and even down payments but I can’t get my husband to see the potential in it, all he see is risk.
I’m sorry for that! Risk is part of our life! Evaluating it and learning about the sector will lead to a fact based decision. Hope he will do his best and both come up to a consensus !🎉
Thanks for sharing Helene!!
Love these two.
This is a great goal!
Making money is an action. Keeping money is behavior. Growing money is knowledge.
What do you guys think about schd and dgro long term ?!
Greetzzz from the Netherlands. Sssst, i am going to watch this video right now 😉
👍
5k a month! Welp looks we're going to be lean fire lol.
Q) How much should you invest every month? A) As much as you can afford to invest, plus 10 percent.
And then some!
Um? As much as you can afford to invest, bugdeting conscientiously. Taking on debt to invest is a good way to sink yourself - you think you're getting ahead, but one mistake or bit of bad luck can sabotage the whole plan
@@arh1234 I wasn't implying margin. I would NEVER invest on margin. I was implying to find a way to cut another 10 percent of expenses from your budget, and investing that 10 percent.
@@supersteve8305 Oh! That makes sense. In that case, I agree. My bad.
Awesome 🎉
Amon, don't know what it is about them but I like those new glasses!
Is there a formula to find out what your monthly investment number should be?
You guys inspired me for FIRE, I watched your video in august 2019, I am pursuing FIRE. I am in 3rd year but it is very difficult to keep myself motivated all the time. Pls advice what should I do.
It's hard to know without knowing you. What is hardest about it for you?
thank you
I would be retiring in about six and a half years and I'm quite curious how people split their wages, how much of it goes into spending, savings and in vestments ? I'm a high earner not rich yet (HENRYs) but still have nothing to show for it yet. Something needs to change
Great people. It’s crazy how they immediately garner trust
I only make $1700 a month. Started a digital marketing business and fitness business but make 0 of it. I live off 25% of my income
Question for anyone that can help -
My spouse had mid 250k in 401k last year down to about 220k now. This entire year she maxed 401k all in S&P 500. She will be ending her employment to be a stay at home mother starting the beginning of next year. The plan is to roll everything into an IRA and continue with S&P 500. Is it reasonable to think that in 17 years with average returns of 9-10 percent this amount could grow to one million? Contributions will stop so dependent on reinvested dividends and market growth. Financial advisor told me this was unrealistic, but I’m thinking that this is what the S&P averages over time.
There is a huge difference between average rate of return and actual rate of return. Don’t get me wrong. You can make a lot of money in stock market. But once you throw in a negative yearly return, it messes up the maths results that you calculated using all positive rate of returns, and once again, there’s a huge difference.
If no other contributions think about other save bets like t bulls series I treasurey vonds whole life insurance policies with cash called annuities..there's alot of info out there.
Develop cash machines ( income that is not relative to your own time.) Invest in assets ( long term investments) ie real estate, stocks, crypto, industry specific assets. Etc. Building assets is the goal through increasing income. Great video.
Forgot about your notification coming early around daylight savings, HI There 😊
Haha! Daylight savings always throws us off! 😂
Hard to tell if this is the right platform for this. But ill try anyways as this is still considered business. Given the present conditions, is it better to invest
into Real Estates or into Stocks? Which would yield better output.
In general, RE
Im 53 starting from zero. The 365 days to F.I.R.E. is sold out.
Better also account for inflation on the final fire number
Good stuff…
Thank you so much for this. This is helpful to me as I am working on figuring out how to go about my FIRE journey.
Glad it was helpful!
Wish I had the knowledge at 23 that I have now. I share with my girls all the time in the hope that they will make good choices in investing.
Teaching the next generation! It's a gift!!!
Where is the podcast?