How to ACTUALLY become a Millionaire (even without a high income)

How to ACTUALLY become a Millionaire (even without a high income)

This is the one thing that we all have in common is that we all have the same 24 hours in a day, and it's up to us to make the best of that. What'S up you guys, it's Graham here, so it seems like becoming a millionaire. Is one of these buzz words we all hear growing up? This also seems to be the first threshold number that people think about when it comes to wealth, and, what's surprising, is that only 5 % of US households are able to say that they're, a millionaire, even fewer. If you account for individuals versus the household net worth and even fewer than that that have done it on their own and are completely self-made versus receiving any sort of inheritance, so the real number of individual self-made millionaires here in the u.s

Is likely somewhere on one to two percent, now here's how I have done it and how you can do it as well and most likely you're not going to be able to achieve this just by saving money. So here's a little background of me. I came from zero family money, zero inheritance and even though I'm not gon na tell you my exact net worth, I will tell you that it was over a million dollars by the time I was 26 and even though I've had a fairly high income selling real Estate as a real estate agent, I would not have been worth over a million dollars how they not done a few, these very specific things. So, to start the bigger picture, it's really just a numbers game and first off, it's gon na, be really difficult to save your way to a million dollars. Think of it, this way, if you're saving $ 50 every single day, it's gon na. Take you almost 55 years to hit 1 million dollars and 55 years from now, a million dollars with inflation is probably barely gon na buy you a Big Mac, even if you save $ 200 every single day, starting today, it's gon na. Take you thirteen and a half years to get to 1 million dollar net worth so unless you're earning a ton of money in a very short period of time, it's gon na be very difficult just to save your way to a million dollars. Now, instead, the most efficient way to go about being worth over a million dollars is to invest now of my total net worth the money that I've made through my investments has contributed a significant amount to this number. It'S not just about my work alone, but it's about my money, making me more money and at a certain point you could only save for so long before you hit the wall of what you can do with your own time. You cannot just trade your time for money because there's a limit of how much you can do per hour for your time. This scenario will likely take you decades to realistically become a millionaire. You need to trade, your money for more money and that's gon na cut down the time it takes dramatically, and this is how you're actually gon na be worth over a million dollars once you start letting your money make you even more money, you're gon na start To see your net worth skyrocket after a few years, eventually the money that you're making through your investments is going to be huge in comparison to what you can do on your own with your time. But in order for you to make the most of this effect, you can't waste your money on stupid. This is why you're gon na have someone who's earning $ 200,000 a year, but who's constantly broke or someone who's making $ 80,000 a year, who's secretly ballin, because his investments are bringing him in even more money. On top of what he's making you can't just make $ 100,000 and live like you make $ 100,000, it's the secret to this. Is you make $ 100,000 and you live as though you're making $ 30,000? So with that said, don't be discouraged if you're not the type that's making over a hundred thousand dollars per year, you could still become a millionaire. You could still do it even if you're earning less than a hundred thousand dollars a year and here's how so, as an example, let's say: you're earning $ 60,000 a year after taxes. If you keep your expenses at three thousand dollars per month, you should be able to save about twenty four thousand dollars per year or sixty five dollars per day. Now, if you just save that twenty four thousand dollars a year and you put into a bank account, it will take you 41 years of doing that to actually hit a million dollars. But if you invested that twenty four thousand dollars a year and averaged an eight percent return that will only take you, seventeen and a half years, you've just reduced the time it takes to become a millionaire by over fifty five percent. Just by investing your money. No, if you invested that same twenty four thousand dollars a year and averaged a 10 % return, which is about what I'm getting in real estate, you will become a millionaire in fifteen and a half years, that's by someone who's making $ 60,000 a year after taxes. If you're earning $ 100,000 after taxes - and you keep your expenses the same at $ 3,000 per month, you will become a millionaire by doing exactly that in eight and a half years and if you're, making a hundred and fifty thousand dollars after taxes you're. Looking at just about five years to become a millionaire and from here it's really just a numbers game: it's how much can you make? How much can you save? How much can you invest and how long you can invest for, and that's really how simple it is? You don't need to make two hundred and fifty thousand dollars or more per year to become a millionaire. You can definitely do it under a hundred thousand dollars just by diligent saving and investing and, like I said in order to make the most of that invest and save everything you can. If you're making a hundred thousand dollars, don't live like you're, making a hundred thousand dollars live like you're, making thirty six thousand dollars a year. Take my example. For instance, I make significantly more than a hundred thousand dollars per year and ask any one of my friends. They will tell you like I'm living like I'm a broke college, kid, that's how crazy this is, but it allows me to invest a lot of my money and just continue to grow it, and this you guys is the cold, hard unsexy unglamorous, truth of what it Actually takes to become a millionaire now. What also significantly helps - and that's vital - is that you start doing this as soon as you can. If you started eighteen years old saving just $ 5,000 per year at a 7 % return, you're gon na be a millionaire by the time, you're 53 years old. Now, if you started doing the exact same thing at age, 30 saving $ 5,000 per year, you're only gon na be worth three hundred and fifty eight thousand dollars by the time, you're 53 that difference right. There is significant now, on the other hand, if you didn't, invest your money and you just saved $ 5,000 per year, starting at the age of eighteen. It'S gon na take you 200 years to save your way to a million dollars, so you can see just how inefficient. That is that you have to invest your money if you ever want to be worth a million dollars and think about that. For a second two hundred years of saving five thousand dollars per year, two hundred years to be worth a million just think about that versus investing 200 years versus investing, I don't know rather take investing. So then the question comes: what, if you're, not making a lot of money right now now the thing is to be a millionaire you're gon na have to have a million dollars and to get the million dollars. You'Re gon na have to have some money to invest. There'S really no way around it, like you, can't have a million dollars without having a million dollars and you need money to invest. So, let's talk about this now well, you can absolutely become a millionaire by working, a salary, nine-to-five job and just saving and investing diligently. You could oftentimes dramatically cut down the time frame of becoming a millionaire by utilizing your time efficiently, now, working in areas we're utilizing your time efficiently. It leads to more money than utilizing your time, for money is a great way to get a head start now. For me, that's been in real estate, I don't get paid a salary. I get paid for my results, which allows me to utilize my time as best as I can to make the most amount of money possible. I'Ve never paid for the amount of hours at work. Instead, I'm paid for the results. This means I can focus on the clients and the properties that generate me, the most money that give me the best results that use my time in the best way I can with zero busywork whatsoever and allow me to focus been on other things that make me Even more money like real estate investing so this could include anything that makes you passive income anything online, anything that doesn't result in you putting in X amount of hours for X amount of dollars. It'S just about leveraging your time using it smartly using and efficiently to make you even more money and the unfortunate thing about a nine-to-five salary is that your time is oftentimes directly correlated to how much money you make and that if you work smarter and more efficiently, That doesn't always translate to more money in your pocket, so it's vital you do things that you can do efficiently, that you can leverage your time to make even more money so that it doesn't matter if you put in one hour or ten hours, your time that You put in is independent on how much money you make and that's one of the most important things I can mention in this video is to use your time efficiently, because this is the one thing that we all have in common is that we all have the Same 24 hours in a day, and it's up to us to make the best of that now. I also recommend thinking long-term because realistically you're not going to be worth a million dollars from scratch in just the first few years, unless you get really lucky and maybe cryptocurrency like a fury, am in Bitcoin and all the things I didn't invest in what I should Have or you strike a huge payday by selling a company now beyond that, and speaking more so for a regular salary and for regular investing habits. It'S not something! That'S gon na happen in just a few years. It'S something that can happen long-term for almost everyone out there watching this right. Now, it's just a matter of saving and investing consistently and that's really just what it comes down to and then from there it's just a numbers game. That'S really all there is to it and breaking it down in such a way. It makes it seem a lot easier to accomplish now just a final thought here, but even though a million is cool, number two think about a lot of people talk about becoming a millionaire. Nothing really happened when I became a millionaire. I didn't feel better about myself. I didn't feel like I had finally made it. I didn't finally feel like oh that's done with nothing changed, and then life just goes on. It'S not like you just hit this number and then you feel like you've made it because you know I hit that number and it feels like this is just the beginning and it just gets better from here and it just continues onward, and even though it's cool To think about a million dollars, it's really just some arbitrary benchmark that people throw around there. So I wouldn't be too concerned about trying to hit that million dollars and thinking it might solve all your problems and that you finally have made it. Instead, I would focus on the journey of becoming a millionaire and becoming that person that you really want to be, and in the bigger picture too, it's not really about having a million dollars for the things that it buys. But it's really just about having the money to buy you the time. That'S really the most important thing that I can see by making money. It'S really just about your time and having the freedom to do what you want with your time and do things that you enjoy the most. That'S really what all this is about. So don't go about this video just thinking, I need a million dollars. How can I make a million dollars and make your whole focus of a million dollars? Trust me on this. It'S about having the freedom and the time to do anything else. You want in your life and order to do that. You'Re gon na have to have a few little sacrifice along the way in terms of just saving money and investing instead of going to the bar, you know every weekend and throwing up $ 200 tab on the bar. So, as always, you guys thank you so much for watching. I really hope this was helpful if you watched it to the very end and you haven't subscribed, make sure to smash that subscribe button, and also do me a huge solid. 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