How To Become A Millionaire In 10 Years Or Under

[@bryanhasling4338]

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]

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

[@CBW0314]

Darn Techies...

[@LiamOlivia-4]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

[@danguRobert]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@LiamOlivia-4]

@@danguRobert That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@danguRobert]

@@LiamOlivia-4 My advisor is VICTORIA CARMEN SANTAELLA;

[@danguRobert]

You can look her up online

[@FlorentGulliver]

@@danguRobert The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@sarahsunsetpark]

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]

*COVID crash 2020

[@unboxwithnicole2185]

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

[@gabygabygabys]

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

[@MoneywithKatie]

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

[@TenaRoberto]

Im 53 starting from scratch. Im EXTREMELY devoted, disciplined. Started this year and have 5000 invested to start with 1400 saved. Im going to find a way to do this. Now that I don't spend that was one obstacle. Now knowing what the heck Im doing lol. Learning as much as possible. Unfortunately its just me. After divorce had to start over. Great content. Im 100000 short . Need to make more😮

[@chriscallaham8729]

You said you would "only" have to invest $72,600 per year lol, I know you touched on this, but no, based on the title and what not I thought for sure you would mention a number much lower. This is totally disconnected from the idea it is just as achievable for low income earners. I make 75k, more like 90 some odd all together, but this is not realistic for me, and I'm fairly certain a lot of people are making less than half what I do, this is surely pretty gosh darn confusing and discouraging to them.

[@_shannons]

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

[@educatedwanderer9293]

I've been maxing my 401k and Roth IRA every year since 2016. My goal is to keep doing so until 2029 when I plan to retire. That will be 13 years of about 40k each year being invested. I'll add all this to my saving and investing I have already from age 23 to 46 when I saved and invested reaching 1 million. Hopefully my catch up strategy will get me to the next million faster.

[@somerotter]

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

[@Mona-s2e]

Yes!! I would like more videos for people who make 50k or less

[@Matty-Freitag]

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]

I answer this question in a different video! kzbin.info/www/bejne/pWPYq6CNjNCmnsk

[@Matty-Freitag]

@@MoneywithKatie Thank you! :)

[@natelammers652]

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

[@bigp169]

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]

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!

[@sarahg.356]

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]

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

[@IAmebAdger]

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

[@CBW0314]

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

[@financeabcs]

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

[@timmy2870]

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...

[@amyamira99]

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

[@MoneywithKatie]

Thanks so much, Amy and kudos to you!!

[@leemaypranke3089]

Have been a loyal listener since I discovered Katie, the best of the best!

[@MoneywithKatie]

Thank you so much!

[@kr7006]

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!!

[@Irene1208Lano]

I enjoyed your show and Ms Barros.

[@Victoria-wp3sd]

Thinking we have an extra $40,000 a year to invest annually… hahahahahaha

[@Kevin-fn1rn]

Not everyone is broke

[@katielynnmokrzycki125]

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]

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

[@donaldlyons17]

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]

1 million even if spent is 1 million right?

[@financeabcs]

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

[@MoneywithKatie]

Thanks and welcome!

[@financeabcs]

@@MoneywithKatie 🤙🤙🤙

[@jacobmusha7188]

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]

This.

[@donaldlyons17]

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]

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

[@KERK666JONES]

Mid 30’s, single, 2000k/month = fml 😅

[@mikehill9538]

$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]

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!

[@davileett1224]

Lol, putting $72k a year into investments without making six figures.

[@fortgrove3166]

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

[@veganspace]

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

[@pb25193]

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

[@mgdiaz2158]

That's a lot of money to invest in a year, how many people can do that.

[@user-ku5vm5jb1h]

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

[@user-ku5vm5jb1h]

Sweetie, almost nobody makes these incomes…

[@nicholasklemm660]

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]

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

[@jordanmadden7388]

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

[@shigor]

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]

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]

@@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]

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]

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