While the contrary may seem to be the case you don't have to have a lot of
money before you start investing in fact you start investing so that you can have
a lot of money sadly one of the major excuses people give as to why they don't
invest is because of a lack of money and in this video i will share with you
kevin o'leary's method to riches and how you can start investing with as little
as a hundred dollars per week and if you're new to the channel then hit the
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while not everyone who invests becomes rich there's no doubting the fact that
it can help you out tremendously in your quest to achieving financial success
kevin o'leary's approach stipulates that if you start investing early even with
as little as a hundred dollars every week you'll become a millionaire by
retirement while this video is not assuring that you will make that amount
of money it is important to know that investing early and consistently is a
reliable path to future wealth if you're unfamiliar with kevin o'leary he is a
businessman an author and a tv personality kevin says that people
approach retirement differently but believes that there is only one right
approach and that is by investing according to him it is possible to
become a millionaire if you start investing very early live frugally and
save a lot of money the first step is to analyze how much you make in 90 days and
how much you spend within that same period he said most people would find
that they spend more money than they earn and that is where their money
problems come from spending more than urine is the easiest way to get and stay
in debt and gradually lose your net worth over time now before we get into
how investing a hundred dollars a week will make you rich i know some people
watching will be saying to themselves that there's no way they can find the
hundred dollars a week to invest with well keep watching as i will teach you
how to find that a hundred dollar bill you need but first let's go through some
of the assumptions that must be in place for kevin o'leary's investing approach
to be successful the first assumption is that you start
investing early people who start investing early have the advantage of
time and compound interest compound interest is the interest on the initial
capital plus the previous interest for example if you invest a hundred dollars
and the interest rate is five percent per annum after the first year your
interest plus initial capital will be a hundred and five dollars if you do not
withdraw your interest and reinvest it the next year the five percent interest
rate will be calculated on 105 dollars instead of a hundred dollars that means
the second year your interest plus initial capital will be 110 dollars and
25 cents this is how compound interest works it is similar to the snowball
effect it starts small but over time it grows exponentially
the greatest influence on compounded interest is time and the second
assumption is that you are going to be investing for the long term typical
retirement age is between 65 to 67 years that means that if you started investing
as early as 25 you would need to invest for about 40 years the third assumption
is that the interest rate of your investment would be at least seven
percent per year this is possible because the average annual return on
stocks based on the data from the s p 500 index is about 10
there are years when the value of your investment will increase and other years
when the value of your investment will decrease the goal is to leave your money
in the market for as long as possible and disregard any market fluctuations
that take place warren buffett once said do not take yearly results too seriously
instead focus on four or five year averages now let's get back into the
math behind making you a millionaire if you invest dollars every week in a year
you would have invested a total of fifty two hundred dollars assuming you
invested the same amount of money every year you'd have invested two hundred and
eight thousand dollars by the time you were 65 years old while this amount
seems minimal compared to the million dollar mark you were shooting for the
reality is that the mix of time and compound interest will bridge the gap
between these two values assuming a return to seven percent in just 40 years
your initial investment would be worth a commendable
a hundred and forty five thousand and twenty dollars and eighty cents
now if you feel like investing more or less than this amount there are several
free compound interest calculators online that you can use to estimate how
much your investment would be worth in the future as you can see it's entirely
possible to become a millionaire by investing a hundred dollars every week
now let's go back to address the question of how you can find that money
to invest if you don't currently have it many people believe that the only way to
save more money is by cutting spending and living frugally it is important to
cut your spending but it is easier to save more money by making more money one
of the ways to make extra cash is by selling items that you no longer need
instead of watching the items you never use collect dust you can put them up for
sale if you don't know where or who to sell these items to you can take
advantage of an online marketplace like ebay and sell them off you can sell
items like your clothes electronics antiques and books however eventually
you will run out of things to sell which means you need a more sustainable way of
supplementing your income if you have a monetizable skill you can sell your
skill remotely by working for someone online and getting paid there is no
special way to go about this you can advertise yourself on social media and
let people know that you are available for work or use an online gig
marketplace like upwork and fiverr to find clients who may need your services
you can make money online with several skills and some online work do not even
need special skills some common skills that people use to make money online are
writing and translation transcription graphic design website design video
editing and so much more another means of increasing your income is through
blogging there are millions of blogs on the internet today but blogging is still
a profitable business if you're willing to put in the required effort that is
there are full-time bloggers today who have replaced their 9-5 incomes with
their blogging revenue which means that it can easily provide you the funds that
you need to invest a hundred dollars a week another way to make money is by
writing a book you can write a book on almost anything and make money as long
as people are willing to buy it it can either be fiction or non-fiction some
people have written stories about their own lives and have made a lot of money
selling it you don't have to be a great writer to publish a book either you can
hire a freelance writer and tell them about your idea and they will turn it
into a book if you want to make money from your book it is best to get
professionals that will help you with the required processes you can sell your
book on your blog or upload it on amazon and make money each time someone
purchases it youtube is another excellent way to make money online if
you love watching youtube videos you will notice that there are no special
requirements before you can start uploading videos some people have made
money on youtube by uploading videos they took with their phone so if you
have a phone with a good camera you have all it takes to start earning money on
youtube you can start by teaching people what you know you can even make a video
of yourself going about your daily life if you think people would be interested
in watching if none of these options sound that appealing or seem overly
challenging to start then don't worry i've got your back in my course side
hustle success i show you how to build a freelance side hustle from scratch by
developing a high income skill that you can use to earn a thousand dollars or
more a month which will give you more than enough money to invest with every
week if you're interested in learning more then check out the link in the
description for more information on how you can join the side hustle success
course today contrarily you can find some extra money to invest with by being
more deliberate with your savings efforts for instance you can set up
automated savings through your employer saving money automatically helps you
overcome the temptation of spending it you can take advantage of mobile apps
like chime to automatically save a portion of your income every month you
can also save more money by tracking your spending and making a budget if you
understand where your money is going it becomes easy for you to start saving you
can cut out unnecessary spending and have more money also a budget will help
you allocate a specific amount to your various needs by following your budget
you can seamlessly have a hundred dollars to invest per week another way
to save money is by cooking your food at home and minimizing eating out do you
know that you save about 10 to 20 dollars for every meal that you cook at
home imagine saving twenty dollars five times a week this would mean that you'd
already have saved a hundred dollars to invest for that week also you can save a
lot of money by making your coffee at home imagine saving three dollars every
day by making your cup of coffee at home this is about a thousand dollars a year
for just making your coffee in the convenience of your home this is enough
to invest a hundred dollars for ten weeks moreover almost everyone is guilty
of going to a shop and buying things that they don't have any need for this
is caused by impulsive spending and you can avoid it by buying things with a
list before you leave your house make a list of everything that you want to buy
and do not go beyond that list buying with cash alone will also help you avoid
the temptation of spending beyond your budget also take advantage of coupons
and discounts they are everywhere and if you look for them you'll find them
coupons and discounts help you reduce the amount that you spend and save more
money and finally check out your membership and recurring expenses some
membership sites require you to pay a certain amount of money every month
before you can participate check out some sites and unsubscribe from the ones
that you don't regularly use check if you signed up for a gym membership that
you don't attend you can save some money by unsubscribing from them make sure
that you cancel the auto renewal option for your memberships to avoid being
charged for a service that you don't use so now that you have your 100 a week
you're ready to become a millionaire right well not so fast because you still
have to actually invest that money if you're unfamiliar with what options you
have when investing then let me explain with just a hundred dollars a week you
can easily buy fractional shares of companies that you admire invest in your
company's 401k or your own roth ira moreover you can buy bonds or
participate in peer-to-peer lending but just remember that if you invest in
lower yielding assets it may take a prolonged period of time to retire
therefore invest accordingly hey it looks like youtube thinks this next
video is the one that will change your financial life forever give it a watch
and let's see if they're right