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