The #1 Way to Become a Millionaire | Study of Millionaires

Learn the #1 way to become a millionaire in today's video on the study of millionaires. There are 4 types of millionaires, according to a recent study. We'll go deeper into this and teach you which type is the best for the average person. The best part is: anyone can do it!

(Recorded August 16, 2022)
#millionaires #psychologyofmoney

0:00 The 4 Types of Millionaires
2:35 The most important thing
3:24 Saving for retirement - explained
5:45 The Millionaire Next Door
6;38 Everyone can do this

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[genxretiree]

It’s definitely not what you make but what you keep. I also like don’t chase the money let the money chase you while doing work you’re passionate about.

[daveclark]

EM does a great job with information on how to select investments, buy/sell options, trade, etc.
I'm finally at a point where I can invest 50% of my take home pay, but for some, it is a very long road until they can begin to save/invest because of low income or large debts.
I wonder if EM will ever get into that aspect of finances (e.g., getting out of debt, cutting expenses, etc.).
We don't have any channels for that in the EM chat either.
I was only thinking of this because in the video an example was given of saving 20% of take home pay and many people are not at that point yet.
Thanks for a great video! 👍

[PonderDuke]

The option strategy is not without risk. It's not as easy as just doing it. The circumstances should be correct so it's not a steady guaranteed income stream. I do sell put options for the stocks I would like to buy. But I can't do that every month or week without much risk. Because the risk reward ratio has to make sense. Only when you have millions to trade with it can be a steady income but then again you might want to have those millions invested instead of using them as margin for the option trades.

[chrismcdonnell]

If you want to become a billionaire you better get a rock solid prenup!

[Eli-vfio]

If I run out of money in my 90s not sure I’ll be too bothered by then!

[empemitheos]

what about the general small business owners and real estate investors? there are boring businesses to start that make a lot of money and don't require having some type of dream or unique idea

[jimmyteerex]

Think 9.9 percent returns off an ETF this century are excessive. Last century we were able to grow the economy and businesses through both increased resource extraction and increased resource use efficiency. This century, in most cases, we will no longer be able to grow through increased resource use so increased resource use efficiency will be our only option for growth. I'd say an 8 percent average compounding return from something like the S and P 500 would be more realistic for the years 2000-2100.

[glenntunguia]

The problem is not all are fit for the stock market they start selling if they see stock goes down like what happen to intel

[wp]

$6, 000, 000 isn't enough to retire? 😭😭

[foodini]

i would say best way it to inherit a bunch of money or 2) not get married and have kids if you don't inherit a lot of $. nice video on a serious note.

[MaxMustermann-yjwz]

And when you finally have a million by the age of 60 you will be able to buy a middle class car for that money.
NICE

[Bravo]

With having only a high school diploma, my wife and I have reached this by age 60, bought real estate, invested in etfs and stocks, goes to prove not everyone has to have a college education, money helps but doesn't buy happiness.

[raxitkaria]

Talking factually it's impossible to be real millionaire just by Saving investment unless you save like 50-60% of your income every year for 10-20 years on an average with compounded returns of 15% around. The problem lies in what your million 10-15-20 years down the line would be worth. Billionaire would be new millionaire back then. I have seen this happening with my family in India. It's just stupid to target million or billion etc. Rather goals should be relative like being in 5% of population then 2-3% and eventually 1% of population.

[Fatalinvesting]

Paul, this is great but I do not want to wait until 65 to live my life. I want to retire early without robbing a bank or selling a kidney.

[nuclear]

Paul... How the hell is a 100K$ annual salary is the standard? Is this how easy it is in America? That's how much a person with education gets paid?

I'm baffled, Here in my third world country.. with a master's degree working in a tech company the average is around 60K$ BEFORE TAXES. and the taxes are HIGH.

I knew I'm living bad here in terms of returns but damn.. Did not know America was THIS far better in terms of living costs and salaries..

[peterplus]

Unless we have the great reset....when "you will own nothing and be happy", or eat bugs as the new protein that is being suggested.

[fred]

How not to become a millionaire, investing in TTCF.

[Sean-jbgi]

Dont forget the Doctors and Lawyers will have 250 to 400K in Student Loans

[commonsense-oggz]

does anyone go to the opposite extreme, and invest 40% to 50% of their paycheck into a conventional broker account, to try and speed up retirement, even though they are mutual funds?

[fantastikfanatic]

That is completely and factually incorrect... The #1 fastest way I became a millionare was when I inherited a million $