My plan on how to become a millionaire in one year.

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What does it mean to be a millionaire? When I say millionaire, I don’t mean have a million dollars cash in the bank account. I mean a net worth of a million dollars, across all my assets like stocks, real estate, cash, etc. Everything. Speaking of cash – what does a million dollars even look like?

Have you ever seen a million dollars? What does it feel like? Today, I found exactly what a million dollars looks like.

Dave Ramsey’s advice to becoming a millionaire is one of his most popular videos which got several million views and it’s a pretty simple strategy. The way to become a millionaire is to invest exactly $100 every single month in a tax advantaged account like a Roth IRA or a Traditional IRA, by buying a stock that’s growing at 12% per year – and if you can do that for 40 straight years, then you can become a millionaire if you can invest 100 a month with said 12% stock. Sounds easy.

However, it’s a highly debated and disputed point amongst the finance community whether or not such a 12% stock even exists because keep in mind, the average historical stock market return rate is around 10%, or 6 to 8% real return after inflation. In fact, John Bogle, the legendary investor who created index funds and Vanguard, has even made a compelling case that the next ten years will return only …..4% per year. So 12% returns for 40 straight years is really optimistic.

The stock in question was American Funds Investment Company of America, mutual fund ticker AIVSX which was started in 1934. It has averaged roughly 12% since it was FIRST created.

Another one is the Pioneer Fund , ticker symbol PIODX which averaged 11.88% since 1928. So he’s not wrong that if you can save $100 and invest it at 12% in a Roth IRA account, letting it grow tax free, you’ll be a millionaire by age 60, if you started by age 20.

If you’re using the Robinhood app like I am, a really good alternative to the AIVSX is VOO which is a large cap ETF with a much smaller expense ratio of .03% than AIVSX’s HUGE .5% and has outperformed it in the last 10 years. If you look for VOO in Robinhood you will find it. This is not financial advice because I’m still, not a licensed professional.

Now here’s where I’m taking a complete opposite approach to becoming a millionaire . My investing philosophy differs from Dave Ramsey’s. I’m not saying my investing approach is better, but unlike Dave Ramsey’s approach which says you’re going to be working for 40 years until you’re a millionaire and ready to go out and live your life without needing a job, I prefer to work for a shorter period of time and retire much earlier in life by taking a slightly higher risk. Of course when I say retire I mean when your passive income meets and/or exceeds what you pay for your bills. Because at that point, you don’t need an active job if your passive income can pay for your lifestyle.

Tbere are lots of different ways to do this like with real estate for example, and there are a ton of YouTube channels that are dedicated to specifically that with real estate, like Graham Stephan, MeetKevin, and others, but those are the only two real estate focused channels I watch. I personally prefer what are called income producing dividend stocks. These stocks allow me to collect passive income no matter where I am in the world, no matter what I’m doing. In addition to that, I want to maximize my time here on YouTube to finally reach millionaire status in 1 year.

This is my million dollar plan. The plan to have a net worth of 1 million dollars by the end of 2021.

*Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future….(read more)

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Becoming a millionaire in one year is an ambitious goal that many people dream of achieving. While it may seem like an unattainable feat, with a solid plan and a lot of hard work, it is possible to reach this milestone. In this article, I will outline my plan for becoming a millionaire in one year, and the steps that I will take to turn my dream into a reality.

Step 1: Set a clear and specific goal

The first step in achieving any ambitious goal is to set a clear and specific target. In my case, my goal is to reach a net worth of one million dollars within a year. This goal will be my guiding light and will keep me focused on the tasks at hand.

Step 2: Create multiple streams of income

One of the most effective ways to accumulate wealth quickly is to create multiple streams of income. In addition to my regular job, I plan to invest in the stock market, start a side business, and explore other opportunities to generate additional income. By diversifying my sources of income, I will be able to maximize my earning potential and accelerate my journey to becoming a millionaire.

Step 3: Invest wisely

Investing is a key part of my plan to become a millionaire in one year. I will carefully research and identify high-potential investment opportunities, and make strategic decisions to grow my wealth. Whether it’s stocks, real estate, or other investment vehicles, I will be diligent in my approach and seek expert advice when necessary.

Step 4: Live frugally and save aggressively

In order to reach my goal of becoming a millionaire in one year, I will need to be disciplined with my spending and prioritize saving. I will cut unnecessary expenses, live a frugal lifestyle, and consistently put aside a significant portion of my income into savings and investment accounts. By making sacrifices in the short term, I will be able to position myself for long-term financial success.

Step 5: Stay motivated and focused

Becoming a millionaire in one year is not an easy feat, and there will be challenges and setbacks along the way. However, I am committed to staying motivated and focused on my goal. I will surround myself with like-minded individuals, seek inspiration from success stories, and remind myself of the ultimate prize that awaits me at the end of this journey.

In conclusion, while becoming a millionaire in one year may seem daunting, with a well-thought-out plan and unwavering determination, it is within reach. By setting a clear goal, creating multiple streams of income, investing wisely, living frugally, and staying motivated, I am confident in my ability to achieve this ambitious milestone. I am ready to take on the challenge and bring my dream of becoming a millionaire to fruition.