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The Easiest Way To Become A Millionaire | How To Be Rich For Beginners

Becoming a millionaire is often sold as a nearly impossible to achieve which is why so few people ever achieve significant wealth however in reality becoming rich is super simple now I'm not talking about buying lottery tickets and wishing for the best however the method I'm about to explain is just as easy if not easier to employ then buying a lottery ticket therefore in this video I will share with you the easiest way to become a millionaire and if you're new to the channel then hit the subscribe button below for more life-changing content now I know what you're thinking if this method is so easy then why isn't everyone rich the simple answer is that far less people than you would expect know about the strategy I'm about to reveal which is unfortunate because if you know how to turn on a computer you can literally become a millionaire now I know this technique already sounds like it's some sort of scam but let me make something very clear this is not a get rich overnight scheme in fact accruing a significant wealth using this method will take many years but later in this video I will share some tactics that will help you accelerate the process so you don't end up amassing your wall so when you're 95 years old and can enjoy it so what's the easiest way to become a millionaire investing the single most crucial thing you can do to ensure a prosperous financial future is investing and the sooner you start the easier it is to get rich now if you're like the average investor you were probably skeptical of how reliable the market is when it comes to keeping your investments growing year-over-year but this method of wealth accumulation is tried and true over the last 100 years the stock market has averaged a 10 percent return this type of return is accessible to anyone that is relying on a low-cost index fund as their investment vehicle mean that you don't need to hire some fancy money manager to be able to achieve these levels of return like I said this method will definitely make you rich but it won't happen overnight let's use an example to illustrate let's say right now you're 25 years old and you decide to invest $500 a month in a low-cost diversified index fund if you do that until you're 60 you'd end up with 1 million one hundred and forty eight thousand four hundred and eighty-three dollars allowing you to add your name to the Millionaire's Club now I promise method was easy and I want to share with you just how easy it is to set up this type of investment strategy in fact if you have automated bill payments set up for things like your cable rent or hydro then you've already got the skills and know-how to become a millionaire investing in an index fund works in a similar way where you can set up an automated deduction from your bank account to route the 500 dollars into your investment account all you have to do is set up this account in the first place and provide a voice check so the money can be transferred and that's it every month your 500 dollars will be transferred from your savings account into your index fund allowing you to be one month closer to your millionaire lifestyle but what if you want to speed up this process and become a millionaire sooner well luckily there are strategies that I will now share that will free up your cash and allow you to make bigger monthly contributions so that you can hit the seven-figure clubs sooner than you initially anticipated method number one investing in your 401k in most companies 401ks are offered to employees as a means for them to contribute to their retirements and when used they can definitely help accelerate your path to riches this is because typical 401k plans involve an employer's contribution where they will match part or all of the money you contribute in short this is free money and I don't know about you but I love free money so just how powerful is this method of investing let's say you have a generous employer who will match up to 5% of your total salary for every dollar you personally invest in your 401k if you are in $100,000 then your employer is essentially funding your investment portfolio with an extra $5,000 a year if you took advantage of this extra contribution to your investments meaning that instead of investing six thousand dollars a year or five mature dollars monthly you were instead investing eleven thousand dollars or nine hundred and twenty dollars a month you would be able to reach a million dollars in just over 23 years making you a millionaire in your late 40s instead of at age sixty like the example I used earlier in this video method number two tracking your spending now that you have your investment account set up and you are making monthly contributions you're on your way to becoming rich but in the instant gratification world we live waiting multiple decades to become a millionaire isn't exactly easy so another way to speed up this process is to begin tracking your expenses diligently you may be wondering how would this help your investments grow faster and it won't make the currently invested cash grow quicker but it will allow you to find money you can use to increase your monthly contributions for instance you may be spending $300 a month on drinks and partying and while it's important to have fun what if you could add $200 of that money into your investments while still leaving you with play money to enjoy every month it may not be overly appealing at first but when you crunch the numbers you may think otherwise adding $200 to your normal $500 monthly contribution would speed up the time it would take to hit the million dollar mark by nine years ask yourself am I willing to trade a few nights out of partying for an extra decade of riches the reality is that you should already be tracking your spending but if you aren't then now is the time to get started for the next month keep track of every single penny you spend from your monthly rent payment to that dollar for a cup of coffee jot down your expenses in a notebook or use personal finance software like mint to keep track of your spending make sure to consider your automatic payments and hidden costs to your monthly subscription and Netflix or bank transaction fees are sneaky culprits that will drain your savings potential every single month and a fancy apps aren't for you write down your expenses in a notebook instead simply saying all your expenses written down in black and white can be a revelation for instance you might realize you've been blowing nearly $30 a month on ATM fees or $50 a month grabbing a snack at the convenience store on your way home from work seeing how much these nickel and dime expenses are costing you could be the wake-up call you need to diligently assess your spending habits and use these funds to fast track your wealth journey method number three unlocking cash now perhaps you're tracking all of your expenses and none seemed reasonable to cut not to worry there are still ways to unlock more of your income to use for investing the next strategy you can use to unlock cash is by negotiating down your current set of expenses I will be willing to bet that you've never tried to negotiate your monthly expenses like your gym membership cell phone plan cable or even your credit card balanced all you have to do is call the customer service lines of these companies and explain to them that you were a valued customer and that you wanted to discuss discounts or reduction to your current billing arrangement companies are much happier to give you a discount than lose your business completely as 80% of your money is definitely better than zero but this technique only continues to get better not only does this mean you don't have to lose any of the benefits but you can negotiate your cost with these companies a few times a year meaning that over time you will start to see noticeable decreases in your monthly bills and more importantly larger contributions going into your investment account moreover by convincing companies to lower your monthly bills you will have further developed your negotiating skills which will come in handy when you go and negotiate a raise with your employer like the monthly bills whether due to a lack of skills or confidence most people never even attempt to negotiate their salary but this is another goldmine when it comes to unlocking cash now if your work has been terrible the negotiating probably won't get you very far but if you are a high performer then more likely than not your boss wouldn't want to lose you and will be willing to bump up your salary to keep you around even a 3% raised on a salary of $60,000 is an extra $1,800 a year allowing you to increase your monthly contributions by more than a hundred dollars a month which as you know will cut down the years it will take to become a millionaire method number four building new cash flow streams you've been investing consistently in your 401k I've tracked every penny you spend and have negotiated down your monthly expenses but still unable to contribute the monthly amount you desire well these are honourable strategies for freeing up cash to invest with the truth is that at some point you simply cannot reduce your expenses any further and need to instead work on generating more income some quick wins when it comes to earning more income include getting a part-time job or doing freelance work in the past have done freelance working copywriting design and coaching and I can confirm that it is definitely a viable way to supplement your current income when I was freelancing taking on an extra project a month allowed me to make an extra 300 to $500 a month which significantly increased my ability to contribute to my investment accounts but as people use say when I bring up the idea of freelancing what if I have no skills to offer clients chances are that you have numerous skills to offer but you just haven't taken inventory of what they are for instance if you're a good writer you can offer to write freelance articles or proofread other people's writing moreover if writing isn't your strong suit you can offer to work as an administrative support for someone who wants to offload simple tasks the reality is that there are thousands of people who need assistance in their day-to-day lives and by identifying what skills you have to offer you can supplement your income and lend someone a helping hand another means of making money is by starting and growing an online business since you will be investing for years to come it makes sense to build a business over time that can help you increase your contributions your online business could revolve around anything like selling software physical products advertising or even coaching if you have expertise in a particular area now obviously there's a lot that goes into creating a business based on these models like getting traffic building an audience launching a product or services but it's quite doable if you have the patience and determination well I believe that working part-time or freelancing is great to make cash quicker the potential for earning through an online business is much greater due to the ability to reach people in large quantities for instance if you were able to build an audience of just a thousand diehard fans and sold them a product for a very reasonable ten dollars that would net you an extra ten thousand dollars a year which one put into your investment portfolio would dramatically reduce the time it would take to become a millionaire so there you have it the easiest way to become a millionaire it's now on you to start your own investing journey thanks for watching if you want to go from the life you have to the life you deserve then hit the subscribe button now

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