How long it takes to become a millionaire with $500 per month! Compound Interest is amazing.

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  • Опубликовано: 14 апр 2023
  • How long it takes to become a millionaire with $500 per month! Compound Interest is amazing.
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Комментарии • 134

  • @gorshenbag
    @gorshenbag Год назад +124

    Actually… If you stop investing after 25 years your balance will be $946,980 at the 35 year mark since it will continue to compound for 10 years without any additional contributions.

    • @combax_techx
      @combax_techx Год назад

      Thx man

    • @Electricity667
      @Electricity667 Год назад +18

      That’s not what he meant. He meant if you completely stop investing and sell after 25 years that would be your balance.

  • @kevinjohnson5731
    @kevinjohnson5731 Год назад +29

    it's funny when people say a million dollars won't be worth a million...just go to 10k first and watch how it changes how you feel.

    • @jackjack4412
      @jackjack4412 Год назад +9

      True... people are focused on the wrong priorities. They are correct though.

    • @Hustle.central
      @Hustle.central 8 месяцев назад

      @@jackjack4412yeah you gotta kinda get somewhere first tho yk

    • @eljuancho2
      @eljuancho2 6 месяцев назад +1

      They are busy paying thousands in housing and cars 😂

    • @kevinjohnson5731
      @kevinjohnson5731 6 месяцев назад +1

      yeah the price of a broke mindset. people will continue to live out of there means. but I can't lie I was there once. lol

  • @MarklowehTV
    @MarklowehTV Год назад +80

    Lol basically you can only be a millonaire when you are about to die

    • @MannyView
      @MannyView Год назад +7

      Yeah, if you don't save more.

    • @DoctorGaga87
      @DoctorGaga87 Год назад +5

      Life’s great isn’t it

    • @AlexandrBorschchev
      @AlexandrBorschchev 11 месяцев назад

      just trade futures with proper risk knowledge :)

    • @cyrus9106
      @cyrus9106 10 месяцев назад +15

      Bruh start at 20 and by 50 ur good and pampered lmao.

    • @TeamJella
      @TeamJella 10 месяцев назад

      Whos dying at 35?

  • @user-dn9vd9xg9p
    @user-dn9vd9xg9p Год назад +16

    My opinion after 40 years of investing with various name branded advisors... You are lucky if you get back your contribution the advisors are always excited to say..... Hey man at least I got back your contribution! You should be glad I did a great job and didn't lose any money for ya!

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +14

      If you didn’t make money in the last 40 years investing, every advisor you have ever used needs to be fired from their firms. The SP500 has returned 2500% over the same period…

  • @5IVESTAR5
    @5IVESTAR5 Год назад +37

    1500 per week plus the extras I hustle.
    For 10 years and I became a millionaire

    • @jamesjirik2245
      @jamesjirik2245 Год назад +5

      That’s what I’m talking about

    • @xiphoid2011
      @xiphoid2011 6 месяцев назад

      Good job, did it in 7, but that's because my wife and I both work so we can save more. Finishing graduate school and paying off student loans did put our starting line in our latest 20s and early 30s. That's the trade off for doing graduate school but it has been a good trade for us.

    • @davidfalensbirth2031
      @davidfalensbirth2031 2 месяца назад

      @@xiphoid2011best piece of advice you could give a 32 year old?

    • @MrCaterhamr500
      @MrCaterhamr500 Месяц назад

      Did you feel substantially happier as a result, it would be nice to hear an honest answer without posturing, because a lot of the time people think it’s gonna be amazing, in reality it just brings more anxiety and sleepless nights.

  • @fa5234
    @fa5234 Год назад +60

    8% every year for 34 years lol i'll be happy if i have 4% every year

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +12

      If someone is happy with that return, then they can sleep like a baby after they buy a 30-year T-Bill at market open on Monday and lock in 3.7-3.8%, but I have a hard time believing there will be no risk premium on US stocks for the next 34 years.

    • @KeyAtoms
      @KeyAtoms Год назад +13

      I get 4.8% on my checking account
      8% average is totally feasible over 35 years

    • @ramz1455
      @ramz1455 Год назад +2

      @@KeyAtoms 4.8?? darn, what bank? lol

    • @KeyAtoms
      @KeyAtoms Год назад +1

      @@ramz1455 wealthfront

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +5

      @@ramz1455 keep in mind that’s a variable rate that is currently higher due to the current interest rate environment. In the long-run, a high yield saving will average closer to 3%. That’s still much better than 0, so if you’re currently earning 0, you should check out high-yield savings and money market options

  • @ginofoogle6944
    @ginofoogle6944 8 месяцев назад +8

    "Average rate return of 8%" now imagine if your average rate was close to 20 or 30%

  • @architecture.w
    @architecture.w Год назад +15

    A client of mine bought a junky duplex in a marginal area in Oakland, California. By the time the sale closed, the property had appreciated $100k in value.
    Real estate is a superior investment.

  • @Muriel-1112
    @Muriel-1112 9 месяцев назад

    It is always good to have a financial plan. I worked with a licensed planner and retirement strategist. The fixed income in your portfolio serves only as a cushion for the volatility of the equity portion, but also as legitimate income.

  • @lendavidhart9710
    @lendavidhart9710 Год назад +6

    Is it me, or do people have a lot of faith in the "stock market"

    • @donaldlyons17
      @donaldlyons17 7 месяцев назад +2

      100%

    • @jsebby2284
      @jsebby2284 6 месяцев назад

      Of course we have faith. Why wouldn't you

    • @lynninfinite
      @lynninfinite Месяц назад

      The rich and wealthy have faith in the stock market lol, they own the companies in the S&P, if their stock goes up, they win and you can win too.

  • @tonyc1167
    @tonyc1167 5 дней назад

    What about taxes and and other fees you skipped over that part 🤔

  • @mohamedalmaliki2023
    @mohamedalmaliki2023 Год назад

    Did you add the devedent reinvested .

  • @philochristos
    @philochristos 7 месяцев назад +1

    I wish I had another 35 years.

  • @rainetravels1410
    @rainetravels1410 26 дней назад

    Please do a video about how to catch up when you didn't put in five hundred dollars a month for thirty five years😊

  • @Remo1147
    @Remo1147 Год назад +20

    But in 35 years a million dollars isn’t worth a million dollars

    • @FunnyCODAssasin
      @FunnyCODAssasin Год назад +9

      and tomorrows never promised. but you can still try

    • @FunnyCODAssasin
      @FunnyCODAssasin Год назад +16

      50% of something is better than %100 of nothing

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +6

      I agree, we really should be adjusting the benchmark for comfortable retirement closer to $2M for those retiring in 2060

    • @MannyView
      @MannyView Год назад +2

      ​@Joey Valenti 2 million means you can withdraw 80k per year for 30-40 years. I would say that means you are over time going to feel like 80k isn't enough in 2090-2100. Always overshoot, I would go for nearly 3-4 million to live and retire comfortably and cover most basic necessities.

    • @TheArmouredOne
      @TheArmouredOne Год назад +1

      Also $500 won’t be $500 in 10 years either

  • @caroxvladek
    @caroxvladek Год назад +2

    8 % is unrealistic with current inflation world wide

    • @chessandmathguy
      @chessandmathguy 11 месяцев назад +1

      S&P500 annualized return for the past 25 years has been 7.64%

    • @jsebby2284
      @jsebby2284 6 месяцев назад

      8% is in no way unrealistic

  • @jamesjirik2245
    @jamesjirik2245 Год назад +3

    Also, by doing an IRA you can borrow from yourself and then pay yourself back. I wish somebody would’ve told me this along time ago.

    • @donaldlyons17
      @donaldlyons17 7 месяцев назад

      why not used a taxable account instead

  • @MrCaterhamr500
    @MrCaterhamr500 Месяц назад

    Life lesson from my experience, it doesn’t matter if you are a millionaire or not, it’s how you treat people and look after your family and friends.
    Americans seem completely obsessed with material possessions and celebrities/money.
    Ok so you have made 3 million, you meet other wealthy people that have 50 or 100 million, you want more, and more, it never stops, do you think the money truly brings happiness, in some cases not at all.
    People with that sort of money can become losers with coke and drink habits, start behaving like they are better than poorer people, look down on others, that’s a shitty person you’ve become.
    Literally sold your soul to material possessions and currency.
    To be in a good place financially so you can look after your family, eat well and have fun is all that is really needed.

  • @user-pu1uz6ly5r
    @user-pu1uz6ly5r 9 месяцев назад

    What market?

  • @RexTenebris
    @RexTenebris Год назад +1

    Can u say something… did anyone think about inflammation over 35 years bruv your 1£ is going to worth 7£ at that time so you’d be actually making nothing cause all the rest 300k will likely be ur own money that u have been putting in.

    • @Demoman55
      @Demoman55 11 месяцев назад

      yeah and you are gonna be making more money 🤯

    • @donaldlyons17
      @donaldlyons17 7 месяцев назад

      @@Demoman55 Well ask any millionaire now? I still think people are ok if they never use the money ever!!!

  • @eljuancho2
    @eljuancho2 6 месяцев назад

    This is true i did voo and btc and hit my goal of 100k quick! ♥️🙌
    gtfo the matrix 💪👑💰✈️

  • @kadenlove2660
    @kadenlove2660 Месяц назад

    What market

  • @MrFastNapper
    @MrFastNapper Год назад +14

    I love this average rate talk... never happens

    • @NaahLand
      @NaahLand Год назад +4

      yeah and they forget inflation, wonder what i can buy with 1mil in 40 years

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +8

      Unfortunately it’s the best we can do without a crystal ball. 8% is conservative based on history, so pretty good chance we outperform that in the next 40 years. Even the 5 percentile 40 year case beats earning 0%, so it’s still something most people should do with their long-term money

    • @TheArmouredOne
      @TheArmouredOne Год назад +2

      @@NaahLand You do know that the 8% is higher than inflation right?
      How else do you utilise $500 a month and make it stretch more than inflation.
      I mean you can spend it but this is, over a decade or more, almost certainly better than putting it in a bank or bonds etc

    • @Duke_of_Prunes
      @Duke_of_Prunes Год назад +2

      8% is actually low. The S& P average return over the last 20 years is over 10%. And Microsoft and Google returns dwarf the S&P return.

    • @BarkaDog
      @BarkaDog Год назад

      @@Duke_of_Prunes historical returns don’t mean sh*t. And your country is on a decline anyway.

  • @MarkDanger777
    @MarkDanger777 Год назад +2

    8% return yeah, maybe right after 2008.

    • @Zaevia
      @Zaevia Год назад

      Look up s&p 500 average annual return.

    • @chessandmathguy
      @chessandmathguy 11 месяцев назад +2

      S&P500 annualized return for the past 25 years has been 7.64%

    • @jsebby2284
      @jsebby2284 6 месяцев назад

      More like any time ever

  • @johnhorchler667
    @johnhorchler667 6 месяцев назад

    I'm not looking to be a millionaire I'm looking to be better off if I become one cool if not better off then even in theses days. ❤ & I been thinking that before 2020.

  • @AlrightokayAO
    @AlrightokayAO Год назад

    Dumb question, but where does the money from compound interest come from? The bank is my initial thought, but that seems highly unrealistic.

    • @logarithm0
      @logarithm0 Год назад

      From working your ass off

    • @AlrightokayAO
      @AlrightokayAO Год назад

      @@logarithm0 not the money you put in, but the money that accumulates, where does that come from?

    • @WRBWRXWGN
      @WRBWRXWGN 8 месяцев назад +1

      ​@@AlrightokayAOPeople/Companies/Banks pay you to use your money. Also, assets you hold appreciate in value and others pay you more than you paid to buy them from you at a later date.

    • @AlrightokayAO
      @AlrightokayAO 8 месяцев назад +1

      @@WRBWRXWGN Thank you!

    • @donaldlyons17
      @donaldlyons17 7 месяцев назад

      @@WRBWRXWGN he is talking about dividends

  • @colture4641
    @colture4641 Год назад +2

    Look into CD's

  • @mubeenabdullah2227
    @mubeenabdullah2227 2 месяца назад

    How about if u only have 5 years left to live ?! Okay then.

  • @jimbush80528
    @jimbush80528 Год назад +4

    Great. Now adjust that for inflation.

    • @joeyvalenti2287
      @joeyvalenti2287 Год назад +1

      Probably like $500k, if you’re retiring in 2063 you’d probably want to shoot for closer to $2M

    • @jimbush80528
      @jimbush80528 Год назад +3

      @@joeyvalenti2287 You need 2 mil right now, lol.

    • @Zaevia
      @Zaevia Год назад +1

      @@jimbush80528 on what planet, learn how to not spend as much

    • @Zaevia
      @Zaevia Год назад

      Interest compounds that will be way faster than inflation.

    • @jsebby2284
      @jsebby2284 6 месяцев назад +1

      God you people are insufferable lol

  • @jerrycamonjr.9594
    @jerrycamonjr.9594 3 месяца назад

    Meaning make more money sir

  • @kindredkey
    @kindredkey Год назад

    not millionaire BUT have 1 mil dollars in investments... you could become a millionaire if you have other assets

  • @cammymillar2081
    @cammymillar2081 7 месяцев назад

    How do I get 8% interest returns?

  • @teppet4119
    @teppet4119 5 месяцев назад

    theres no such thing as infinite growth.rob a bank

  • @oliverprstholm8716
    @oliverprstholm8716 29 дней назад

    Talking Like its easy to maintain 8% growth for 25+ years

  • @weird-guy
    @weird-guy Год назад

    Looks a minimum salary 760€ ha nop
    Looks how much the government offers for term accounts 3.5-4% a no
    Looks how much the government takes in taxes 28% a no
    Better spend the money in port wine and some ladies😂

    • @donaldlyons17
      @donaldlyons17 7 месяцев назад

      If people make plenty of excess money it could all workout...

  • @DoctorSpicy
    @DoctorSpicy Год назад

    Wrong

  • @markanderson4353
    @markanderson4353 Год назад +1

    Oh dear, the days of 7% per year returns are long gone my friend. This type of old advice is no longer valid.

    • @chessandmathguy
      @chessandmathguy 11 месяцев назад

      S&P500 annualized return for the past 25 years has been 7.64%

    • @jsebby2284
      @jsebby2284 6 месяцев назад

      No they arent my friend
      And yes it is

  • @samiula244
    @samiula244 7 месяцев назад

    Inflation rate 12% in every years then 35 years total value money??

  • @PlylerNews
    @PlylerNews 7 месяцев назад +1

    All of this is so close minded. You wanna be a millionaire when you can barely get out of bed or be a millionaire when you are young and healthy? I recommend a book called millionaire fast lane if you wanna escape this “be rich when I’m old” mindset.

  • @sultanniazi2394
    @sultanniazi2394 Год назад +1

    And who is getting that return ? This is why I can’t respect so called experts. This NEVER works out. 401k is the biggest scam ever. Had I bought real estate in 2009 with my 401k at that time I would have retired by now.

    • @jsebby2284
      @jsebby2284 6 месяцев назад +1

      Anybody who invests in the stock market
      401Ks aren't a scam lol. Where do you people come up with this shit?

  • @donaldlyons17
    @donaldlyons17 7 месяцев назад

    These finance RUclipsrs should compound at 4% not 7% or 8%

    • @jsebby2284
      @jsebby2284 6 месяцев назад

      No they shouldnt

    • @donaldlyons17
      @donaldlyons17 6 месяцев назад

      @@jsebby2284 Yes they should because in some places taxes are 50% not 40% or less!!!

    • @jsebby2284
      @jsebby2284 4 месяца назад

      ​@donaldlyons17 what does taxes have to do with compound gains?
      Also, you pay no taxes on gains in a Roth IRA. And nowhere in the US are you taxed 50%