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I'm On My Way to Becoming a MILLIONAIRE, and I Wasn't Even Trying. TIPS
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- čas přidán 16. 08. 2024
- I'm halfway to becoming a millionaire, and I didn't even try. Here's how and why! I started from ZERO just 8 years ago. Here are my tips.
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Great book. I read Millionaire Next Door back in the 90s. Most influential book on personal finance. It’s the first book I recommend to anyone looking to get ahead.
A big one is living well below your means, which equates to keeping your costs low. I live in San Diego, one of the most expensive areas to live, yet I own a house with a $1000 per month mortgage and a condo that I rent which makes me $1000 per month. I have no car payment on my 2007 Lexus IS350. I consistently save $5000 per month that goes directly into my investment account. Keep expenses low, save, and invest
I love that. Sometimes I think I made a mistake in buying such a large townhouse here in Miami. Maybe I'll make a video going over my thought process. Thanks for the idea!
Great video and great mindset. Becoming wealthy is a great tool for people to learn how to focus on the things that really matter in life, friends, family , relationships. No time wasted into the dread of the next bill coming or when you will be getting that next paycheck. Yea the things that come along with wealth and success are awesome but nothing compares to the freedom associated with it.
100%!! Were all chasing that freedom!
AWESOME quotes...!
I absolutely love that book. I’ve got a lot of friends who’s parents supplied them with wayyy to much economic outpatient care and now as they’re approaching 30 they don’t really have the drive or motivation to earn and build their wealth. Me on the other hand didn’t get that and it’s a blessing really. I know if I want something special I’ve got to work hard for it. I’ve had that mindset for awhile now and it’s starting to compound. Great stuff man. All your success is well deserved and earned!
Thx brotha, And yours too! I tell everyone that will listen to me that trying to save and leave for your kids is a curse. Leave enough for an education, that's it.
I’m about a quarter into the book. The book is very easy to understand and make great examples.
I think the first half is better than the second half
Lewis Ma - Maximize Your Lifestyle Yeah? I figured as long as I know more afterwards I can’t complain. Keep up the great context!
Good info.i have only a question i know the limit for the american platinium card is 50 k.how much is the cashadvance maximum
i never signed up for the Cash Advance feature; i think it's very expensive though.
You thinks is a very good creditcard the platinium
@@Rammstein1961 I love it the offers are great. It's got a nice deal with select premium hotels also. Next card will be the charles schwab platinum with is similar
What the is the name from the chain hotels
@@Rammstein1961 depends on where you're going. For example the one in key west is the one where the rooms are all cabanas ($1500/night) lol. Vegas is different. All cities are different
Hi just curious how marrying and having kids affects your plan. If your significant other does not share your vision, things become more difficult so curious if you are delaying that part of you life or making other sacrifices.
Hi, thanks for the comment. I actually don't have a plan. I mean I believe in doing responsible things financially but I have no goal to be a millionaire. I'm single currently but I would put a family above any "plans" financially. Just my opinion!
@@LewisMa I agree that family comes first. What is the point of being wealthy if you don't have anyone to share it with? I think meeting the right person comes easier if one is financially stable, so hopefully you are on right track. But don't wait too long, cuz time flies.
Levis Ma, Do you have family wife and children today? Since it adds more expense too. Since what age you start the journey in 2012?
Great question I should have mentioned it in this video. I mentioned it in my last video. But I am single with no kids. In 2012 I was 31 years old
Getting rich is easy, but you have to start early. No matter how little you make, save 10% or more -- even if times are hard. Buy an S&P500 index ETF with low fees (like Vanguard VFIAX). Keep buying. Do NOT check the value everyday. Do NOT panic & sell when the market is dropping like a rock. Never sell. Keep buying every month. Do this until you are middle-aged and you will have a PILE of money. This is AMERICA folks. Take advantage and become one of the investor class.
💯
Yup. Balls of steel. Keep investing. Get rich slow.
@@stuartclubb4302 Exactly. It's an exponential growth process. So you start slow, then your wealth builds faster & faster. In later years, your contributions won't even matter that much because your portfolio is feeding its own growth. THAT'S when you've become a member of the investor class. GET STARTED NOW!! :)
@@krisa5896 Yup I saw that happen once my "pot" was around 3x my gross. putting 15% in when your investments are growing at 10% so effectively adding 30% just by existing, means it all goes crazy. Doubling every 7 years or so and you really start to see it as a curve, rather than a straight line. But you have to keep your money to invest it. Which is why I love these United States and value escaping my country of birth. When you escape a 40% income tax (on anything over $60K), 12% "social insurance" tax and live under a national 20% sales tax, you come to appreciate keeping more of your money :-)
@@stuartclubb4302 Correct!!! I grew up in Europe and moved here to escape the high taxes. Unfortunately, the US is becoming more and more like Europe every day. US used to be positive, energetic, self-starting and happy for others' success. Now it is becoming back-biting, resentful and jealous. So sad...
Undderrated, im 19 and like your videos, sent u a connection on LinkedIn if u want to chat sometime!
thx brotha, lets connect. and congrats on watching this type of video at 19! i wish i would have started early