I Became a Millionaire - Here’s How.
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- Опубликовано: 11 сен 2024
- From a negative net worth to achieving $1 Million, the journey was tough but focused and today I'm sharing how I became a Millionaire and most importantly how YOU can achieve this too. My income through 80% of this was actually BELOW the median income for United States. I never received an inheritance. We just lived frugally, focused, and had (and kept) our eye on the goal. You got this.
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Welcome to a compelling and insightful video where I take you on my personal journey from being buried in debt to achieving millionaire status. This story is not just a testament to financial turnaround; it's a blueprint filled with practical strategies, emotional resilience, and the determination to redefine one's financial destiny.
What You'll Discover:
The Starting Line: Embark on this journey with me from 2013, facing over $104K in debt. Understand the emotional and financial challenges that set the stage for a dramatic transformation.
Strategic Milestones: Journey through each pivotal year as I share the key decisions, investments, and lifestyle changes that were instrumental in my financial rebirth. From aggressive debt repayment plans to savvy investments and beyond, see how each step contributed to my overall success.
Educational Insights: Beyond personal anecdotes, this video is packed with educational insights. Learn how I navigated the complex world of financial planning, the mistakes I encountered, and how I used tools and resources to build a growing and sustainable net worth.
Dave Ramsey and Beyond: I’ll share a critical analysis of popular financial advice, including Dave Ramsey's principles, and where I diverged to craft my own path to success. Discover the strategies that align with different financial philosophies and how to tailor them to your unique financial situation.
Blueprint for Success: More than just a story, this video offers a detailed blueprint for anyone looking to escape debt and build wealth. From the "why" behind an emergency fund to the "how" of investing in index funds and real estate, get ready to receive a comprehensive guide to financial freedom.
Engagement and Community: This journey is about more than just numbers; it's about building a community of like-minded individuals who support and inspire each other. I invite you to share your journey, questions, and insights in the comments below. Let's grow together.
Why This Matters:
In today's world, financial education is more important than ever. Whether you’re starting in the negative or looking to optimize your savings and investments, this video is designed to provide value, inspiration, and actionable advice for achieving financial independence.
Join the Movement: Inspired to start or continue your financial journey? This video is just the beginning. Subscribe and join our community for regular updates, deep dives, and transparent discussions about money, investing, and personal growth.
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*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Always take the match. It's the only guaranteed 100% return out there.
That and gold
I agree with you on the 'keep investing if you're getting a company match.' That's should be a no brainer. The interest you save on paying off a debt with that little extra money will be short lived, whereas the money you get from a company match can have long term pay-offs. Don't leave 'free' money on the table.
Control but no question. 🙂
Thank you so much!
I finally reach millionaire in cash/investment accounts this year. But I sold my house about 2yrs ago to put it all in stocks so that's how I sped up the process. Now I quit my job and I'm going to go travel and enjoy life and family for a while.
Nice job reaching million networth to u too and keep up the great videos!
Congrats on the cash millionaire status!! That is amazing!!
Control.
Thanks for your videos. You give the small-scale retail investors the realization that they can do this. And eventually take control of their finances and life.
Can you show your income per year as well ? While you were going through the years it showed that you paid over 180k from your house - and added over 40k in retirement -- your income must have been over 300k or something .. If you can show the income it would be very helpful - thanks
Hmm, I disagree Bob. If the debt has 20-30% apr, it will quickly dwarf your employer matched 401k over a ten year period. Pay off that high interest debt before you invest
How is a 30 %lose greater then a 100%gain on your money 😂
According to Future: 'Top off..... THAT'S A LIABILITY.... hit tha gas, boostin' my adrenaline.'
Control.
Hi Bob, i discovered you only 2 weeks ago but i love your videos.
Did you already have explain what kind of side hustle (except youtube) you did ?
I'm in the process of writing some books based on my personnal knowledge (home automation) and and I love to hear about others's side hustle :)
PS: Hi from Monaco !
I'm on the same road as Bob but 6 years behind him. My side hustles are below
RUclips (only 1 video this past weekend)
Car detailing service
New construction cleaning
Power wash decks and drive ways
Drive a paid off car
Save $1,100 a month for retirement
15 year home loan with 25 percent down and extra payments
Im debt free aside from the house and my net worth is just shy of 180k. That number is growing by $2-4k a month.
Control. First, this has inspired me to start investing, your video on opening a account helped. Thanks for making videos like this...Its appreciated. 💪🏾
CONTROL. Not really a question but I hate having to wait. I know it takes time and I know that’s the most effective way but I check my brokerage and 401k often. I want to see it really jump up in value. The waiting part of it gets me. Great video thanks!
I am right there with you. I hated the waiting game. I wish I would've recorded videos back in the period of 2013-2022 specifically on my financial journey to show the pain, struggle, and sacrifice we went to. But hang in there, the waiting is worth it and amazing once you reach the top of the mountain!
CONTROL
Under the Current Assets section, how would I quantify a Pension?
Thank you Bob for the videos you create. I look forward to watching them!! You’ve also inspired me to invest $15.00 per day with Robinhood in addition to my regular TSP contributions.
Weird to think when I was in highschool I was big into beach body following you then stop following you for a couple years ,and now when I got interested into personal finance and investing im refollwing you .
Love our Dave Ramsey babysteps Millionaire
Thank you for sharing your story - it is amazing! Congratulations on your success! You should be so proud! ☺
Bob, I am so proud and so happy for you and your family 💞🍃 😌
Thanks so much!!
CONTROL!!! Hello Bob, I want to personally congratulate you on overcoming the debts you had and reaching millionaire status, I am really ambitious and want to side hustle all that I can, can you give me an example of one of the better side hustles you used? Thanks as always
I agree with you on many topics, but paying off a home is not realistic for everyone, for most I'd argue. Living in California, for me, doesn't make it any less impossible. Keep up the content.
Totally understand your point, and especially with the CA home prices. Even with a mortgage, as you mention, you can definitely still achieve that millionaire status (and after all, cash is king in this case...a primary residence isn't a 'realized' asset until you convert it to cash...which could be never if you pass it down to next in line)
How did you pay down the mortgage so fast? That’s the hard part.
Control, Another great video best investment channel on RUclips!, my question is im investing in VOO and SCHD each week dollar cost averaging the same amount in each, is this a good idea or should i just invest in one of them, ie does it matter if i end up with 50k in each or am i better having 100k in one of them?
Thank you! Also a great question, while I can't give you direct financial advice on what to invest in, I can point you in a few directions that I use to make this consideration. First is portfoliovisualizer.com. If you do a backtest portfolio you can see what would've happened if you invested in VOO & SCHD for a set period of time and set monthly contributions. You could also look at their performance on SeekingAlpha.
Total return in 1 year is:
SCHD: 2.29% vs VOO: 21.98%
but if you look at the 10 year trend:
SCHD: 191.19% vs VOO: 223.90%
SCHD is a heavy dividend ETF, so it's something to consider if you're in your growth phase (younger) versus a preservation (older) phase.
Take CONTROL. While I currently have $1.13M debt (2 x mortgages), I have $2.8M in assets. Now to make some inroads in those home loans.
Having a small account is hard. I took my ROTH IRA first year total and paid off some debt and bought some shares in my personal IRA there was no way I could afford any lump sum investments.
CONTROL about the list you showed. Why did it say pay off all debt except home/ house
Great question. Typically the house is a bigger commitment to get out of debt, and likely it would take longer to where holding off investing at all wouldn't prove beneficial in the long term (in my case, I did a mix of both, but that was with a lot of side hustle income...and some people aren't willing to pick up side hustles or other jobs but still want to focus on the levels to FI).
I didn’t make millions in 2021, but I made six figures profit when my wife forced me to sell all my coins and shares between June-August 2021. For a few months I hated her but found out really quick it was the right call to sell at ATHs. She knows nothing of the stock and crypto markets and I never told her that after I listened to her everything crashed and that she saved our ass…..I just let her think I’m a genius for investing in it in the first place. I will never forget the lesson here….the line doesn’t just go up forever and the right time to sell is when everyone else is buying
😂😅 take that secret to your grave
Houses are too expensive now. Can't buy a home unless it is 50%+ of our income.
Control and I am 60 and running out of time but we are trying. I dont want to work forever but.....
Thank you for watching! I can understand that being of concern. Keep pushing hard, you got this!
"CONTROL"
would you please do a video or 2 on Halal stocks and halal Investing? Would like to know your opinion on halal and haram stocks that you would chose if you were Muslim and trying to invest according to the Sharia compliant laws. Thank you.
I really do love your videos!
After thinking about this You make much sense. Net worth is not quite FI . It is very close. In retirement what do put on social security income?
Control, Great video!
Thanks!
CONTROL. I have a side hustle cleaning at night. I have 3 kids under 8 years old. Should I take on more jobs to pay off the house? I’d love to get 20000 back a year.
CONTROL: I keep hearing "taxable brokerage account;" what exactly is that? I have a Robinhood account is that not a taxable brokerage account, and if not do you have some recommendations?
I was confused by that too. So is his Webull and Robinhood accounts not taxable?
A taxable brokerage account is something that you have to pay taxes on the gains. For example, a ROTH 401k, the gains are non taxable. So if you earn 100k in income in that type of account, you do not have to pay taxes on it. A TFSA in Canada is the same thing
Great question, yes Robinhood and Webull general investing accounts are taxable brokerage accounts. The only reason I split them off from my main taxable brokerage in the first example of my 2024 breakdown is because I thought people might be interested in those balances since I often talk about Robinhood with the $5 a Day Challenge and Webull with some older investments. But either way, they are both taxable brokerage accounts.
@@Mike604poker Thank you
Control. So
I just started the 5 dollars a day with voo. Let’s say I do the 5 dollars a day and one month I have an extra 500 to invest. Do you dump the 500 in voo at once or split that up for the month. Hope that makes sense
Yes that makes sense. It's totally your call if you want to lump sum it or split it up. If you have it extra though it doesn't hurt to invest whenever you can. As they say "time in the market beats timing the market over the long haul"
Control... my question is that house value when a lot did you move. To go from an 85000 value to over $550,000 value? Crazy
I think that number was the equity in his home. So if it was worth 400k, but he owed 320k on it, his equity was 80k. Not that the house was worth 85k and it jumped to 550k
Control, thanx and congrat !!
Thank you too!
Never ever give up compound interest no matter what anyone says
Paying off debt is the best experience! It’s never easy, but well worth it.
PS I’m a Ramsey fan too!
Awesome!!
Control,
I live in Iowa and have the state Pension plan IPERS. I will retire with it paying between 40%. and 65% of my highest 5 year average income. How should I factor this in when investing my money?
Control. What apps or excel sheets do you use to track your net worth. Currently on Dave Ramsey baby step 2 but I still put a little bit towards investments
Hello! I currently use an Excel Sheet that I created (found over on my Patreon). I usually update it every quarter (every 3 months) so I can see how it grows/adjusts over time.
First off. I want to say sorry I've missed so many of your recent uploads. Good to see you're doing well.
I am investing because I want control and freedom. I've never agreed with don't invest until you're out of debt. I think you should always invest you may just invest a little differently when in debt vs out of it
Control. Thanks for the content, we have almost the same mindset and path. We're just behind you with 600k worth. No debts except for mortgage but thats at a 1.5% interest rate for 20 years, so I'm fine with leaving it and just pay the principle. What are your thoughts on that? Our monthly expense is 40% of take-home pay. We invest 40%, which includes pension which amount to 15% of the 40%. The other 25% is invested through traditional brokerage account because we maxed out tax efficient pension instruments. So, whats your thought on the mortgage? We think its best to just leave it and only pay the minimal to the principle which would mean we pay it off in 26 years from now.
Great video. Which college saving account do you recommend for NY ?
CONTROL - So, if you decide to be homeless, then you will have $1m. I disagree with claiming you're a millionaire by using this approach. Housing market can make people overconfident.
Thanks for the comment! I think I understand what you mean, but yes definitely the confidence comes from the cash millionaire status OR the ability to live in a position of financial independence (and FI can look different to everyone both in what it means and how much $$ it takes).
Good work man
CONTROL - I currently have $10.5k in a car loan (4.79%) and $10.5k in a savings account (4.50%). Would you recommend taking any money from savings to move towards the loan? I've already stopped depositing into my savings (in 2024) and putting that amount towards the car loan. Thanks in advance! 🤠
Control.
I know I can get there.
Yes absolutely you can!!
HI Bob :-) great content ! I had to " climb the mountain " 3 times !!! First my wife left me with 3 kids ( yup single Dad ) and I still only got 20% of assets thank you stupid Ma laws ! Then I got raked by a con-lady :-( Finally trial #3 and life is very good.
Lesson is NEVER EVER give up :-)
Control. I’ve been following you since 2019. I also have a RUclips channel but in Spanish. Can we have a cup of coffee?
Thanks!
Thank You 😊 🎉❤
Control. What age did you achieve net millionaire status?
Oh killer question I love it! LOL - I don't like sharing my age but let's just say my 30s :-)
CONTROL.
If you had an extra 60 dollars a day to invest where would you personally put it?
house flip in 2017 to 2019? Mortgage 2 & House 2?
Great question! We kept an old house and bought a new one. Then we sold the original house a few years later.
@@BobSharpe Congrats!!!! would you share if you put the profits in the moving the amortization schedule on the second house (lump sum payment) or advance the stock portfolio or something else?
Thanks
-400000 but it’s a mortgage so
Every RUclipsr claims to be a millionaire. Lol.
Yes they do, but you don’t have to believe me. Either way I know what the deal is and it’s all good 😁
Don’t make a kid because it costs like $100,000 dollars from 0 to 18 years
Control.
Thanks
Congrats brother but millionaire isn’t what millionaire was when we were dreaming about it as children. We only have entire counties with a half million millionaires living in them around DC and we’re all feeling broke 😂
A penillionaire: a person with a million pennies. Not to be confconfused with anything else that is naughty 😈
LOL love it
CONTROL! WHAT DID YOU INVEST YOUR EXTRA MONIES IN?
I follow the teachings of JL Collins in the Simple Path to Wealth book. Ultimately it's the total stock market index (VTI in my case).
Thanks Bob Congrats to you! Your testimony is HUGE so don't take it for granted 🎉🥂🍾🤗
-control
Thank you for watching!!
Comment
🌈🌈🌈I just bought Realty Income stock. 🌈🌈🌈The reason I don't currently participate in my 401k plan is because these types of plans are mostly invested in mutual and index funds. Plus they don't fit my investment style. You never know what types of companies these plans are invested in. I don't invest in pharmaceutical and tobacco and fast food companies. You might even have those type of companies in those plans. You really don't have complete control on how your funds are invested. I am now an individual stock investor. I use to have a 403B plan before so i know how these plans are put together. I have a mindset, in that if I don't use, take or eat the products, then I don't invest in those companies.🌈🌈🌈
When are we going to finally admit... having a million dollars really doesn't mean anything anymore. It honestly hasn't for a few decades. I mean for gods sake an entry level home is half of one million in most markets. In order to just basically be able to afford the most basic home.... you need half of it. Its seriously like bragging you have 40k in 1980. In 40 years claiming you have a million would be like bragging you have 250k today. I mean... to someone who doesn't have anything.... these numbers are huge. So I'm not trying to discourage you to making your life better. But the reality is the fry guy at McDonald's can have a million. A million... isn't anything. So if the fry guy can do it. So can you. It's a pretty low bar at this point.
😂🤡
What a Debbie Downer.
I used to work at McDonald's. If I had a million dollars back then, I definitely wouldn't be working there. You have to realize that people are born everyday and not everyone will be a millionaire. If everyone was millionaire I doubt that we will have people working at McDonald's. Becoming a millionaire is a great accomplishment when it comes to financial success. It's a long hard road. It may not be substantial to others but those others is a very small percentage of the population. Congrats.
CONTROL:
hi i am 23 years old and would really love some advice on my current income and how maximize earning potentials over the next 20- 30 years i know your time is valuable so please let me know if there is any way to set up a zoom call i would be very honored and also thrilled
-Jordan
Hey thank you Jordan! If you want, go ahead and reach out to me on email or link up with me on Patreon (you can join as a free member to get started): www.patreon.com/BobSharpe