From $0 to Millionaire in 7 Years (w/ Amy Greene)
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- Опубликовано: 28 май 2024
- Do you want to become a millionaire?
Amy Greene from New Jersey is showing us how!
She went from a $0 net worth to a millionaire by age 44. Check out her story about how she and her husband increased their net worth and became a millionaire family all in just 7 years.
CHAPTERS
0:00 Intro
0:56 When did you start to care about improving your financial situation?
2:31 What do you and your husband do for income?
3:15 What does your net worth consist of?
4:32 How did you start investing?
6:47 What debt do you have currently?
7:40 Did you have an inheritance that helped contribute to your net worth amount?
8:26 What financial tips and tricks have you learned along the way?
10:16 Was there a book that was influential in your financial journey?
12:14 What are you doing now?
13:25 What do you say to someone who doesn't believe they can become a millionaire?
#MillionaireSuccess #Millionaire #MillionaireStory #DebtFreeCommunity #DebtFree #FamilyFinance #PersonalFinance
RESOURCES
Amy Greene (Instagram): / amygreenefc
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I know it was mentioned that if you havent started investing and you are older, it will only take $200 vs $100 a month like when you are 20 to become a millionaire at 65. That's not exactly true. Below is how much you need to invest if starting from zero according to age and retiring a millionaire at 65 with same amount if you had started at 20 with 10% returns which Dave says is average.
20-year-old $100/month 10% return
30-year-old $275/month 10% return
40-year-old $785/month 10% return
50-year-old $2,530/month 10% return.
When you start absolutely matters! Hope this helps!
Thank for for contributing!
And this is something i can manage, i already started a ghost Charles Schwab acct for my daughter and for myself now. Its all in Index funds.
This was a nice surprise. I saw Amy’s name pop up and recognized it right away. I had a coaching call with her a few years ago. Glad her and her family are doing so well.
Amy's story is inspiring! I'm glad you connected with her!
Am i tripping or did she skip the question and gave a generic answer with the how she did it?
I loved this video. Reminds me of our own journey we just started a few years ago. Still a ways to go but eventually we will get there!
YES! keep rocking!!
It's the tortoise and the hare - the tortoise always wins! Keep going!
Andy, so funny, asking the inheritance question from Dave almost word for word!
Ha! He’s rubbed off on me!
Some inside baseball here, Amy and I met at a Ramsey Influencer conference last year. I find my language changes when I’m around my Dave people
@@MarriageKidsandMoney So true! But it's always a great question. Everyone things we must have had a windfall or some major financial influx to make this happen. It really is slow and steady - but by getting out of debt, you'll have more money to invest and to enjoy, which is VITAL to this process. Building wealth is a factor of savings rate and time - make them work for you!
Great video, thank you for sharing.
Of course!
11:00 The income question helped. Hard to believe that they hit $1 mil with only 7%... so I pulled out my compound income calculator. Having the $250k in retirement when they started, and unloading the condo, etc, was an incredibly smart play that underscores the importance of mindset when it comes to money. Then, assuming $1200 per month invested, they needed a 20% return in the market to hit this. Right now I'm trying to put back 20%, and it's going to take me 7 years just to get to their $250k launchpad. Start early, kids!
Starting early is key! If you didn’t start early, making a lot of money definitely helps.
@@MarriageKidsandMoney They have to get lucky too..... You never say well if your not employed everything could change fast. Can't just start early or make a lot of money but have to be gainfully employed the entire time.
This, and job. It’s awfully easy to say “do what I do!“ When you’re pulling in 200 grand a year.
Very encouraging!
Amy is amazing!
Great video. It’s great to see others story to increasing wealth. I’m assuming the saving percentage was a lot higher than the current 7% in order to achieve this.
Glad to hear you enjoyed it!
I would agree - there were more than likely periods of major savings above and beyond that 7%
Yes, we had periods of putting more than 7% away into retirement before we got out of debt. The Baby Steps changed that, but by then we already had a good amount in retirement. The other boost has been our home value - thank you, Covid and NYC Exodus!
@@amygreenefinancialcoaching1364 Homes don't get valuable unless someone else is paying or willing to pay those higher prices....
@@MarriageKidsandMoney Yep that that is part of the problem. Many don't have the right combination of factors to not end up broke.
Where is the seven percent coming from? Seems low. I see 15 percent recommended even for normal people, not people trying to build huge wealth
How can you say she started with 0 and now has million in 7 years, when half of it came from their retirement accounts?
Great question!
She had a net worth of $0 and she grew that net worth to over $1 million.
From my understanding of her net worth when she started ...
Assets:
--- Retirement Accounts (both her and her husband): $250k
Liabilities:
---- Debts and Loans: $250k
Net Worth (Assets minus liabilities) = $0
@@MarriageKidsandMoneyThat doesn’t compute with what she said in her intro to the early debt payoff. She used the condo to pay off the debt and so the condo negated the debt liability. So, they essentially started with $250k net of the condo and related debt (condo $250k - debt $250k).
She started with whatever the condo was worth. So definitely not 0, it's an error on the video, no worries. Humans make errors.
I did not find this interview helpful it was more like a personal business finance marketing ad. She did not answer any questions asked. Perhaps a book club on RUclips with Q&A would help more people achieve their financial goals - I like the format of: reading a section or chapter on my own and then reading along with the group and after a section, time to ask clarifying questions or like a workbook, mention ideas to put to practice the principals of the book.
I appreciate your feedback!
@@MarriageKidsandMoney Thank you.
I absolutely agree, l waited to hear the exact numbers but none was shared. How much was their yearly contribution and what interest rate so we can understand how the million was achieved in 7yrs mathematically.
@@hairbytomrose7143 Very helpful here. Thank you! I'm always looking to improve.
No to Mutual funds….a well balanced VGT, VOO, VYM, VTI portfolio will smoke mutual fund performance over the long run, why make Mutual Fund Managers Rich? 🤑
All I needed to hear to move on from this video: “we don’t have any debt except for the mortgage, which wasn’t included my this net worth calculation, just the equity.” “Got it, makes sense”. Whah? Makes sense to grab the headline of $1m but come on, really?
A lot of people in comments complaining about lack of specifics. I get it but at the end of the day, none of these videos are gonna tell you the specific stock that is going to skyrocket or pick a high income job for you. Now sure what people expect
Thank you for your comment. Finding a high-income job, living on half of your income, and investing the other half in the stock market should do the trick.
This was the vaguest video on personal finance I've ever seen. She was expertly dodging questions and not giving any specifics.
If you want to keep your financials private don't volunteer to go onto a personal finance vlog interview.
2 out of 10 stars.