How To Be A Millionaire In 10 Years (Starting With $0)

What's up Graham, here are the boys? So here's the deal. It was recently discovered that real wages have barely budged in decades. More than half of Americans live paycheck to paycheck and 70% of the poorest households don't even have a savings account. It's good news because a survey reported that Americans would need $500,000 to feel financially secure and a million dollars to retire, so in this video we're going to talk about how to do exactly that,

starting

from scratch in 10

years

. I know it sounds extremely far-fetched but it is completely possible and these are my own recommendations from personal experience that I have learned first-hand because there are some step-by-step rules that anyone can follow that work incredibly well and don't cost you a single cent.

If you have a goal of calling yourself a

millionaire

in exactly 10

years

, even if it's very quickly, if you enjoy topics like this, it would help me tremendously if you hit the like button or subscribe if you haven't already. That gives me a pretty good indication of whether or not I should do more videos like this in the future, so let me know. Thank you very much for watching and now let's get started before we get into the steps you could take. First I'm going to tell you how I was able to accumulate a net worth of one million dollars at the age of 26 without coming from a rich family, without any inheritance and without posting a single video on YouTube on how to get rich because even though I now earn a lot of money. talking on YouTube about how to make a lot of money, that's not how it initially started.

My first Fay to make money was when I was about 16 and I worked part time all through high school at which time I got paid $1 for every photo I took. I took Photoshop as a marine aquarium wholesaler, so instead of getting paid for my time, I got paid for the results on a really good day. If I focused, I could earn between $80 and $120 for about 5 to 8 hours of work. I work and I loved it now. I generally don't recommend other teenagers follow this advice, but I usually skipped school work on the weekends and took advantage of every holiday to earn even more and by the time I turned 18 I had about $5,000 saved.

From there, I decided not to go to college and instead use some of those savings to get licensed as a real estate agent so I could do that full time, even though I didn't know anyone in the industry and had no Having no idea what I was doing, I spent every weekend going to open houses and asking other agents how they could grow their business and, by sheer luck, I met an agent who allowed me to work under of them, help him with whatever he needed and any business he brought in would be split 50/50 from then on.

I spent the next four years working 10-12 hours a day, 7 days a week, taking on any business I could and saving all the money I made since I was paid in full. On commission, my income was extremely consistent, so I took saving and personal finance very seriously. I budgeted every penny that came in and out of my account. I didn't spend money unless it was absolutely necessary and I treated every dollar like it was the last dollar I would ever make, but it was worth it in 4 years. I had about $200,000 saved thanks to a combination of a growing clientele, some very lucky listings, and the frugality to resist the temptation to spend it.

It was at that time that I noticed my wealthiest clients had started investing in real estate and after I helped one of them buy a property in San Berardino, I realized I should do this too, so I spent months watching potential properties every weekend and writing global offers for every home I came on the market within certain criteria, but in doing so I was able to purchase three bank owned properties which I subsequently renovated and then rented from there. I continued to reinvest as much as I could. I slowly started to grow my business as a real estate agent, I took on higher priced listings, my previous clients started referring me even more businesses, and suddenly I started making a lot more money, allowing me to purchase a fourth property in West Los Angeles around my 26th birthday, which I later arranged. and then rented it out by which time, between raising equity from four properties along with cash in the bank, I had reached a net worth of one million dolls by the age of 26,

starting

with zero in 10 years before even make a YouTube video about it. but in terms of the practical steps you can take along with the blueprints everyone else can follow, this is what I recommend number one.

If you're going to do this in 10 years, you need to save as much money as possible. As you could say without this part, the whole plan fails and when it comes to increasing your net worth at the end of the day, it doesn't matter how much money you make but how much of it you will actually be able to keep. I can't even begin to tell you how many people I've seen make $500,000 a year and spend $48,000 of it on random expenses that make no difference. As proof of this, just consider that 20% of people earn more than $250,000 a year.

They spend 15% more than they deposit in their accounts and others are not even able to save money with 500,000 dollars a year, so if you want to know the secret of how I was able to become a

millionaire

when I was 20 years old, it was because I lived as if I was broke and spent like I was earning the minimum, even today I buy used cars that don't depreciate in value. I only spend the money that my investments generate. I don't buy designer clothes and I subscribe if you want. I haven't done it yet of course, I understand that I'm extreme when it comes to finances and it's not for everyone, but I have to say from my experience that most really successful people don't have an income problem, but rather a bills. problem and by cutting out what is not absolutely necessary, you will be getting much closer to reaching the million dollars.

Secondly, if you are going to do this in 10 years, you will also have to make a lot of money from my experience. If you want to speed up the process a lot, choose a career that doesn't depend on how many hours you work, even if you ignore the rest of the video and only focus on one thing, Let It Be this, because it's very important every time you work on a career. that pays you based on a certain number of hours, chances are you'll plateau pretty quickly before hitting a ceiling, but as soon as you start working in a career that pays you based on results or tasks, your Income could skyrocket because the number of hours didn't make any difference to me.

I did this working as a real estate agent because it didn't matter if I worked 2 hours or 200 hours, if the house didn't sell I didn't get paid, so it really depended on using my time efficiently and creating a schedule that maximized the amount of money that I could earn personally. I think sales is one of the most underrated careers out there because it often serves as a stepping stone to making more money while teaching you everything. You need to know about time management and customer service efficiency now, of course, if you're not the type who wants to go into sales but still want something stable and at the same time be able to make more money, just consider this: Discovered That employees who change jobs every 2 or 3 years earn twice as much as the person who stays at the same company, so consider changing careers to take advantage of your skills or learn something new to make more money, especially now that many companies are experiencing a talent shortage and are willing to pay anything.

It is possible to find the right person, although in general I will say that most of the people I hear about who can make a lot of money relatively quickly do so by starting a business, they saw an unmet niche and created a solution to a problem or they saw a existing business and discovered a way to do it better, obviously this is a big risk and a big time commitment, but if you find an industry that scales quickly, you can make a lot of money and finally, before moving on to the practical step . Step-by-step plan number three.

Realistically, you will also have to invest your money. The fact is, even though I kept my expenses extremely low and increased my income throughout my 20s, I wouldn't have become a millionaire at 26 if I had. Not investing as an example, just consider this: If you want to save your way to a million, in 10 years you'll have to save $273 a day or $833 a month to make it happen, but if you invest your money instead. You could get there with just $158 per day or $4,750 per month with an average return of 8%, although at the same time I understand, although it's good to think about how simple this would be in a hypothetical scenario, investing $4,750 per month is easier to Doing this requires you to keep $57,000 a year after taxes and not including your own cost of living, such as house and car payments.

Sure, everything else adds up if you can actually save $57,000 a year after taxes, you're probably already winning. between 1 and $120,000 a year and at the same time I'm excessively frugal at the same time, of course, some people might say, but I can make a 15% return on my money and do it with much less and my friend makes 30% year. month on your cryptocurrency investments, so this is false and yes, I admit that you could take a different approach to your investments that could make you a lot more money, but there is a problem: either you get a return that is directly proportional to your chances of losing money. or it's an investment that's going to require a lot more work than you initially expected, there's nothing free for me.

I enjoy the long-term consistency of investing in the stock market through a well-diversified index fund because it's really hard to mess up, 99% of people can get started in less than 5 minutes, but anyway, in In terms of practical steps that anyone could implement immediately, this is what I would do, first, reduce as many expenses as possible, calculating the bare minimum. You need to survive along with some discretionary income from time to time and from then on, everything you earn will be automatically invested. Secondly, determine how you can make more money, perhaps consider changing careers, learning a trade, starting a side business or getting started.

In a part-time home business, the fact is that it won't be possible if you make less than $50,000 a year, but the good news is that there are plenty of ways to make more money if you're willing to put in the extra time. Once you have saved enough money, I would highly recommend that you reduce or completely eliminate your housing expenses by doing what is called house hacking. This is where you buy a multiple family property such as a Triplex or Fourplex duplex and then rent them out while you live in Usually one of the units, when you do this right, the other units will pay the full cost of living, allowing you to stay there for free and at the same time buy a property at exactly the same time instantly, which could free up your entire home payment and only By saving that 20-50% difference, you will be on your way to a net worth of a million dolls much faster and fourthly, if you are interested in hacking houses, you could repeat that process every 18 to 24 months, for example, banks are allies.

Getting a low-interest fixed-rate loan is a primary residence of up to four units, as long as you intend to live in the property for the first year, that means you could buy a cash-flow property, move into one of units and wait for another one to arrive. along Buy with that rent the old unit and start the process again while gaining capital and cash flow at the same time or if that's not your thing, at least if you do this once it is possible to significantly reduce your housing expenses . That way you could reverse the difference, but I understand since everyone wants to follow specific numbers.

Here you go, if you are 20 years old and want $1 million by the time you are 30, you will have to invest $4,750 a month. with an 8% return, so if you could find a way to average $120,000 a year before taxes while living on $3,000 a month you could achieve that goal, of course as I mentioned some investments could help speed this up depending on how involved you want to be. As with real estate, if you can save up to $50,000, you could use it to purchase and renovate a two- to four-unit building for $250,000. If you find the right deal, a strategic renovation should be able to increase the value of that property to $300,000 and all of a sudden, you've doubled your initial investment.

Suddenly, if you're able to replicate that strategy every 18 to 24 months, you could reach $1 million much faster. If this seems far-fetched, this was literally Mike's example. Rosart, who I had on my channel a few years ago, is a great example of someone who grew to have a million dollar portfolio while working ata day job with no crazy income, he just lived extremely frugally, invested everything he could, did a lot of the work himself. and he learned as he went, but okay, what about everyone else who has no interest in doing that and doesn't make $120,000 a year? Well, the honest answer is if you're already saving as much money as you can and if you don't have enough discretion left over, you'll need to increase your income, whether by searching the job market, learning a new skill, or taking on a side hustle at the end of the day. .

It's about building a $1 million portfolio. numbers and while your expenses tend to be the easiest to control to point you in the right direction, your income will be the speed at which you reach your goal, so by reducing your overhead while increasing your income and diligently investing the difference you I could work backwards to be a millionaire in 10 years without it being any more complicated than that, so with that being said, guys, thanks. Thanks so much for watching, as always, feel free to add me on Instagram. Thank you very much for watching and until next time.