In today's video, you're going to learn how to become a millionaire in 10 years.
But first, I want to share why I decided to share this content with you.
I have been wondering what else to share on my channel and I was thinking,
what do I personally like to research or read about?
And I love hearing people's stories about how they have achieved their goals.
Especially their financial goals like, becoming
a millionaire, or even a multi-millionaire.
So I wanted to share different examples on how people have become millionaires,
the tips or the steps that they have taken to become millionaires.
I think that's one of my favorite things to read about is people’s success stories.
So I'm going to be sharing a lot of them with you, which will not only be a fun story to hear
but also really helpful because you can actually
apply what these people have applied
in their lives to reach your financial goals to become millionaires.
If that's what you're looking to do. And speaking of becoming a millionaire,
that is what I have done. I am Tiffany Thomas with wealthytiffany.com.
And I became a millionaire and achieved financial freedom.
So if you are looking to do one or both of those things,
hit that like button and hit the subscribe button and we're going to dive right in.
Today's example, is Andy Hill and I have been following him on Instagram for a while now.
So if you haven't checked them out on Instagram, definitely do that.
But him and his wife have become millionaires and they did it within 10 years.
So I'm going to share the steps that he took in order to do that
and his story begins with him and his wife
having a net worth of negative fifty thousand dollars.
So they were actually starting a fifty thousand dollars in the
whole and he does say that they had a pretty high income for him and his wife,
both. They were making about 130,000 dollars per year.
So while they were making really good income, they were just spending it all.
So the first step that they took was to track their spending,
where were they actually spending all of this money,
this hundred and thirty thousand dollars? So they set some very specific goals.
They wanted to pay off their student loans of thirty thousand dollars
and then they wanted to pay off his wife's car,
Nicole's car, which was twenty thousand dollars and they really wanted to
reduce their expenses so that she could stay home with the kids.
So they set these goals and would have a budget party every once in a while.
So they would get together and talk about their finances.
Talk about what they spent their money on and where they wanted to go moving forwards,
which is really a great idea. And I personally love
tracking my spending and I do that very simply,
I don't take out a piece of paper and write down everything that I've spent my money on.
I like to use a free app you've probably heard me mention it before.
If you've seen my other videos, it's called Personal Capital,
but I love it so much because it really does make tracking your spending very,
very simple and you can track your net worth.
I will leave my referral link below in the description
and you can click on that and get your free account
set up with Personal Capital to see your full financial picture in one place.
And the second step they took was a pretty drastic step.
They wanted to live on fifty percent of their income.
And if you are part of the FIRE movement,
the FIRE Community, Financial Independence Retire
Early, like I am, you’ve probably seen other people that are living on half of their income
or even less in some cases.
So it is doable but you really have to focus
in and know where you're spending your
money and what your goals are and it was really helpful for them to set this goal
since they wanted Nicole, his wife, to stay at home and be with the kids.
So if they already started living on half of their income,
then the more likely she would be able to do that.
The third thing that they did was to commit to a debt-free life.
So living on fifty percent of their income,
not only helped them to transition
for one parent to stay at home with the kids.
But it also helps them get out of debt and stay out of debt.
They actually crushed fifty thousand dollars worth of debt in 12 months.
So you can see by having goals and really tracking your spending,
you really can knock out a lot of debt,
and increase your savings rate.
And this really is a cool part of their story because they had committed to
become debt-free and they stuck with that. And he says,
not only was it financially freeing
but it was also emotionally freeing and I can definitely see that by not being in debt
you are not constantly thinking about this debt
that is hanging over your head and trying to constantly pay it off.
It is definitely one less thing to worry about in life.
Comment below and let me know if you have decided to live a debt-free life.
Step number four was to take advantage of retirement options that they had
so he started maxing that out,
which is amazing. So definitely take a look at your 401k
plan and see if your employer does offer a match and definitely invest
at least up to the match because that is free money that you are getting.
And he says that about within seven years because of the stock market
continuing to increase and his employer match
and him contributing to his 401k that his 401K balance
was over a hundred thousand dollars. You can really see the effects of compound interest
when you are investing
just even a small amount but you continue to do that.
In the stock market, your investments will continue to exponentially grow
because of compound interest because of interest building on interest.
So make sure that you are investing as much money as possible,
as soon as possible so that you can take advantage of compound interest.
Step number five that they took was to invest in tax-advantaged retirement options.
For example, like a Roth IRA and I definitely agree with this.
I have a Roth IRA that I have contributed to and I've even taken money out of my Roth IRA.
Just the contributions to buy
a real estate property. And if you have more questions about a Roth IRA,
I do have another video about that. I will leave a link above and below in the description.
You can check that out later on. They also set up a health savings account an HSA,
which is also another amazing retirement vehicle.
And an HSA is a great way to invest your money,
even though you might be thinking, it's just for medical expenses,
but that's not necessarily the case. I have an HSA through Lively actually
and they have a free HSA health savings account
that you can invest your money in the stock market.
Which means you can take advantage of compound interest in your HSA as well.
I will leave my referral link below and you can check them out.
They are completely free. And if you have more questions about an HSA,
I do have a video for you. I'll leave a link above and below in the description.
The sixth item that they did was to continue to grow their income.
And I really loved the points that he talks about.
He talks about going above and beyond your job description.
So doing a little extra, just at your 9 to 5 job can make a huge difference later on also.
So asking for a raise when you deserve it,
if you don't ask, you may not get it.
You can also take a new position at another company.
There are lots of different ways to increase your income.
You could also get a side hustle,
or start your own part time business, or even get a part-time job, or sell things online.
The seventh thing they did was to pay off their mortgage early
and I actually talked about this in a recent video.
So if you are wondering, if you should pay off your mortgage early
or invest that extra money,
you can check out that video. I’ll leave a link above and below in the description.
But they chose to pay off their mortgage early which worked out great for them.
Since they loved eliminating debt from their lives.
And in order to do that. They needed to decrease their expenses,
a little bit more and they continued to do their budget parties every month.
And this was really impressive, every month they put an additional 3,000 dollars
toward their mortgage payment to really make it happen.
I know not everyone can do that, but it just goes to show
once again, if you have a goal and you are really serious about it,
then you are going to find different ways to achieve that goal as soon as you can.
And that's exactly what they did. And the eighth thing that
they talk about is making room for fun.
It can't just be all serious business.
They knew they needed to celebrate a little bit more,
so they ended up taking a few different vacations.
And I love this step because sometimes we do get
so focused in on our finances and money that we forget where we've come from.
And what we have really achieved. So, we really need to take a step back and think,
you know, what things are going really well.
And we can celebrate and that doesn't mean taking an expensive vacation somewhere,
but definitely celebrate in some way that might not be so expensive.
Even if it's just going to a national park, or going for a hike,
or reading your favorite book, or watching your favorite movie,
whatever it might be, but just make sure to celebrate those wins
in life and have fun along the way.
And then number nine, they talked about giving back.
And I think this is also great because they realize they weren't giving
as much as they would like and they were even able to talk
to their kids about how important it is to give to others
and they created some fun family traditions around this.
And they chose a few different organizations that they would like to give to.
And he also says, while giving away money didn't increase our net worth per say,
it felt like a good progression toward the type of true wealth
we wanted our family to have,
and I really like that focus
because if you are just hoarding all of your money and it's all about you and no one else.
Then that doesn't make for a very enjoyable life.
We really need to find a certain way to give back.
I think even when we do that it comes back to us tenfold.
Comment below and tell me if you are donating to a certain organization
or even if you are donating your time somewhere. And then step number ten,
the last one that he talks about is following your dreams and it's interesting.
He mentions that they originally thought about investing in real estate,
but after doing more research, they decided it wasn't for them.
And they decided to invest in starting his own business or growing his own business.
So your dreams can change over time and that is totally fine.
So, just adjust with that.
You don't have to stick to something if that's not really what you want anymore,
I personally like investing in real estate and it has given me the freedom that I desire.
So that is a passion or a dream of mine that I did follow.
After following these 10 steps,
they were able to become millionaires within 10 years.
They had a net worth of 1 million and 50 thousand dollars,
which is really impressive,
since they started out at negative 50 thousand dollars just 10 years earlier.
And I love what he says to kind of sum this up at the end.
Now that they have achieved this goal they are going to focus more on fun, enjoyment,
and relaxation. And especially since they don't have a house payment or any debts,
they are able to do that. It's time for long-delayed kitchen updates.
A hot tub in the backyard and maybe a new car for our growing family.
Will these purchases put us below the 1 million net worth mark maybe
but what is money for you if you can't enjoy it?
And I think that's a really good point if we are
so stressed about our money all the time
or really focused on certain goals that we forget to have fun
or enjoy life along the way then I think we are missing the point.
And that's not to say that you should take it to extremes
and spend all of your money and go into debt,
but really focus on what brings you joy and what are your priorities.
You can definitely work toward your goals and make sacrifices along the way,
but it doesn't mean that you're not having any fun whatsoever.
And if you know of other millionaires, that I should highlight then leave their links below in
the comments. And especially comment below if you are a millionaire
or if you are working on becoming a millionaire.
Hopefully you found this video enjoyable and helpful.
And if you're wondering how I was able to become a millionaire,
I do have a video for you. I will leave a link above
and below in the description
and you can check that out.
And please hit that like button
and share this with someone else would like to hear this
information who wants to become a millionaire.
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check out the videos on the side of the screen.
Thanks so much for watching. I'll see you in the next video.