Investing

How to Become a Millionaire — ANYONE Can Do it

how-to-become-a-millionaire-anyone-can-do-it



There’s a story that has entered folklore status in the investing community.

A woman works for the same company as a secretary for six decades before retiring in her 90s. She insists on taking public transportation, doesn’t wear flashy clothes, and doesn’t care much for lavish presents. But after she dies, the executor of her estate goes through her accounts and can’t believe what is in her will. This unassuming former administrative assistant had left over $8 million dollars to local education and social programs.

It’s a true story and you’ll see some variant of it crop up every couple years … a janitor donating millions to his local hospital, a librarian giving millions to a university. It always begs the question, how exactly do these everyday people become millionaires?

One million dollars might feel like it’s impossibly far away, but it’s really more in reach than you think.

To explain how you might be able to put together a million-dollar nest egg, our analysts are going to run through how you can save up, invest, and preserve wealth so that you can retire comfortably and give back. They’ll cover:

– How to become a millionaire
– How much money do you need to retire
– How much to save for retirement

And then they’ll answer your questions live!

————————————————————————
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Robert Dunfee

37 Comments

  1. The Motley Fool
    July 11, 2021 at 7:06 pm

    Hey folks, the video is processing right now, we'll trim out the intro in a bit. Skip to 7:32 for the beginning!

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  3. GORAKHNATH CHAVAN
    July 11, 2021 at 7:06 pm

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  4. Robert Kotula
    July 11, 2021 at 7:06 pm

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    July 11, 2021 at 7:06 pm

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  7. diegoarmandoful
    July 11, 2021 at 7:06 pm

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    July 11, 2021 at 7:06 pm

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  9. Berle D
    July 11, 2021 at 7:06 pm

    What if you are already over 40

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    July 11, 2021 at 7:06 pm

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  11. Simple Wealth Advice
    July 11, 2021 at 7:06 pm

    Every small thing counts, big things doesn’t happen without starting with small things

  12. Rodolfo Vitangcol
    July 11, 2021 at 7:06 pm

    Million Dollar Income Potential in Ruvol

    I have invented a Board Game [still unpublished] that is guaranteed to be far more challenging and exciting to play than CHESS. I called it “RUVOL.”

    Over time, Ruvol will surpass chess as the “Number One Board Game in the World.”

    Why am I so sure about this? Because I am an avid chess player myself. I found chess to be so repetitive that any clever player could easily master the moves to a point they could even play against opponents blindfolded. It is for this reason I invented a game where every game is always a new challenge and exciting to play.

    Since Ruvol is yet “unpublished,” I am extra careful in fully disclosing how it is exactly played, lest it might be “plagiarized.” The “BEST PREVIEW” I can give, more than enough to appreciate how the game is played, is as follows:

    1. Ruvol is almost somewhat played like chess. [I invented Ruvol primarily to give chess a direct “apple-to-apple” competition.]
    2. Like chess, Ruvol is a board game for two players.
    3. If the chess board is square in shape containing 64 squares in all, the Ruvol board is rectangular with more number of squares in it.
    4. If each chess player has 16 pieces, each Ruvol player has same number of pieces as well.
    5. If each type of chess piece moves in a distinct way, the Ruvol types of pieces move in distinct ways, too.
    6. If to win the chess game requires tactical skills or strategic thinking, the more the Ruvol requires of it.
    7. If the way to win chess is to checkmate the opponent’s king, the way to win Ruvol is entirely different but far more exciting and challenging.

    In my Google search, I learned there are around 800 million chess players in the world. These 800 million players comprise the “Total Potential Buyers” of Ruvol across the globe. At an average profit of just US$5 per set, the “Global Income Potential” of Ruvol then is US$4 billion. Assuming only 1% of it will buy each year, the annual global potential sale is US$40M.

    I AM SELLING MY COPYRIGHT TO RUVOL.

    For the reason that I don’t have enough resources to produce, distribute, and market Ruvol on a global scale, I find it “wiser” to simply sell my copyright.

    If you are interested to buy my copyright, email me your BEST PRICE OFFER—[the copyright going to one with the highest reasonable bid]. Or if you know someone willing to buy my copyright, you are entitled to a 10% commission.

    On the other hand, if you have a “much better option” in mind than what I am proposing here, don’t hesitate to let me know.

    Thanks and God bless.

    RODOLFO MARTIN VITANGCOL
    The Ruvol Inventor

    rodolfovitangcol@gmail.com

  13. Terry Forsyth
    July 11, 2021 at 7:06 pm

    If anyone can do it, everyone would be doing it.

  14. Brian Snead
    July 11, 2021 at 7:06 pm

    1. Take your lunch to work. $10 x 5= $50 x 50 (assume 2 weeks worth not working a year) $2,500 a year saved.
    2. Drive your car until the wheels fall off.
    3. Cash back Credit cards that you set up to pay the minimum every month and buy everything through them. (Walmart is 5% cash back using their card at checkout) (I have 850 credit score so I always have the cash backing the purchase)

    ETFs are for noobs. If you don't check your stonks daily and it bores you, then get in an ETF like Vanguard or ARK. If I want to get good at guitar, I can't just look at it in a corner and hope to get better. Read books, get a Motley membership for $100, and just jump in. I did. You're also better buying FAANG stonks or any blue chips if you're buy and look away.

    There's nothing wrong with trading, esp swing trading. I'm up 22% in a RH account in 5 months… 8 grand gained. Because I watch DAILY. I notice the patterns. I know the news and earnings.

    I'm 41 and made mistake not saving in stocks my last 20 years. I'm gonna have 100k by this time next year easy. And I'm just starting. But when I get home from work. I'm reading and learning. Not watching TV.

    Jump in, and don't have scared money. The bank doesn't pay interest better than inflation, and QE with Rony Rona just made your savings worse.

    Growth stocks. That's all I want. Dividends? WHY? Yeah when you are a millionaire. $30 a year on dividends or a stock that triples… let me think about that…. no. Give me growth all day.

  15. racer sma
    July 11, 2021 at 7:06 pm

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  16. INDRANATH RALAPANAWA
    July 11, 2021 at 7:06 pm

    The best-proven way to be a millionaire is Wesley Virgin's Overnight Millionaire System I made 1000$ week after buying his system go and check out now. – https://cntr.click/y14GdxK

  17. The Unknown
    July 11, 2021 at 7:06 pm

    "how to be a millionaire by the time you die"

    I'd skip that LOL

  18. Tatang Onyok
    July 11, 2021 at 7:06 pm

    I am $999,999 short to be a millionaire

  19. M M
    July 11, 2021 at 7:06 pm

    My income from on campus work is $15/hr. Tuition is about $10,000/yr. Monthly new debts on credit cards for rent, groceries, bills, etc. is about $2,000. Interest is getting unsustainably high.
    International students are not allowed to work off campus nor are we eligible for student loans so credit cards is the only way to pay for expenses.
    Any ideas how to get out of this vicious cycle?

  20. LYRIQUE
    July 11, 2021 at 7:06 pm

    Retiring at the ages mentioned would be great if that is a choice, for many of us , especially since Covid-19 was forced into retirement and many of us don’t own a hone to downsize from, so i guess my question is from an extreme bottom line, so lets say just from the point of having just your social security to pick from and that you may have aboout 350.00 a month to try to play the markets, with full kknowledge that nothing is guaranteed, is ETF’s the best way to grow your money, or investing in the trends like robotics, biotech, AI, IOT, etc, or is picks and shovels the safest way and can those bring gains that can be life changing. Many boomers were affected by Covid-19 layoff’s as well and don’t have 20-30yrs to play around with volatility,So many analyst tout this new algorithm, and that new algorithm that nearly gurantees growth, yet they want 1000’s just to join for information, yet will always tell stories of how they left wall St to help the little guy, most 'little guys’ who sit and watch these incredibly long monotone video’s trying to get a leg up, (the reason we watch) don’t have 2500-3000 sitting around to give to an analyst with millions just for a subscriptions for a year, when claiming that the reports that we are most interested in are free , but subscriptions yu must buy in order to get the ‘FREE’ infoormation about the Topic which brughht us to watch in the beginning, talk about ‘Bait and Switch”, Dangling Carrots” it’s these tactics that i think keep deserving people from getting ahead and keeps them financilly challenged

  21. First Tee
    July 11, 2021 at 7:06 pm

    If you leave the 401k at your old job it just sits there draws interest 1 time a year. Move it to a IRA Roth make way more money

  22. RyFt RedHarp
    July 11, 2021 at 7:06 pm

    Interesting

  23. D RadarMan
    July 11, 2021 at 7:06 pm

    The market is going down, down down right now. I don't feel safe investing in stocks right now until I notice a slight upturn and consistency.

  24. Billy Smith
    July 11, 2021 at 7:06 pm

    These folks ie millionaires had no kids they are frugal some take hand outs then leave millions to a library all good !

  25. Devansh: Machine Learning Made Simple
    July 11, 2021 at 7:06 pm

    I have a question regarding the 100 dollar example. I can only afford 50 dollars a month (I work 20h a week and have college). The S&P 500 index fund is costlier than that. Would the thing still apply to me if I invested in other stocks/ index funds

  26. Izzy Sat
    July 11, 2021 at 7:06 pm

    are you one of a millionaire on your own advice?

  27. Tsogbadrakh Naranmunkh
    July 11, 2021 at 7:06 pm

    Oh boy I wanna see how many of those millionaires stopped being a millionaire today.

  28. alpha sow
    July 11, 2021 at 7:06 pm

    Man I love these guys I'm only 30 and I have so much in common with them. Cashing out a 401k is truly shocking.

  29. Freida Stathis
    July 11, 2021 at 7:06 pm

    19 : 53 Backing out is never an option. If assets don't fold, there's always still a huge possibility of rebound.

  30. Ramon Nogueira
    July 11, 2021 at 7:06 pm

    What a coincidence that all three millionaires left their money to charity…

  31. Chuck Brown
    July 11, 2021 at 7:06 pm

    I agree you have to be in the market to win. I listened to the so called experts on CNBC talk about staying out of the market in previous years and missed out on so many great trades. Meanwhile my 401K was just growing and growing. I got back into trading to supplement my retirement.

  32. Dan Husker
    July 11, 2021 at 7:06 pm

    Two comments. One, a number of years ago was a book published called "The Millionaire Next Door." It's a bit of a dry read but might be very insightful for you. Second, if I make the million dollar goal, so what. I appreciated you intro with the benefits a couple people made. If I make this for my wife or kids, they will just squander it, I'm sure. Those external beneficiaries for me are the true blessing. Thanks for your good video productions.

  33. chinitocutie
    July 11, 2021 at 7:06 pm

    I kinda feel bad for the guy in the middle because when he talks and tries to engage the other two guys, he had to keep looking at them all throughout. If we triple the speed of this video, he'd be shaking his head a million times. 😂

  34. RonJohn63
    July 11, 2021 at 7:06 pm

    1:32 I bet most of those people had no children, and very possibly were single their whole lives.

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    July 11, 2021 at 7:06 pm

    The Best math method to win Baccarat,100% guarantee win 1% per day https://youtu.be/2ttcts7Yrzw easyline:michaelwu527527;

  36. Jay P
    July 11, 2021 at 7:06 pm

    I don’t understand the V, and MA suggestion as dividend payers. They’re about 0.6% annually. GM is 5.3% as a comparison. Did I miss something?

  37. Investing with Kurt
    July 11, 2021 at 7:06 pm

    This reminds of the story of a UPS driver in NY who also retired a millionaire and donated most of his wealth to the library