I thought I needed the things they had to be rich, but in reality, you don’t at all. Everything is just taking to an extreme when it’s on tv. So today I’ll give you a guide to becoming the average millionaire.

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1. Frugal Habits

Frugality to be me and you: is not going to be this extreme obviously:
– But it means not going into debt ( except for a mortgage)
– Not spending more than 70% of your income on expenses
– and just savings for the things you want to buy in cash

example of my Mom:
– Income is only $27,000 a year in New York ( spends around $18,900 a year)
– Keeps $8,100 for her savings, investing, and buying things she likes
– She owns her house, she owns her car, and she’s working on a second property ( and also has a good amount of savings )
Tip: I used these examples because in America we have a way higher income, but still to be broke, and that’s because we live beyond or means.

2. Investing 20%
– My mom nor my grandma, had the opportunity to be in America in the 1900s and invest into the stock market
– But today literally any of us can invest in American business and have large savings ( for future passive income)
– And theirs also real estate investing and countless other opportunities

But for Example the Stock market:
– Lets you make $48,000 a year ( if you make less keep watching I’ll to jobs in a bit)
– If you invested 20% of that which is $9,600, and put it into ETFs or mutual funds at 8% return = 1.1M in 30 years and 40years 2.6M

I usually here two excuses:
– that’s to much time: Go to a nursery and ask them what they wish they would have done with the money. And they would probably tell you to invest more and starting early. ( and if you want to get their faster then jus invest more)

– I don’t know how to: I have a free video step by step with different portfolios and also a link with my personal portfolio for free. ( and theirs is also a link to audible get two books)

Tip: you can take 10% of your pay and use that for fun each year

3. Social Status vs financial independence

– We are a lot like babies when you’re in middle school you want your friend to know you have better games and toys
– It’s the same thing with adults, hey Ted look at my BMW, house, watch, and my fancy wife
– But a pandemic happens and now you’re scared

I realized that:
– There are a lot of fancy things in the world for us to enjoy
– But its best to enjoy them when you can afford them
– I like nice cars, clothes, I like the new iPhones ( but if you have to borrow money to get things that don’t add value to you, it’s bad idea) just wait and don’t be a baby.

4. Picking the right Jobs or Business
– You should spend way more than 30Minutes looking for a degree or license to get
– You have to spend some hours picking out the pros and cons of whatever job you’re going to get
– For example, no one watching this video should make less than 48k * unless they really love their job and don’t want to quit)

Example Jobs:
– Accountants can get paid 150-250 hours (4-year degree)
– Home inspector can get paid $52k a year
– Landscape designer 54k

Point is a degree or license: make sure they have these 5 things
– The degree is in demand
– Provides long term value
– You like it
– Are good at it
– And can make you a lot of money

5. Patient
– So make it easy for you to be patient because you are having fun
– Pick a job you like and spend your fun money every month
– Just enjoy the process and automatic the investing.

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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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