Do You Want To Be The First Millionaire In Your Family?

Do You Want To Be The First Millionaire In Your Family?

How would you like to be the first millionaire in your family? Well, it’s much easier than most would believe. If you’re like most people, you didn’t grow up in a family with a lot of money. Your parents were probably stressed out when it came to paying bills and they never had any extra money. All of what they brought in was probably gone just as quickly as it arrived and they probably used phrases like “money doesn’t grow on trees” or “money isn’t everything”. That doesn’t have to be you. You have the chance to be the first wealthy and successful person in your family. You don’t have to worry when it comes to paying all of your bills and you don’t have to pass on negative financial mindsets to your kids. By taking actionable steps today, you can be extremely well off in the not-so-distant future. Implementing these suggestions can pave the way for you to be the first millionaire in your family.

[cajunkeels]

The steps required for becoming a millionaire is really simple. The hardest part is the sacrifices we have to make. Often times our family/friends like to engage in activities that are quite expensive and we have to cut a lot of those habits to reach financial success.

[Riggsnic_co]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[Casey-summer]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[Peteliao]

I am 33 years old, and I just started maxing my 401k, HSA, and Roth IRA!

[jimv]

We became multi-millionaires by age didn't really change much for us....same house and car...
Still go to still have bills, think about inflation like everyone else, only benefit is we actually think LESS about money when you have extra just in case!

[simonworsley]

I’m the second millionaire in my family at 47. My uncle was the first and I looked up to him. Neither of us made sacrifices or did our own investing. Fairly simple process of riding the professional career ladder to partner, by which time our income far outstripped our lifestyle and simply invested the excess with a wealth manager. Nothing innovative or exciting but I’ve still managed to travel the world, drive a nice car etc. and I still have a mortgage but feel no compulsion to pay it off early

[TheRick]

Becoming a millionaire can be hard at this point, Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains.

[quantum.spectrum]

I became first Millionaire of my family by posting on YouTube

[danicegewiss]

My husband's grandparents were multimillionaires. They passed one house to his dad. We sold it and invested 10% of our share. We're debt free and continue to invest. We're close to being millionaires.

[gizmodagimp]

26 years old. 10k in the S&P 500 at the moment…will be investing 20k a year into the S&P from now on. Managed to stay at home with parents and cut out bad costly habits

[dustinjones]

Note, that most millionaires are calculated via net worth, which is different from liquid cash, even if that liquid cash is available at 55 or 59 1/2 from your 401k or IRA etc. Net worth is just adding up all your assets and subtracting your debt. I'm 100% debt free, with my house and car paid for. I am currently over a half million net worth. So let that motivate you more to save if you want actual spending cash of over a million if you want to be that literal of a millionaire.

[MauveHarris]

You could invest in stocks, start a side business, or focus on advancing your career. It's important to set goals and make a plan. Remember, wealth can mean different things to different people, One thing i can say that helped me in life to reach my first million was starting early, i got curious and informed i became open to passive income, investments in equities, etfs and the likes. also sought help to handle my portfolio which was my foundation. i'm ever grateful to Anna Rounds Fay my FA

[dylanmoris]

Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.

[AlbertGReene-pw]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[Quotesbyaizal]

Nice explained my financial coach 😊😊..❤

[ElliotWadsworth]

This channel inspired me to make YouTube videos! It’s been great documenting my investing journey! I hope my channel can be as successful as yours!

[PhilipMurray]

I think this should be the best time to put cash to work rather than allow it lie waste to inflation. I'm ready to invest about $350k of my savings in stocks. I just need ideas on how to navigate the bear markets and other sectors to diversify

[katelynrenesse]

You could invest in stocks, start a side business, or focus on advancing your career. It's important to set goals and make a plan. Remember, wealth can mean different things to different people, One thing i can say that helped me in life to reach my first million was starting early, i got curious and informed i became open to passive income, investments in equities, etfs and the likes. also sought help to handle my portfolio which was my foundation. i'm ever grateful to Emily Lois Parker my FA.

[mywifisoldme]

What whiteboard animation software do you use if you don’t mind me asking?

[jacobside]

Here's the thing. I'll only know what my parents have in money at their deaths. They could be millionaires in retirement or had been at retirement. They would have never let us kids know. I will hit millionaire status by the time I retire in 10 years.