ilmscore | How To Be A Millionaire In 10 Years (Starting With $0)

How To Be A Millionaire In 10 Years (Starting With $0)

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
The survey indicates that $500,000 is needed for financial security and $1 million for retirement for Americans.
"Americans would need $500,000 to feel financially secure and a million dollar to retire"
Financial Independence
Pending
Achieving millionaire status within 10 years, starting from nothing, is presented as entirely possible with specific, cost-free, step-by-step recommendations.
"I know that sounds extremely far-fetched but it's entirely possible and these are my own recommendations from personal experience that I've learned firsthand because there are some step-by-step rules that anyone can follow that work incredibly well that don't cost you a single penny if you have the goal of calling yourself a millionaire exactly 10 years from today"
Wealth Accumulation Goal
Pending
The speaker achieved a $1 million net worth by age 26, without family wealth or inheritance, and prior to creating content on wealth building.
"I was able to build a million dooll net worth by the age of 26 years old without coming from a wealthy family without any inheritance and without posting a single YouTube video on how to get rich"
Personal Net Worth
Pending
The speaker successfully acquired, renovated, and rented out three bank-owned properties.
"I was able to purchase three bank-owned properties that I subsequently renovated and then rent it out"
Real Estate Investment
Pending
By age 26, the speaker had accumulated a $1 million net worth through equity in four properties and cash savings, starting from zero 10 years prior.
"between the increased Equity of four properties along with cash in the bank I had reached a million doll net worth by the age of 26 years old starting with zero in 10 years"
Personal Net Worth
Pending
To save $1 million in 10 years without investment returns, one would need to save $273 daily or $833 monthly.
"if you want to save your way to a million do in 10 years you're going to have to put away $273 a day or $833 a month to make that a reality"
Saving Strategy
Pending
By investing with an average 8% return, reaching $1 million in 10 years would require saving $158 daily or $4,750 monthly.
"if you invest your money instead you could get there with only $158 a day or $4,750 a month averaging an 8% return"
Investment Strategy
Pending
A 20-year-old aiming for $1 million by age 30 needs to invest $4,750/month at an 8% return, achievable by earning $120,000 annually before taxes and living on $3,000/month.
"if you're 20 years old and you want $1 million by the time you're 30 you'll have to invest $4,750 a month at an 8% return so if you could find a way to average $120,000 a year before taxes while living off $3,000 a month you could achieve that goal"
Investment Strategy
Pending
With $50,000, one could purchase and renovate a $250,000 multi-unit property, potentially increasing its value to $300,000 and doubling the initial investment.
"if you're able to save up $50,000 you could use that to buy and renovate a $250,000 2 to four unit building if you find the right deal a strategic renovation should be able to increase that property's value to $300,000 and all of a sudden you've doubled your initial investment"
Real Estate Investment Strategy
Pending
Replicating a real estate investment strategy every 18-24 months can accelerate the path to a $1 million net worth.
"if you're able to replicate that strategy every 18 to 24 months you could reach 1 million dollar a lot faster"
Real Estate Investment Strategy
Pending
Mike Rosart is presented as an example of someone who built a $1 million portfolio while holding a regular job, through frugality, consistent investment, and self-learning.
"Mike rosart who I had on my channel a few years ago he's a prime example of someone who grew to a million-dollar portfolio while working a day job without any crazy income he just lived extremely frugally invested everything he could did a lot of the work himself and learned as he went along"
Wealth Accumulation Example
Pending