5 Key things that can make you a Millionaire in 10 years

5 Key things that can make you a Millionaire in 10 years
My YouTube colleague over at 'Minding The Data' asked what were my top key reasons why I became a millionaire; this video is the result of that conversation. It is my hope that people out there can take something from this video and know that it's 100% possible to beat the statistics and get ahead in life. I am here to help you. I have dedicated my channel to make sure that anyone who asks me gets a straight, honest, answer about how you can get a bit of success in life. I know I am only at the start of my journey, but I didn't want to wait years to share my knowledge with others as I kept seeing fake gurus popping up everyone with camera crews shooting cool videos...I wanted to get back to the simple truths that work...no tricks, no gimmicks, no unrealistic timelines; just one person sharing anything and everything that will help YOU get ahead. It is my hope that I can spark some interest in your heart about proper investing techniques so that you'll start this at the right food.

Links to other videos:
How to get higher pay https://youtu.be/jCfdjAqE_r0
How to get a job after College https://youtu.be/RbtqJNZrPJg



So, here are my 5 Top Tips/Keys/Reasons why I was able to go from 0 - 1.6M in 10 years:

* Key 1: Reduce cost
* College degrees don't help much, especially in business. So, no need to get expensive degrees. Go to cheap schools and reduce your debt coming out of college (community colleges etc). 
* Don't buy new cars, get 7 year old cars; I drive a 10 year old Lexus 450h now. With interest, it would be 60k+ but I got it for 19k - it's uber nice but cheap af

* Key 2: Invest early and big
* Stocks: Don't be timid with stocks, buy big and buy early. I screwed this up big time. I invested late and, then, I made mistakes and lost big. But I made up for lost time by investing big into investments which have worked for decades (based on recommendation from Warren Buffet and his videos). Invest in VFIAX (or etf VOO) 90% of your fund. This is a fund encompassing 500+ of the best companies in the US.
* Real Estate: I bought 2 houses when the market crashed. Learned a lot about locations and prices. One of the houses went from 325 to 1M (now it's down to 830k). Another house went from 327 to 531 and I sold it. So, buying real estate during crashes (there is a crash coming up in 2021-2023 I think...so, you are in luck! get to work, start saving and be ready to buy)

* Key 3: Get a high paying Job
* This is huge. You MUST work towards a high income job. In my last Job, I made 165k base/195k with benefits. If possible, you should also marry someone with a high paying job...or get them one. My wife didn't have a high paying job so I got her into my industry...and now she makes six figures (115k ish). The only reason I was able to "absorb" the stock losses and get a second chance on life was due to my high paying job and my real estate investments. For instance, last year, my wife and I invested over 10k per month. It doesn't have to be a job, but you need to generate high income somehow...it could be through commissions, sales, whatever.
* Hop jobs to get more and more pay. Keep shooting upwards

* Key 4: Marry a person who will build with you. This is one of the most underrated tips. But this is a huge plus. For like a decade my wife didn't care about investing and I kept trying. 2 years ago, I got her to invest a very small amount and I kept asking for her to increase it over time. Within 1.5 years, she had almost 80k-100k saved. She was surprised! and then she completely devoted herself to investing. She shares expenses with me. It helps me put more money away as a family.

* Key 5: (this is something that I have barely started doing...I'm late to this) Build your network. Talk to people in various niches you're in. For example: your high paying job, you need to keep a network of people and interact with them. I've been also reading what others are doing on r/fatFire (reddit) and it gives me lots of ideas. And, learn from anyone...no matter their status in life; everyone can have something to teach you...and teach anyone, regardless of their status in life, you never know who you'll help and how it can help you. Keep an open mind.


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0:00 START
0:52 Reason 1: Cost Reduction
3:47 Reason 2: Invest Big/Early
6:27 Reason 3: High Paying Jobs
10:06 Reason 4: Choose Wisely
12:47 Reason 5: Network
14:45 TL;DR


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