Becoming a millionaire might sound impossible or highly unlikely, but it is more possible than you may think. And not only can you become a millionaire, but you can become a tax free millionaire, which is even better. The key is to stay consistent and start investing earlier. When you do this, you will have more time in the market and compounding interest will work to your advantage
00:00 – Start
00:35 – Mentally Tough
1:33 – Making It Tax Free
2:16 – Compounding Interest
4:37 – Starting Later
5:33 – Opening Roth IRA
7:22 – Budgeting
8:37 – Boost Cash
9:10 – Final Thoughts
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23 comments
10% annual return? Psshhhh, I can get at least 50x that return by yolo-ing on meme stonks
Love the Brady analogy 🏴☠️
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Get that money!! WOOOOOOOO
Compound interest, the 8th wonder of the world- Albert Einstein.
I wish I would have opened my Roth IRA sooner but hopefully in combination of my 401k and my Roth, we'll be millionaires by retirement. Love this one man. Take care and happy investing!
Love the running analogy. As a former marathon runner, that's what I had to do. And I applied the same to investing. It's not about the time, it's about the finish. Same with investing!
Small victories!!! 💪🏾
I thought with Roth you are paying the taxes before you deposit. Then it grows and is withdrawn tax free
good video. I'm starting my Roth IRA with fidelity this week. I was planning to put all my eggs in one basket which is the FXAIX (S&P 500 index fund) or FZROX (Total stock market index fund, 0 expense ratio. I'm 29 so i should've started younger but better late than never. do you think investing in one of these and holding until retirement is a good idea assuming monthly contributions? or is it better to diversify in bonds, international stocks etc
"Let compound interest work its magic like Tom Brady in the fourth quarter" 😂 lol great analogy there
The problem is that under normal inflation, every 20 years, money loses 1/3rd of its value. That means that what costs $100 in 2000 costs $150 in 2020.
Under normal inflation, over the course of 40 years, 1 million dollars becomes worth $440,000. Because the money invested is evenly dollar cost averaged over 40 years instead of investing the million up front, this averages the inflation to half, meaning your $1 million in 40 years is equivalent to a weighted worth of $720,000.
But that is normal inflation. In 2020, inflation due to debasement increased 12x, meaning that prices will increase from $100 to $150 every 20 MONTHS.
If money is printed at the 2020 rate over the next 40 years, the resulting $1 million will be equivalent to only $118.80. In 40 years from now, just one McDonald's paycheck would make you a multi-millionaire. But a loaf of bread would cost $8,417. This is how Zimbabwe ended up printing a $100 trillion paper bill. When their currency was first established, $1 Zimbabwean was equal to $1 USD.
If you are going to invest $90K of your own money in something, consider the fact that there will never be enough Bitcoins in existence for all the millionaires in existence today to get one each.
40 years boiz. 😂
M1 Finance going after WeBull. You love to see it.
I wonder what $1,000,000 will look like in 40 years 🤔
Back door Roth IRA. Contribute to traditional and convert to Roth IRA. This can allow you to get around the income restrictions. Look and see if you qualify for the back door Roth IRA if you are over the income thresholds
I have a question. Is not the same of I just put that money in a S&P 500 ? I can withdraw that money when I want.
6:00 man do I feel this! Lol. I got 12500 in my Roth IRA and still haven’t chose. A destination for it 🙁 I can’t make up my mind on what to choose? What would you recommend?
You have to admit that chase flex freedom credit card requires a person to have credit score of at least 750 -800 . So those with less will be denied point blank.
Great video. Great information. Thank you!
Thank you for sharing this video. So helpful, and very informative. i just opened my IRA and I'm learning so much from your videos.
This channel is a gem, how can it not have a million sub yet? 🙂 please keep it up!
you can only put in $500 a month max until you are age 50 independent of how many Roth IRA's you have.