Original Video Here With @DoctorMikeCheckup …(read more)
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Your 20s are often considered the prime time of your life. It’s the perfect age to explore new things, take risks and chase your dreams. However, it’s also the ideal time to make some long-term financial plans to secure your future. With the right mindset and financial strategy, you could be the next millionaire in your age group. Here are some things you should do in your 20s to secure your financial future and reach millionaire status.
1. Start with a clear plan
Before you start making any financial investment in your 20s, you need to know your financial goals. This means you should have a clear understanding of your short-term and long-term financial aspirations. Whether it’s buying a home, going for further studies or starting your own business, you need to have a plan in place to reach your goals effectively.
2. Focus on education and specialized skills
Invest in yourself by gaining an education or acquiring specialized skills that will enable you to stand out in a crowded job market. Education and skill-building are crucial investments that can improve your earning power, job security, and potential for advancement in your career.
3. Save and invest wisely
Saving money is key to achieving financial security in your 20s. The earlier you start saving, the better. Make a habit of setting aside a portion of your earnings each month and investing them in a diversified portfolio of stocks, bonds, and other investment vehicles. This helps your money grow over time and offers a level of financial protection against the ups and downs of the markets. You can also explore other investment options such as real estate and cryptocurrencies.
4. Build good credit
Building a good credit score is an essential component of your financial plan, especially when it comes to qualifying for loans, mortgages, and credit cards. Maintain a good credit history by paying your bills on time, keeping your credit utilization low, and monitoring your credit report for errors and fraud.
5. Create passive income streams
In addition to your regular income, try to create a source of passive income that can supplement your earnings. Consider starting an online business, investing in rental properties, or putting money into a dividend-paying stock.
6. Live below your means
One of the secrets of self-made millionaires is the ability to live below their means. No matter how much you earn, avoid unnecessary expenses, and avoid overspending on things like food, clothing, and entertainment. A frugal lifestyle can help you save more money, pay off your debts, and build wealth over time.
In conclusion, your 20s are a critical period when you can set the foundation for your financial future. By investing in your education, saving regularly, building good credit, and creating multiple sources of income, you can achieve millionaire status and enjoy financial freedom in your later years. Remember, the earlier you start, the better. So don’t wait, start building your wealth today!
Sure, let me start living my life when I only have 10 years left.
Gotta have money to put into it! To many people are living paycheck to next paycheck and in heavy debt.
The Roth income limits are so annoying
ThTs saying the usa doesn’t lose the value of the dollar
The goal is to not be a financial burden to your kids/grandkids when you get older. Who tf wants to work at 65. What a lot of people don't take into account is that being old and vulnerable is expensive af just look at your parents/grandparents medical bills
In Canada too?
His math was off – 40 years at a 10% annualized return (S&P average return) would make that $800 turn into $36,000
With $22,000 you would have $1,000,000
Not starting a holding company structured as an S-Corp to hold all of their investments, and then building a trust on top of that with the controlling interest of the S-Corp, and them merely being a Trustee. This way, they mitigate the taxation and form a legal layer of protection against liability and a way out of getting sued into the graveyard by some frivolous litigation and an aggressive lawsuit.
As well as having the legal grounds to protect any Intellectual Property that they might develop into a profitable venture.
To 10x something in 40 years and thinking it is a good deal is … I don’t know what it is
Yeah that 8,000 is gonna be the hourly minimum wage in 40 years.
I don’t believe in Roths. The only benefit is not creating taxable events every time you trade which reduces hassle and may change your decision process like you’re not going to worry about tax loss harvesting and etc. But at the end of the day the math works out the same, 30% in taxes now is the same as 30% later regardless how much gains you made in between. Roth has the added disadvantage that you’re taxed an additional 10% for early withdrawal though, vs a normal trading account you don’t have that.
But… HEX is outperforming Roth IRA’s by a long shot.
I love how they have no clue what basic math is
40 years of inflation later tho… Roth IRA in Bitcoin might work
"Non taxable" … it's taxable only when your doing your taxes you have to pay up front at the tax office
800$ *12 months =9.6 k + 7% assuming each year 10.272 k per year
now that will be more than 4,10,880,000 $ after 40 years
ajusting to inflation that will 3,00,000,000 $
Oh wow 8000. Let me get on that.
80,000*
just 10x after 40 years??? that’s trash tho…
If you saved enough already you wouldn’t need advice from ticktoc.
800$ to 8000 in 40 years sounds horrible
Remember when you draw down from it you pay income tax
The comments prove kids have no idea about finance. Set up my Roth IRA up last year and already got $10k in it. Have fun working until you die.
When stock market crashes it wont matter.
I refuse to live my life so that I may”enjoy” it in my 60’s
Looks like most people here would rather be old and poor than old and rich
Inflation said no
Dr Mike doesn’t know what that is lol
This is propaganda. False.
What the fk am I gonna do with all that money when Im that old?
betting you survive the next 40 years for sure is an even worst financial decision. 1/4 of the population doesn't make it to the retirement age in my west european country.
Everyone complaining about the returns – stay broke y’all