SIMPLE Way To Become A Millionaire
2022 ж. 15 Сәу.
931 277 Рет қаралды
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So you are a millionaire???
This feels like a scam
Where’s your ad disclosure
Are you a millionaire Hmmmmm Are you …
Are you a millionaire then my supreme teacher?
Step 2: invest more money each year than most teens make before turning 18.
I don’t know where you live so I’m not quite sure what salary you are able to make… but as a Canadian 17 year old ( still full time student) I’m able to make around 15’000- 25’000 $ per year and I haven’t even started investing yet 🤷♂️
@@felixleveille8441 Well, I think he meant that most teens don't have jobs. I mean most go to high school. Probably just get a $20 allowance or something.
@@redacted1375 yeah I haven’t thought of that 👍
@@felixleveille8441 depends on school and depends on country. In my case (with 15 years) school offers me jobs on summer that pay 1.80 € per hour and can work 8 hours a day, which is ok, but i cant work when its not summer because school starts at 8:00 am and ends at 6:15 pm
When I was 16, I worked enough to have around 500-800 dollars a month, and that's including school, volleyball, scouts and extra lessons
6000 a year: as a teenager, that's all the money I ever made
I made 200 as my 14 year salary
How to be rich! Step 1: Be rich. There you go.
yeah i mean thats how 99.9% of people get rich if youre not rich in your early 20s you aint gonna be rich my friend
Damn, wish I had a spare 500 dollar to spend every month
Everyone has that. Just have a kid out of wedlock and the government will help you find it.
It also has to be earned income from my understanding, otherwise, This video is misleading for teens who don't work.
better to know now so when they get out of college and/or start working they can start doing that
Another part he left out, you cannot invest into a Roth IRA until you are above the age of 18.
@@officer9wasd well children aren’t allowed to do a lot of things.
True but adults also can’t set it up for their child due to it requiring the account to be under the child’s name. Although the child CAN talk to the bank that the income goes into and have it deposit the income into a ROTH IRA. Then they can receive interest on it.
He never said it was for teens who don't work, or a replacement for work, he just said it was the best way to become a millionaire. You can't improve your financial situation without an income of some kind, expecting to become a millionaire without an income is ridiculous.
Invest $500 a month as a teen? Most Americans don’t have $500 as an emergency fund and you expect a teen for that 😂
what part time job doesnt even pay 500 in the us???
the man thinks i'll ever be able to retire haha
"Very safe" -14% in 4 months
It’s called buying the dip, if you look at previous charts the SP500 usually always climbs back up after a dip, it’s only a matter of time
That's not what he meant. Lol. Buying the entire US economy, so yes, it is very safe.
Do 14% compound till you 65 over 40 years shit adds up
6000 for 40 years on 14 percent annual interest is 1.133 mil not too shabby if you ask me
@@LR-hw4px He said -14% as in negative 14% because of how bad the market is lately. As others have said though that just means you're buying the dip. My Roth returns look horrible right now because I opened it and contributed right before everything started going down. I'm not worried though because I have no intention of accessing that money for decades, and it's a pretty safe bet the market will recover and grow.
When you realize it’s illegal to invest under 18
He said teen and 18-19 are still teens
@@jmpmp_505 right. nice technicality. still ignoring the 13-17 age gap but yeah, use the word "teen" as vaguely so that it fits with his clickbaity intention.
You have to set it up as a custodial account that your parents oversee, but a minor can definitely open a Roth as long as they have earned income. My 13 year old brother has a Roth.
Yeah should say young adult. I also don't think it's illegal, just that the contacts are invalid so you'll need a guardian to sign for you.
@@justcallmejudge how is it clickbaity if it’s not in the title
I started this at age 24 after getting my first full time job and have maxed my Roth IRA each year in the two years since! Excited to continue with this method and look into other investing techniques soon. Thanks Daniel!
23 right now, been thinking about doing it. How has it been for you
He maxed out his Roth IRA each year in the two years since and plans to continue this method and look into other investing techniques soon.
@@TrOlLkInGs14 good!
What app u use for the roth ira?
@@verson1943 pretty sure it's intended for anyone just targeted towards young people because this is a money over time thing
Here's an easy one Ask your father 1dollar Do it again 999,999 times😂😂
Unfortunately I don’t plan on living long enough to retire
You suicidal?
gg
"how to have money" Step 1: have money Step 2: move money Step 3: invest money Step 4: make money Step 5: die of old age before you can spend the money you saved
Right to the point thanks 😂
In my country ( New Zealand ) we have this thing called kiwisaver which works really well, if you put $300 a month the person you work for has to put in a extra $180 and then the government has to match the first $300, so that $780 a month until your retirement
“Invest in an index fund, like VOO. Very safe” *loses 13% in 6 months*
S and P down 21%
Like everyone is American, you shouldn't forget that there are other countries in the world.
U can still buy index funds
@@vishav3764 uuhmm currencies uhmm currencies
@@Contasyion101 ummm buy an index fund with your local currency?
Idiots... He's saying move to a different country and live well off in their economy.
@@rtdip2833 yeah rubles xd
Wow mate your a genius, if only more people know about this? Want to be a millionaire? Invest a load of money and get more money. Incredible
His advice is pretty legit, lots of financial experts would advise the same. Even Warren Buffet advises investing in a low cost index fund. If $500 a month is too much for you, do $5 a month. Any amount counts, just what matters is you start early and don’t sell when stock market dips
It is that simple. People don't want to wait so they buy a lottery ticket and they never be a millionaire. And buying expensive shit when old is not the idea. The idea is to have a pile of cash in your account through your live what you can use if something goes south.
@@Jako1987 exactly!
@@johncena-nd9jx I think you can buy fractional shares of it. I don’t use vanguard, I prefer fidelity
@@johncena-nd9jx nice username lol
I'd rather be rich earlier so I could enjoy it more.
bouta become the next bezos thanks to daniel
You you wish.
you can do it men or women
I don’t think i should be taking financial advice from youtube shorts
Lost me at “Open a Roth IRA” 😭😭😭
Yeah I’ll be honest.. I done fucked up actually investing that money.. so appreciate you giving people a heads up
IRA uhhhhhh Once I heard that come ye black and tans Started playing in my head
that phone catch was smooth
RIP to the good old days when we retired with pensions
Bro thinks i just have 500 dollars every month sitting in my ass💀
Get a job
@@codynewell1135 he Said for fucking teenagers like nigga do you think Someone is just gonna fucking Give me a Job at the age of 16 without any work experience and Give me monthly payment of 1k?
wasn't intended for the jobless
When he said IRA I was like oh hell nah 😂
$6,000 a year as a teenager? Okay, we got this!! 😬
Health Savings Account is triple tax advantage which should be the top priority, $3600 a year. Roth second, $6000 a year.
This us good advice, but more geared towards 18 and 19 years, which are technically teens but also adults. I started working part-time and investing my money at 18 while attending community college. I just turned 20 and now hav like $25,000
"How to be broke until it doesn't matter"
Well, you're still going to have costs when you're old. And 500 a month isn't that horrible is it?
@@viatori5566 4% lost at minimum each year due to inflation. 100,000 is worth 1.2m in 30 years. So being a millionaire in 30 years Isn't remotely a win.
@@cenr9372 that's a little over simplistic way of looking at it. The value of your stock is also going up, on average more than that every year. If you're successful, you'll probably be able to invest more than 6k every year as well. Having 1 Roth isn't going to make you truly wealthy though. It's still not a bad idea though. There are other ways of making money but it's a relatively safe bet for help with retirement.
@@viatori5566 most banks offer 2% interest, u still lose 2% each year... I get saving is okay but its not how u get even remotely rich. Don't think any rich guys saved money doing a dead end job or even a mediocre jobs and just ended up rich. U need a plan and this isn't it. Js teens are gonna be having a midlife crisis if they follow this
@@cenr9372 idk where the 2% came from. Your IRA isn't tied to a banks interest rates. Yeah leaving money in the bank isn't the bet place to keep it by far
Step 1: Go home Step 2: get in bed Step 3: sleep Step 4: dream your a millionaire ☺️
where tf do i get 6k a year as a teen
fraud
tap in wit a nigga tho if u got any socials
Now all I have to do is make 6000 dollars
"Best way to make money as a teen" *Proceeds to show retirement app*
can you make a full in dept video?
JUST 6 grand Most people out here are having trouble paying for rent, gas, utilities, and groceries my guy
off topic but today, i was walking to school like i always do for like 1 year i have walked to school and my neighbor is my ex-friend bcuz we never talked alot nowadays but then i was walking and the door gate was locked and her parents saw me and got worried so i went inside and then their house wad PURE gold like there was like 15 thropies and they gave me a fking feast and then their parent called my parents and i went back home. Im now convinced they are a millionaire 💀
When you mean invest the IRA is that where they pick stocks for your or you pick them yourself???
The biggest question is are you a millionaire?
This Sigma Ligma Omega Giga Chad NFT Investor Virgin Atlantic Dude 💀
500 a month would leave me no money for food.
Whatt do u use to edit ur videos
Please make a longer video
That’s how Australian taxation system works! Known as superannuation! They save for your retirement by the time you retire you will have millions of dollars as part your tax in your account you could buy house using that!
Here’s an accurate method 1. Have rich parents 2. Or Get lucky 3. Money
I have the exact same phone, color, and case as he does
The uk equivalent is in investment ISA
Now the question is where to get that 500$ per month
What's the alternative for UK
An index fund, while not sexy, is great for a lot of investors. It's not a get rich quick solution, but it is a get rich one. As mentioned, they tend to be lower fees and this is also true when compared to a mutual fund. You also don't have to worry about if an individual company does poorly as you're diversified.
Okay, how???✌🏽
Would this be beneficial at 34 years old or for younger adults?
Step 1: be born into wealth
You had 500$ a month to put away, that fact alone is super impressive for me.
But how do I invest the money from my account
😂 lmao
Note: this is only for those who can actually make their own money.
As a 28 year old tech entrepreneur going on his first year making just shy of a million in profit, I haven’t seen a single person under the age of 60 make any substantial amount of money off poor people tools like Roth IRA’s or 401k’s. Even those guys aren’t really “rich” to the point where they can actually live luxuriously. Being rich by definition means you have substantially more money, power, and leverage than most people so its impossible for most people to ever be “rich”. Unless you’re a singer, actor, play pro ball, or willing to go through 20 years of corporate slavery, you will never ever get rich off a job.
Bro just lied to all of us 64 times in 30 seconds. It’s not this easy
Time to find my average teenage allowance of 500/month
Once your money is in the Roth IRA account you cannot remove it without paying a hefty penalty. So how do you invest it?
What do all those terms mean?
Step 1: Work for your money.
"very safe" bruh
Secret step:insurance scam
Can I use Robinhood for my Roth IRA or use Fundriss instead?
Life hack: invest all 6k (Roth ira) into Tesla stock
Man thinks money comes from nowhere.
Oh you guys u need to understand this : Millionaires and billionaires won't show you shit because they won't be special anymore , they need poor people to serve them in restaurants cleaning driving factories farming soldiers policemen .... Etc
Step 1: don't listen to random guys on the internet
What he failed to mention is if you take this money out before you are age 65 it gets taxed on interest. So pulling out 100k would be like pulling out 75-85 k
60 years later
How am I suposed to save half of the salary for retierment account?
The only of becoming a millionaire is to become a youtuber💀💀
I love your funny words,magic man
I think you should describe what a Roth IRA is so people know
I honestly think no millionaires got rich by watching KZhead shorts for financial advice...
The hell is the ira I thought we were past blowing up cars
Does Roth ira work for any European country ? Can I do it from Greece as well ?
I’m 22 but I’m gonna do this
There’s like a one percent chance anyone does this, let alone become a millionaire
Big words make my small teenage brain hurt, all I know is the mitochondria is the powerhouse of the cell
Anyone know an account that does stuff like this for canadians?
Øh, do you have to leve in usa to do it?
Setting aside 500$ each month just shows how out of touch all these investors are lmao
Mate i have a feeling most out generation isn't going to make it to retirement
My CAREER pays me 800 a month😭
Are you saying there’s no risks in an investment? Are you FINRA licensed?
Step 1: Don't blindly listen to some guy on the internet.
You can't just disagree without explaining why
How to get money? Step 1: get money
Funny I know and exercised all these without anyone telling me!
In a position to do this, started when I was 18 and have 10k invested by 19 (almost 20) it's not my main source of making money and I do other investments but it's a good fallback if things go tits up
if youre a teen, heres the best way to be a millionnaire in 60 years
Does this work in the Philippines
Bro S&P 500 is hella down 💀
Overtime sense 1950s it has only gone up overall if you stayed in. It’s gonna have dips just gotta hold.
What color is your bugatti
But what about the banks closed down?. And if they don’t close down, it’s hard to trust your money inside of a bank. And they keep removing retirement later and later.
How do you recommend getting something like a bank account under 18?
just open a youth account
Ive had a bank account since i was 15💀