The 5 Steps To Become A Millionaire (Before You're Old)

"Instead of investing in Amazon, another thing that you can consider is something like VTI. VTI is an ETF created by Vanguard. Vanguard is a money manager, and this is an ETF that gives you exposure to the total stock market."

"Another example here is SPY. SPY is an ETF that gives you exposure to the S&P500. You may have heard that term before. The S&P 500 is a group of the 500 largest companies in the United States stock market."

"Well, there's an ETF out there called Noble, NOBL, that gives the exposure to dividend paying companies in the S&P 500 that are dividend aristocrats. What does that mean? Number one, they are in the S&P 500, meaning they are a part of the 500 largest companies in the stock market. But it's the ones that are paying out dividends, meaning the ones that are handing out these profit distributions every quarter, but they're also dividend aristocrats, meaning that they've been paying out dividends every year and increasing their dividends for the last 25 years or more."

"For example, aging AGNG is an ETF that gives you exposure to the companies that are providing care to people that become older. So as more people become older, certain companies will profit. This ETF invests in those companies."

"Over the last decade, the stock market has averaged more than a 10% return a year."

"And with real estate, it's more or less the same because when you factor in rental income, the average real estate return for the last number of decades has also averaged a little north of 10% a year."

"But if you do it correctly, the way it works is you're going to buy this property and then have a tenant move in there. Now, they're a happy family because they get a nice place to live. And in exchange, they're going to pay you rent every single month. And now when they pay you rent, if you do it correctly, this rent is going to pay for all of your expenses, your property taxes, your insurance, your maintenance fees, your management fees, and your vacancy costs, and then put some money in your pocket as cash flow."

"The more money you have working for you, the wealthier that you can become. Take a look. Let's stick with the most basic example. Let's assume that you're investing $10 a day and you can get the average market return of 10% a year. It's going to take you 35 years to make your first $1 million. But then to see your net worth grow from $1 million to $2 million, that's not going to take you another 35 years. That's going to take you just an additional 7 years. And then if you want to see your net worth grow from $2 million to $3 million, that's only going to take you an additional four years. And the reason why is because you have more money working to compound and grow."

"I call it a decade of sacrifice because you're going to have to go through a decade of crap of spending less money, working to earn more money, that way you can invest your money like crazy. And if you can stick with it through that decade of sacrifice, well, now you will have the ability to actually build wealth."

"The second thing that you can do is work to reinvest some of your profits. So, if you're investing in the stock market and you get paid with a dividend, you have two options. You can take the dividend and spend it, or you can take the dividend and reinvest it to buy more shares of that company. And if you want to build that wealth faster, well, you got to make some more sacrifices and reinvest that money."