Becoming a millionaire is one of those significant financial benchmarks we all hear thrown around - but becoming one isn’t as difficult as you think, it’s mainly just a simple numbers game, and here’s why.
“Millionaire” seems to be the first number people think about when they think wealth - but only 5% of people in the US actually ever achieve that number, and it’s even smaller when you only count individuals vs household net worth, and even smaller when you count for people that are self-made versus inheritance.
This is how I’ve done it and you can do it, too. My background: no college degree, I didn’t come from family money, no inheritance, I won’t say my exact net worth but it was over a million by the time I was 26. And even though I’ve had fairly high income throughout my career in real estate, I wouldn’t be worth over a million had I not done these few specific things.
To start, it’s really all a numbers game. You likely won’t do it by saving your way to a million. To save up $1,000,000…if you saved $50 per day…it’ll take you almost 55 years to reach $1m. And in 55 years from now, $1,000,000 will barely be enough to buy a BigMac when you factor in inflation. Even if you saved $200 per day, every single day, it’ll take you 13.5 years to get to a million dollars!
Instead, the most consistent way to reach the million dollar net worth mark is to invest. Think of it like leveraging your time. You can’t just trade your time for money - there’s a limit to how much you can do with one hour for $x dollars - that scenario will potentially take you DECADES. You NEED to trade your money for more money to hit a million in a much shorter time frame. And this is how you’ll actually hit $1,000,000. Once your money starts compounding and you let your earned money make you, even more, money, that’s when you begin to see your net worth growing at a dramatically faster rate - much faster than you can do on your own.
To make the most of this, don’t waste money on useless things and live below your means. It’s also vital to start as young as possible. Thanks to compound interest, the sooner you start, the more you will have later on. Also, think long term - not short term. Realistically, you won’t hit a million in a few years unless you make a ton of money in a business, invest at the right place and time, or end up in unique situations where you can expect a huge payday. For almost everyone else out there, it’s just a matter of saving, investing, and keeping your spending at a minimum throughout the process. That’s all there is to it when you really get down to it. Breaking it down makes it a much simpler goal. Enjoy!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com. Add me on Snapchat/Instagram: GPStephan
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
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