How to Become a Millionaire on a Low Salary

In this video, I'll show you 3 levers you can adjust to easily make $1,000,000.

Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich"

[devilmonkey]

I've worked as a machinist for 31 years now, since I was 18. Not the best pay or benefits.
I cracked the $100k mark at 30ish and now sit at 1.3Mil at just under 50 years old.
I'll be done working by the time I'm 55-59 1/2

Keep up the savings, and it'll pay off in Best thing I've ever done.

[scottb]

How to get $10 per day at any age. Quit smoking, quit drinking, shop for cheaper insurance (any type of insurance), cut cable, cut streaming services, shop at Aldi, make your own meals, get a different job, ask for a raise, get a side hustle. Turn down the heat by a degree or two, raise the a/c by a few degrees, pay off debts, buy a older less expensive car that will lower insurance and taxes, stop buying unnecessary stuff, lessen your travel budget (there are many ways to do this). Stop buying meals out, stop getting the daily coffee out. The list goes on and on.

[MiketheNerdRanger]

"Investing is boring" is single handedly the most important investing advice I could've gotten.

[MNP]

It took us 35 years to get to 2 million, but we were lucky because our entire family stayed healthy. You should interview a family with medical struggles (i.e. multiple family members with Type 1 diabetes).

[ramitsethi]

You can spot the doomers by the comments on this video: "BUT $1 MILLION WILL ONLY BE WORTH $250K WHEN YOU'RE 78!" First, these numbers already factor inflation in. Second, what's the alternative? To sit around and leave disaffected comments on youtube? If you want to become a millionaire before your 50s or 60s, start a business. Negotiate your salary. Find a new job. I show you how to do every one of those things at iwt.com/products. But you can't do any of those if you sit around trying to leave "gotcha" comments about inflation (which you're wrong about anyway). I share my material because I believe everyone should live a Rich Life. You can even do it with a low wage! But you have to start to take control of your own finances and not wait for things to change on their own.

[Yourmission]

I’m following Ramit’s advice and have been for almost a year, and I can say the overarching theme here is to make those changes in your life that allow you to “live your rich life”. At least for me I was surprised to see how quickly things took flight, automate your finances if you can, check back every once in a while and you’ll be pleasantly surprised

[NM-hqio]

Close to finishing your book --> set up my ISA, set up my savings goals, set up my billings to be taken out on more or less the same day close to payday, calculated my costs, set up how much I need to set aside for the month & I now feel in control of my money, to the point where I bought a pair of Yeezys yesterday & felt no guilt because I already covered all the other areas of my life because of your system. Thanks Ramit!

[rannyorton]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

[zakkrick]

My coworker put 30% of his income per week and he retired at the age of 52 with a million in his 401k. Some people say that’s not a lot but don’t they have a million. My coworker and his wife worked things out so they both have their own retirement income to retire together

[andbroke]

Boy the end of this video was deep. And hit me hard. We just crossed into 7 figures. And i have a great pension comming @60 We were dead broke @44 y/o. We are now 51&52 y/o. My mom passed on December 29th. And my 21 y/o son is having a hard time finding his way. Despite all the help i have tried to give him. Money doesn't change how you feel. Great video

[nickix]

I had a lump sum of money sitting in the bank. I was advised by the bank employees to invest it years ago but still didn’t know enough about investing to do anything about it. 10 years later (currently times) I watched your podcast on DOAC and invested it straight after. Best thing I’ve done in my life.

[ebelen]

Great vid. Although I didn’t follow this advice until later in life, it’s something I pushed my son on. He’s 30 and has over $300k in retirement, with 80% of it in Roth. He’s won the game but needs patience for that to continue to grow. Ramit and others taught me this important life lesson of “time in the market.”

[gautamvishwanatham]

Ramit I bought your back in 2014 and the second edition too. I blindly put my money in target date funds in roth ira and 401k and works for me. Thank you!

[GabrielRodriguez-xdtb]

Ramit is the realest tbh. I want to buy him all the appetizers in the world. ❤

[alexisballard]

Great advice Ramit. I think most of the world would like to think retiring with a lot of money requires some super secret knowledge that they don’t know or don’t have access to, and the reality is we all control our own visions and behaviors. You really push us to empower ourselves and believe in the reality we’d like to create and that’s why I love this channel ❤ in a world full of blaming others, accountability is refreshing

[Sara-driu]

Thanks for the concise and well-paced video. I'm sharing it with my kids 🙌

[mjoseph]

Glad I watched until the end. That last tidbit is golden!

[KNIGHTDRAGON]

Hey Ramit. Love your content!

So in the video, the example used was having an annual salary of $50k to become a millionaire. However, the thumbnail shows a wage of $9/hr which equates to $18, 720 annually ($1560/month). Unless someone has absolutely no financial obligations, it's going to be very improbable for someone to invest and build wealth with that income. With $50k/year ($24/hr), it's much more probable to invest the way that was suggested. Salary definitely plays a role on not only how fast someone builds wealth but even if it is possible to do so.

[alyceelane]

Hey! Could you create some (or more) content specifically for those of us who started later in life and had one or more kids along the way - The “I wish I read your book 20 years ago” crowd? 🙂 Why? Because the “look what happens when you start investing when you’re 20” can be a little depressing. I did get your book, though, and I’m workin’ the program!

[YogaFlow-with-Jamaik]

“Real investment is like watching paint dry” 💪🏿 couldn’t have said it any better