3 WAYS TO BECOME A MILLIONAIRE WITH A $100 BUDGET

So if all you have a $100 budget, what are 3 things you can do basically guarantee financial freedom or in this video to become a millionaire.

3 WAYS TO BECOME A MILLIONAIRE WITH A $100 BUDGET

1. Invest: dollar cost average and time in the market and what to invest in

Dollar-Cost Average: is investing consistently in your portfolio, so you can buy at the average price and not worry about the market going down. SO when you invest that $100, pick a day and invest it no matter if the market is high or low, over the long term it’s going to help, limit risk. ( investing once a year, is riskier)

Time in the Market: it depends on your goals, for example, if you wanted to do fire, you could literally invest for 15-20 years and then retire and never invest again. But my strategy is investing in the long run, both for my retirement and wealth building. So building my 401k and Roth ira and I also have a brokerage account. ( I don’t do short term investing)

What to invest in: I recommend index funds, mutual funds, and also ETFs. But most important do not pay more than .30-.50% for a company to manage your portfolio. I use an app called acorns, you can invest with $5 if you want to, and I invest in ETFs that start the US market, International, real estate and even government debt. ( moderately aggressive)

How much money you’ll make:

100 bucks a month(3.33Daily)/25 years/8% return: $94,745 and 45 years around $500,991

100 bucks a week(13.33 daily)/25 years/8% return: $410k and in 45 years around 2.1M

100 bucks a day(4.16Hourly) /25 years/8% return: 2.8M and in 45 years around 15.2M.

2. Pay off your debt: high-interest debt is bad, Avalanche method, some people want to be debt-free before they start investing ( but usually I want you to do both to build the habits, because the average person that gets out of debt, goes right back into it)

Home: Get a 30-year mortgage, and I know some people say to get a 15-year mortgage and be done within half the time. But a 30-year one gives you more flexibility.

Auto: If you can buy a used car in cash, then 9 out of 10 times you should. Try buying a car that 3-5 years old, to save on depreciation. And that’s also reliable, and can run for another 5-10 years, so take care of it.

Student Loans: Student loan debt, you have good debt and bad debt. The problem is, it doesn’t matter, which one you have, you’ll have to pay it off.

Credit Cards: This one of the most expensive debts and it costs around 15-35%, and the average household owes around $16,061. And paying the minimum could mean having that debt for 7 years.

How to pay this debt: Home ( just pay your mortgage)
– You pay off this debt using the avalanche method, meaning pay the minimums on all the cards, but put extra money towards the card with the most interest and then repeat.

Remember: invest $5 a week or even $100 a week, do them at the same time. So you don’t go back into debt.

3. Live frugally with a budget
– Most people hear this and think, living frugally means eating cornflakes for breakfast, lunch, and dinner.
– But it just means understand how the money you make and how much you can spend
– And if you can afford something, then you save for it. That’s all.

For example: who is richer someone that makes,
1M dollar per month, do you think that makes me Rich.

Or if I make 3k per month, which person is richer.

In reality: If the 1M person spend 1.1M million months then his poor
If the 3k per person spend 2000 per month, then she is wealthy.

Tip: pick a number, my number is 70k per year and that would be more than enough money for financial freedom, but all I really would need is around 36k.

Cool Calculation for the Math people: ( amount of money you want)/(4% rule) *100 = how much money you need to be invested.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson 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. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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