my name is andrew this is a dry clean only sweater and that means this is the first
and last time i'll be wearing this sweater if we have another pleasure meeting my name is andrew
this is professor meatball and today we're going to talk about how you can become a millionaire
with the normal method which is work as hard as you can at a professional services job and see
where that takes you work in a smart way which is getting a six-figure salary with some technical
skills and making sure you're jumping your salary bonuses each two years three years or so and then
finally the boss mode which is you become your own boss start your own business and see where that
takes you we're going to cover all three of those methods and i think you're going to really enjoy
smashing that like button for the youtube algorithm because this video is going to go fast
this is class welcome to school today you're going to learn get ready okay we got some citrus so this
is going to be a lemon this is the normal way you get a 50 000 to 80 000 professional
services job work as hard as you can and save up slowly probably going to avoid investing because
we can't really trust the stock market lemons might be good for pies and meringues but limes
limes are versatile you can put those in mojitos you can put these in lime flavored doritos this
is going to be for getting a technical job getting a six-figure salary right off the bat
and putting your investments into the stock market whenever you can no saving with
this method and finally this the sweetest the sweetest orange of all is going about your life
as if you are your own boss starting your own business thinking about the exponential growth
it takes to start off with nothing and then become your own boss by age 30. let's see where all of
these take you the only goal we have is becoming a millionaire so let's start with the lemon let's
say that you have a 50 000 job somewhere in a major city where the rent is gonna be probably
somewhere between a thousand dollars and fifteen hundred dollars let's just say it's a thousand
dollars you take a fifty thousand dollar salary you take off twenty percent for taxes which leaves
you around forty thousand dollars then you divide it in twelve that's your monthly pay and your take
home is gonna be somewhere around three thousand bucks so your thousand bucks minus that rent and
probably another five hundred dollars just for general upkeep maybe you're having a car maybe
you have some other stuff that in your life that you have to keep track of maybe you have student
loans and now you're left with fifteen hundred dollars to take home how many fifty hundred
dollars do you need to become a millionaire well go ahead and do the math i'll wait
okay did you figure it out it's 666 months
five years after you retire you'll become a millionaire with this strategy of course
this is only for the case that you don't invest any money into the stock market
you actually don't even get a raise uh which is you're looking around somewhere between like a 10
raise every one or two years if you don't have any major medical expenses if you don't
have any kids to take care of yeah this is your life prepare to work all the way to retirement
and then you have a million dollars now is a million dollars even enough to retire on
probably not probably not because if you didn't put any money into your 401k if you didn't put
your money into a roth ira if you didn't put money in anything because you are too afraid of
the stock market of investments then unfortunately you're not even going to have a nice retirement
sorry mr millionaire so it is possible when life gives you lemons to make lemonade and become a
millionaire but let's go with the juicy line the lime expects that you start off with double the
income imagine when you go through the game of life and you get to go through the college way
when you go through that way you have a lot more options in the occupation deck sometimes you get
out doctor which is like six figures and sometimes you get out to become a data scientist or another
software engineer type and you get to start off with a healthy six-figure salary somewhere in
silicon valley as your income doubles so does your cost of living you might think that i'm
saving money by not having a real youtube set but trust me this rent is thirty seven hundred
dollars for this two bedroom apartment here in silicon valley which means instead of having to
pay a thousand dollars for rent we're gonna assume that you're paying at least two thousand dollars
for rent this time however you're in a different tax bracket if you're making six figures a hundred
thousand dollars you're likely gonna be taxed at thirty percent and above so you're only going
to be able to take home around seventy thousand dollars seventy percent of your six figure salary
so that ends up being six thousand dollars minus the two thousand dollars you have to have for
rent and let's just add in the same five hundred dollars for utilities so seventy thousand dollars
divided by twelve that means you have around six thousand dollars in take home pay minus two
thousand dollars for rent and of course a thousand dollars cost of living is twice as high for other
knickknacks keeping up a car making sure that you have your student loans paid off and other things
that are probably doubly as expensive food for one is maybe doubly as expensive so therefore you have
three thousand dollars double of what you had before to play around with so you'll retire in
half a time right 25 years well remember this special line involves us putting our money
into investments and seeing as how i was able to flip my investments by 50 in the last year alone
i think that we can have a pretty generous understanding of how our investments are going
to grow at least 10 each year another thing about this job is that you're going to continue trying
to find better jobs every two years or so if you have two years of a professional experience that
means you're in a completely different hireable bracket than someone with zero years of experience
or six months to a year's worth of experience that means that you can ask for more and data
scientists with two years of experience can ask for a hundred fifty thousand dollars up
to two hundred thousand dollars with three to five years of experience so let's assume
that you get there you get there in five years and now you have two hundred thousand dollars
that's basically the upper echelon of how much you can make although signing bonuses and stocks can
make that even greater if you change jobs every two to three years waiting for your stocks to
vest or waiting for your signing bonus to stay yours something you might not know is that they
can rescind the signing bonus usually somewhere between 15 to 25 of your annual base pay if you
don't stay for the whole year so that's why it's a good idea to stay at least one fiscal year
so in five years for the smart investment track you have two hundred thousand dollars in base
pay however you're not just doubling the amount of money that you take home because your cost of
living is staying the same in fact your cost of living can even go down if you decide to
get a mortgage a 30-year fixed loan mortgage could end up costing you less and then you're
building equity you're not even paying rent to a disembodied figure some sort of rental property
management company you're paying it to yourself in the future because once you pay off your mortgage
that house belongs to you of course with property ownership you have to pay for things like property
taxes and hoa fees as well as any other types of hidden fees such as repairing and maintenance
but this time we're going to focus on just how much more money you're making not just three
thousand turned into six thousand you're most likely making nine thousand dollars in take-home
that's somewhere between ten to twelve thousand dollars after taxes and minus the exact same
two to three thousand dollars in terms of rent and living expenses so now you have somewhere around
eight to ten thousand dollars let's say nine thousand dollars take home how long does it take
to bring a nine thousand dollar take home to a million dollars it's a lot easier don't you think
originally when life gave you lemons you only had 1500 a year fixed this time around you are
achieving that within five years six times faster instead of 50 years you're going to be seeing that
in your next decade and if you started working in your early 20s by the time that you are 35
you will have become a certified millionaire congratulations oh but while my battery is
about to run out we have to talk about this last final juicy orange of starting your own business
and if you wanted to see a video about that well we're gonna have to wait until the next
video drop this video a like make sure you write a comment down below and ask me hey andrew how's
your day no i'm just kidding ask me what you want to see in this next video something about how to
become the lime if you are currently the lemon or perhaps how to get out of the rut of being
a lemon if you have so many other types of debt and other types of expenses you have to pay for
for now but not for forever i appreciate you guys and i'll see you guys next time peace
this time oh