How Much Money Do You Need To Be Rich

Knowing you want to be rich is the what you want, and knowing the reason is the why you want it, and one of the most important things is knowing to base your expectations on your willing to do something.

Here what I mean without the fancy psychology, some people say if I can just make $10,000 a month without working, I will never have to worry about money again. Then I explain how they need 3Million in an investment account and that if they want to get their in 20 years, they’ll need to start investing 4k per month. You see them get so sad, because its so damn hard to do that.

So that’s where I ask the second qustions why do you want it, and then we figure out a way to get what they want in 10 years or less.

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Basic Knowledge ( 2 Important facts )

To be apart of the top 1% in the top 3 countries in the world :

In American you need 488k

That’s approximately $234 per hour

Most fancy doctors only make about 208k per year, so you’ll need double that money, so obviously the 1% is making money not from jobs but most likely from business

Descriptions of the avearge millionaires

80% of them didn’t enherate their wealth

Most of them are in their 50s

97% of them are homeowner

Wealthy and my definition

My definition has changed over the years as I’ve learned more

It used to be to have over 1M but you can have that and still be broke

Then It was someone that makes more passively than they spend, but that came take forever

But now its someone who has their version of financial independence

The first step to find out how much you need to be rich

First find out how much you’ll need to spend and on what and what you can lower

The more money you need to spend the longer it will take you

The more expensive your lifestyle Is the harder it will be

Here is the example:

If you figured that living in Tampa Florida you’ll need $70,000 a year to live a nice life, the goal is to figure out how to cut the figure in half or more than half

Ways to lower your Cost of Living ( cuts your cost of living by 50% )

First paying off home fast, if instead of spending 33% of your income on a mortgae or half on rent, you only have to pay taxes and insruance that saves you a lot

If you have no debt, that’s a lot of money per month that stays in your pocket

If you pay cash for everything in your life, including the car and iphone, that’s big too

Result:

You go from needing 70k to only needing 35k

Keep working

Retirement is so messed up, because they sold us the idea that we need to wait until we are 65 years old to retire and never work again

And although this sounds nice, its so stupid

People wickness first hand during the pandemic what its like to do nothing productive its not a good feling

Here is the key:

If you need less than half

You can also work half as much

Instead of working 2080 hours a year you only work 1040 a year, that’s a lot of time to enjoy to yourself

Conclusion

Rich is not an arbitrary number

It’s a real number

And you should spend time running the numbers

So here is my example

My Cost of Living ( remember I am a weirdo and willing to do extreme things )

I move to Dominican republic, I spend $160 on rent per month

About $100 on utilities

$200 on food and $200 on gas

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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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