Accountant (CPA) Explains: Why $100K is Tough but $1M is a Breeze! ❄️💸

💰 FREE MONEY - STOCKS & CRYPTO:

😎 INVESTOR SUPPORT:

✅ SPECIAL OFFERS:

📚 BEST PERSONAL FINANCE BOOKS:

🛒 MY GEAR:

******

WATCH NEXT:

▶ Top 3 Index Funds/ETFs to Buy in Canada 2024 | Investing For Beginners TFSA/RRSP

▶ How Dividends Are Taxed in Canada | How to Live off Dividends Tax Free

******

0:00 Understanding Compounding
1:25 The Snowball Effect in Investing
2:17 Real-Life Example of Compounding
5:03 The Power of Dividend Reinvestment
7:40 Avoiding Lifestyle Creep
9:01 The Impact of Starting Early

Achieving the first $100K is undeniably challenging, yet it’s a vital steppingstone towards financial prosperity. The strategies to reach this milestone faster include:

1. Enhancing Earning Potential: Invest in skills and opportunities that increase your income. Embrace side hustles, seek promotions, or change jobs to higher-paying roles.

2. Smart Budgeting and Spending: Vigilant management of expenses, prioritizing savings, and investing wisely can accelerate the journey to $100K. Every dollar saved is a dollar that can grow through investment.

4. Investing Consistently: Regardless of market conditions, regular investments in diversified portfolios can leverage the power of dollar-cost averaging, mitigating risks and smoothing out returns over time.

Crossing the $100K threshold in net worth is more than a milestone — it’s the gateway to exponential financial growth. By understanding the mathematical principles of compound interest and implementing strategic financial behaviors, individuals can significantly accelerate their wealth accumulation process. Remember, the journey to financial independence is marathon, not a sprint, and the real magic starts happening once you’ve laid down a solid foundation of $100K

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.)

#wealthbuilding
#financialfreedom
#compoundinterest
#investingtips
#sustainablewealth
#moneymindset
#NetWorthGoals
#financialliteracy
#investsmart
#wealthjourney

[DanishGhaziCPA]

🌟 Imagine a life where money isn’t a barrier. 🌟 If all your financial needs were met, what would your dream life look like? Share your vision in the comments below!

[derekcox]

I’m 53. I never made more than 65k dollars a year in my whole working life. I barely finished grade 12, but I am a millionaire at this point. So I can absolutely confirm that yes, saving small amounts of money, consistently over 35-40 years will make a million dollars. Just don’t ever raid your savings. You have nobody to blame but yourself if you make excuses to rob your own future.

[Sean-Ward]

I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?

[neolithic]

Wouldn't the 5% of $6000 be $300 of dividends?