How To Become A Millionaire In 10 Years Or Under

Рет қаралды 25,018

Күн бұрын

Before I understood the almost-unbelievable magic of exponential compounding, I thought becoming a millionaire was an almost-impossible goal only achievable by the highest earners or people who were already rich. Granted, inflation has certainly shifted the meaning of a million dollars over the last 20 years-but it’s still no small potatoes.
Fortunately, we can calculate this path to the magic million with relative ease-so that’s exactly what we’re doing on the show today. If you’re trying to reach a $1 million net worth with a partner in 10 years or fewer, good news-neither partner even needs to make six figures.
Of course, the temptation is strong to try to time the market in the context of our current volatile shitstorm. We’ll address why that’s a fool’s errand, historically speaking, and discuss some ~alternative options~. (And reminder: Past performance is not indicative of future returns.)
Finally, we're joined by my friend Delyanne Barros, otherwise known as The Money Coach ( / delyannethemoneycoach ) and host of CNN's Diversifying (www.cnn.com/audio/podcasts/di.... Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45.
To learn more about our sponsor, Vin Social, check out www.vinsocialvip.com/.
Mentioned in the Episode:
Download the free Money Management Routine resource: education.morningbrew.com/budget
Data on the world's millionaire population: spendmenot.com/blog/what-perc...
JP Morgan Asset Management study on market timing: am.jpmorgan.com/us/en/asset-m...
Secret millionaires: www.rd.com/article/secret-mil...
The Psychology of Money by Morgan Housel: / the-psychology-of-money
Average monthly spend by a single earner: www.nerdwallet.com/article/fi...
Incomes making higher than $150K/year or more: www.statista.com/statistics/2...
Median retirement savings amount: www.synchronybank.com/blog/me...
How to Diversify Beyond The Total Stock Market: www.moneywithkatie.com/blog/y...
10 Stunning Fast Fashion Waste Statistics: earth.org/statistics-about-fa...
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#moneywithkatie #millionaire #personalfinance #howtobeamillionaire #millions #millennials
00:00 Intro
02:34 Can anyone become a millionaire?
06:19 How to hit that magic million
15:19 Time in the market beats market timing
18:14 Delyanne Barros: Journey to $1M+
19:00 How Delyanne’s net worth didn’t really reflect her income, and why simply having a high income isn’t enough
22:02: Hitting a million dollars
25:25 The temptations of market timing and why young people should be excited about bear markets
28:43 Why people react strongly to women having desires that run counter to what we’re taught culturally is their role in society
32:34 Rich Girl Roundup: Clothes
36:18 Credits
How to Become a Millionaire in 10 Years or Under

Пікірлер: 55

@bryanhasling4338 Жыл бұрын

I'm a CFP at a wealth management firm and this vid is clearer, more to the point, and ACCURATE in only half an hour. Most advisors I know can't do that. Great work. If you ever want to collab, let me know. I work with Techies in the bay area and there's some juicy stuff there.

@MoneywithKatie Жыл бұрын

:') This is the kindest compliment, thank you Bryan!

@CBW0314 Жыл бұрын

Darn Techies...

@sarahsunsetpark 10 ай бұрын

Good conversation here with you two ladies about how to become a millionaire in 10 years. I became a millionaire in my 50s and I’m now heading towards my third million in my 60s. It really does work to double down when the market is a Bear. I have been investing steadily in a 401(k) and a Roth since my 30s and lived through 911 in 2001, the web bubble in 2000 the mortgage crash in 98 the Covid crash in 2000 and each time I remained invested and even invested more staying the course at each bump in the road! Good luck to you both and your young viewers! Great to see women owning their own! Our female ancestors were not so lucky! Great job to you both!

@sarahsunsetpark 10 ай бұрын

*COVID crash 2020

@sarayuchaverah8630 6 ай бұрын

I began following you from Ramit’s recommendation. I enjoyed listening. Please keep making youtube videos. I learned a lot.

@unboxwithnicole2185 Жыл бұрын

You and Delyanne are some of my absolute favorite follows, yay women having financial education and more money! 🙌

@gabygabygabys Жыл бұрын

Thank you for all of your diligent research! Your rent vs buy videos and this one have been so helpful

@MoneywithKatie Жыл бұрын

I'm so happy to hear that Gabrielle - thank you so much for being here.

@nasrinzaman9737 Жыл бұрын

Great investing advice! Thank you

@natelammers652 Жыл бұрын

Setup weekly automatic investments and dollar cost average. Check it once a year and rebalance if needed.

@_shannons 6 күн бұрын

I wish I had this video 15 years ago. But I have it now and that's awesome.

@CBW0314 Жыл бұрын

Thumbs up for the California Zip Code placeholder. As a Bay Area native, this is truly a wake up call for my income and early retirement goals

@Irene1208Lano Жыл бұрын

I enjoyed your show and Ms Barros.

@sarahg.356 Жыл бұрын

I love this. You guys are awesome. Most interesting part of show: being out the 10 days. I'm a huge proponent of being IN the market. I was a high earner and good saver scared to risk ANY money in the market and got started late - Sept. of 2018 at 36 years old. Staying in and continuing to buy through the pain of Q4 that year made me a millionaire really fast. Right now is such a great opportunity for anyone who's been sitting on the sidelines. Only wish I'd started investing at 22!

@MoneywithKatie Жыл бұрын

Thank you Sarah! I agree; buying and holding requires both parts of the equation!

@IAmebAdger 5 ай бұрын

Great point about fast fashion. We need to get comfortable with praising mended, well-loved clothing.

@somerotter 9 ай бұрын

I do love these aspirational with realistic math videos - but the median US wage is under $50k a year.

@amyamira99 Жыл бұрын

Great convo and feel like I'm still on the right track. Thanks Gals!

@MoneywithKatie Жыл бұрын

Thanks so much, Amy and kudos to you!!

@timmy2870 Жыл бұрын

Really cool! But I stopped listening after a while realizing that it only applies to America (I am from Europe) and unless I inherit or create a company the goal to be a millionaire is a little out of reach. I am not even earning somewhat close to what I would have to set aside to invest...

@Matty-Freitag Жыл бұрын

Another great episode Katie-- thanks. Question--- if you do not mind sharing, what exactly do you invest in each month stock/index fund wise? Are you doing so in a Robinhood like brokerage account?

@MoneywithKatie Жыл бұрын

I answer this question in a different video! kzfaq.info/get/bejne/pZilrdCIvNHXmJs.html

@Matty-Freitag Жыл бұрын

@@MoneywithKatie Thank you! :)

@kr7006 Жыл бұрын

Hi Katie, Love your content! I'm inspired to set up a budget and I almost know what I'm doing. I have the Everydollar app - super user friendly but youtube videos how to best use it are not giving me enough detail. Here's my confusion: we charge as much as possible on our credit card to get the points. I have every expense area accounted for in my budget. Once a month I pay the entire balance on the card and then I replenish my savings with incoming money from our paychecks. How do I account for the money going in & out of savings to pay off the credit card? Or do I even have to? Also, how does it work for bills that get paid every 2 months or once a year? Money going into one of my savings accounts is for property taxes (pmt twice a year) and auto insurance (annual pmt). Should I buy a book to learn how to budget online? If so, do you have any recommendations? Thank you!!

@financeabcs Жыл бұрын

Past performance IS indicative of future results BUT is not a GUARANTEE! That is the difference you were trying to make

@bigp169 Жыл бұрын

One thing you're missing is employers who match retirement. My work matches 100% of what I invest, which is a max of 4% of income. After so many years they put more then I do into retirement. So for every 500 I put in they currently put in 500. That's doubling my investment without it coming out of my pocket.

@MoneywithKatie Жыл бұрын

Absolutely! But not every workplace offers a match or not up to 100% so I wanted to err on the conservative side here. Kudos that you'll be able to hit that goal earlier!

@katielynnmokrzycki125 Жыл бұрын

Is there a specific day of the month that is better to invest? I invest every month but does that piece matter? These '10 days' -- were they at any specific time of the month by chance?

@mattsarff2793 Жыл бұрын

It is tough to predict the stock market. By simply buying often you can have the best chances of not missing the best days

@financeabcs Жыл бұрын

Nice content! 👏👏👏. New to your channel! 🤙🤙🤙

@MoneywithKatie Жыл бұрын

Thanks and welcome!

@financeabcs Жыл бұрын

@@MoneywithKatie 🤙🤙🤙

@donaldlyons17 Жыл бұрын

Well the couple had almost 100K each year of combined income according to you stuff right? 87K is only 13K or 6K per person away from 50K per person. WTF for many that IS A SIX FIG INCOME!!! WTF?

@donaldlyons17 Жыл бұрын

1 million even if spent is 1 million right?

@pb25193 Ай бұрын

I am on my way to doing it in 10 years. And i only got to 100k after 5y. I was at 15k after 3 years lol lol

@fortgrove3166 4 ай бұрын

I max my 401k and the Mrs and I max our Roth IRAs on top of that. I make double than my Mrs.

@KERK666JONES Жыл бұрын

Mid 30’s, single, 2000k/month = fml 😅

@mikehill9538 Жыл бұрын

$2 million/mo is awesome. All you need to do is save. ROI isn’t a worry for you. Even if taxes take half that and you only save half the rest, you’ll be sitting on $60M in 10 years even if there is no gain on investment

@RichardColwell1 Ай бұрын

Dave Ramsey’s baby Steps. Once you’ve gotten past the first 3 steps. Consider JL Collins strategy mentioned in his book the path to building wealth by investing into Vanguards VTSAX. Stuff might not seem achievable for you now, but you becoming aware of this is already leagues ahead of every day Americans who fit in the “average consumer” statstic. Best of luck!

@user-ku5vm5jb1h Күн бұрын

Sweetie, almost nobody makes these incomes…

@veganspace 3 ай бұрын

Well duh, 36k each is a lot to save though, each person

@jacobmusha7188 Жыл бұрын

TLDR: earn $150k-165k per year. Or, change the title to "Millionaire Couple" and then each person 'only' needs to earn $90k per year. Easy, right? 😂 The overall advice is very good, but needing to be in the top ~14% of US household income is obviously not realistic for... ~86% of households. On the brighter/more-realistic-for-most-people side, someone who puts away $25k per year might have $1M after 20 years.

@thankyouforbeing2110 Жыл бұрын

This.

@donaldlyons17 Жыл бұрын

Yeah and that is part of the problem. To tell people if you make less odds are you have to go without stuff...... But to say millionaire couple is faire but the truth is duel income and multiple income sources seems quite helpful... The issue is income is a limiting factor AND to make one million allows for at least a few options.

@BearingMySeoul 10 ай бұрын

This couple never made 6 figures (individually) but did what you described: retired in 20 years - @ourrichjourney

@nicholasklemm660 Жыл бұрын

Good job explaining these concepts, however you're conflating income with take home pay. Gotta pay the tax man.... so would need to be six figures

@kickballjamie Жыл бұрын

you must've missed 13:20 where her numbers are clearly after-tax

@user-ku5vm5jb1h Күн бұрын

Stop with the couples! How about single and becoming a millionaire?!

@jordanmadden7388 4 ай бұрын

You just need to invest $720,000 over the course of 10 years to have $1M? Is this satire?

@shigor Жыл бұрын

Delyanne Barros's story and advices were great and inspiring until she started reacting and talking about the choice of having children. Her own personal insecurities started to unveil and sadly it made her look like an unsuccessful millionaire. Yes success is subjective.. Hope she doubles and triples her millions, enjoy her life and maybe if she is not able to spend it all donate for a good cause.

@jacobmusha7188 Жыл бұрын

I don't know... Some people, (maybe mostly women?) really go nuts when someone (especially a woman) says they don't want kids. She clearly got a lot of hate for it, otherwise she wouldn't have gone off on that tangent. Anyway, it's so ridiculous. We're closing in on 8 billion people. How many can the planet support? Sincerely, someone that doesn't want kids.

@shigor Жыл бұрын

@@jacobmusha7188 I hear you. I don’t know where you are from but here in LA and especially the industry I work (tech and entertainment) the choice of having kids is tinny. Nobody wants to have kids for wtv reason. It’s our choice. My wife and I never got hate for not having kids. Maybe Ppl just hate when they don’t or can’t have what others possess.. money or family?

@usflin Жыл бұрын

How can she be an "unsuccessful millionaire" when she is literally a millionaire? In what way is she "unsuccessful"? You're doing exactly what they were describing during the interview: criticizing a woman for not having kids. You probably should listen to the interview a few more times until you develop self-awareness.

@shigor Жыл бұрын

@@usflin calm down and you should probably read my comment a few more times.