How To Become A Millionaire In 10 Years Or Under

Описание: Before I understood the almost-unbelievable magic of exponential compounding, I thought becoming a millionaire was an almost-impossible goal only achievable by the highest earners or people who were already rich. Granted, inflation has certainly shifted the meaning of a million dollars over the last 20 years—but it’s still no small potatoes.

Fortunately, we can calculate this path to the magic million with relative ease—so that’s exactly what we’re doing on the show today. If you’re trying to reach a $1 million net worth with a partner in 10 years or fewer, good news—neither partner even needs to make six figures.

Of course, the temptation is strong to try to time the market in the context of our current volatile shitstorm. We’ll address why that’s a fool’s errand, historically speaking, and discuss some ~alternative options~. (And reminder: Past performance is not indicative of future returns.)

Finally, we're joined by my friend Delyanne Barros, otherwise known as The Money Coach (  / delyannethemoneycoach  ) and host of CNN's Diversifying (https://www.cnn.com/audio/podcasts/di.... Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45.

To learn more about our sponsor, Vin Social, check out https://www.vinsocialvip.com/.

Mentioned in the Episode:

Download the free Money Management Routine resource: https://education.morningbrew.com/budget
Data on the world's millionaire population: https://spendmenot.com/blog/what-perc...
JP Morgan Asset Management study on market timing: https://am.jpmorgan.com/us/en/asset-m...
Secret millionaires: https://www.rd.com/article/secret-mil...
The Psychology of Money by Morgan Housel:   / the-psychology-of-money  
Average monthly spend by a single earner: https://www.nerdwallet.com/article/fi...
Incomes making higher than $150K/year or more: https://www.statista.com/statistics/2...
Median retirement savings amount: https://www.synchronybank.com/blog/me...
How to Diversify Beyond The Total Stock Market: https://www.moneywithkatie.com/blog/y...
10 Stunning Fast Fashion Waste Statistics: https://earth.org/statistics-about-fa...

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00:00 Intro
02:34 Can anyone become a millionaire?
06:19 How to hit that magic million
15:19 Time in the market beats market timing
18:14 Delyanne Barros: Journey to $1M+
19:00 How Delyanne’s net worth didn’t really reflect her income, and why simply having a high income isn’t enough
22:02: Hitting a million dollars
25:25 The temptations of market timing and why young people should be excited about bear markets
28:43 Why people react strongly to women having desires that run counter to what we’re taught culturally is their role in society
32:34 Rich Girl Roundup: Clothes
36:18 Credits

How to Become a Millionaire in 10 Years or Under