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Monday 29 January 2024 19:27:20 GMT
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3 ways to become a millionaire  I’m a self made millionaire, today I’m going to share with you 3 ways that you can become a millionaire too - with the third one being the quickest and easiest way to get rich. When people don’t understand how money works, they think that the average millionaire must have worked for, earned, and then saved a million dollars to reach that elusive 7 figure net worth - but that couldn’t be further from the truth. If the average annual wage in the US is $59,428 a year, With an average annual tax rate of 24.8% - meaning $14, 738.14 per year in taxes, and the average annual living expenses for a single person is $38,266 per year... This would leave $6,424 a year to save, meaning you’d need to save for over 155 years to become a millionaire with this strategy. That’s a no go for me. So if putting your money into a regular savings account isn’t going to get you there, what about buying CDs (certificates of deposit)? Right now they’re offering about 5% completely risk free - and I’m seeing a lot of people start piling their money in thinking it’s the best option. But is it? If we took that same $6,424 a year and invested it into CDs, it would take 45 years to grow that money into a million dollars. And that’s using the current 5% rate, which is much higher than the average of 1.38% a year. If we used the average return, it would take 60 years just to get to half a million dollars. Now there’s a third option, and it is the quickest and easiest way to become a millionaire - and that is through investing into the stock market.  I have a free training to help you learn more. If you invested that same $6,424 a year into the stock market, using the average historical annual return of 10%, it would only take you 30 years to become a millionaire. The best part is if you invested this money into a Roth IRA, or TFSA in Canada, this entire million dollars and $863,000 of compound interest would be tax free. Take our free investing masterclass to learn more or apply to work with me as your 7 figure mentor, link in bio.
3 ways to become a millionaire I’m a self made millionaire, today I’m going to share with you 3 ways that you can become a millionaire too - with the third one being the quickest and easiest way to get rich. When people don’t understand how money works, they think that the average millionaire must have worked for, earned, and then saved a million dollars to reach that elusive 7 figure net worth - but that couldn’t be further from the truth. If the average annual wage in the US is $59,428 a year, With an average annual tax rate of 24.8% - meaning $14, 738.14 per year in taxes, and the average annual living expenses for a single person is $38,266 per year... This would leave $6,424 a year to save, meaning you’d need to save for over 155 years to become a millionaire with this strategy. That’s a no go for me. So if putting your money into a regular savings account isn’t going to get you there, what about buying CDs (certificates of deposit)? Right now they’re offering about 5% completely risk free - and I’m seeing a lot of people start piling their money in thinking it’s the best option. But is it? If we took that same $6,424 a year and invested it into CDs, it would take 45 years to grow that money into a million dollars. And that’s using the current 5% rate, which is much higher than the average of 1.38% a year. If we used the average return, it would take 60 years just to get to half a million dollars. Now there’s a third option, and it is the quickest and easiest way to become a millionaire - and that is through investing into the stock market. I have a free training to help you learn more. If you invested that same $6,424 a year into the stock market, using the average historical annual return of 10%, it would only take you 30 years to become a millionaire. The best part is if you invested this money into a Roth IRA, or TFSA in Canada, this entire million dollars and $863,000 of compound interest would be tax free. Take our free investing masterclass to learn more or apply to work with me as your 7 figure mentor, link in bio.

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