Markets $SPX500 up after good jobs data. $SAOC , the largest $OIL company in the world, had its record IPO yesterday raising about $26 billions and giving the company a valuation of $1.7 trillion.
All the stocks in our portfolio are up today with $JPM and $AAPL reaching ATH and $SWKS very near to ATH.
How I PLAN to be a MILLIONAIRE in 5 YEARS 💰
It has never been easier to become a millionaire. There are people who became millionaire or even billionaires on the internet. I decided to embark in such a journey when I was 21 and become a millionaire by 30. Now, I'm 25 and we can that we are halfway there.
The simplest way to become a millionaire is to save money but you will need to save $8300 every month in 10 years. If you invest in the S&P 500 $SPX500 and expect returns of 10% annually, you will have to invest $5000 a month. Still not reasonable. This was the type of thinking that I had when I started. What if I can beat the market and make 15% a year? I will need $3800. Still not reasonable. How do I become a millionaire then? Invest what I can. The first month, I invested only $100. And then build a business around the stock market. I love stock investing. I really good at it and it can be monetized. These are the three things you need to build a successful business. I plan to do this in 5 steps:
1. Invest in yourself
You don't need to build your business around the stock market but it should be something, you know really well. Therefore, you'll need to read books, buy courses, find a mentor. You need to try different things to know what it is right for you.
2. Build a personal brand
In the 21st century, a personal brand is really important. You need to buy the domain name of your name, build a website, start a YouTube channel(or Instagram, Tik Tok, etc). Your brand needs to be different from your competitors. My YouTube channel is about value investing. Most YouTube channel on stock investing are about growth talking all the time about Tesla $TSLA . And you should thrive to be the best. You become the best by mkaing quality content.
How do I make money right now? Investments. As a Popular Investor on eToro, subscription to my partnership, now I'm working on a course. To be able to monetize your business, you should provide results. Why people copy me on eToro? Because my results are speaking for themselves. Why people pay for the subscription on my partnership? Because I have the brand and people want to learn more. You need step 1 and 2 to achieve step 3. Don't think of monetization when you are nothing. On Black Friday, my sales went up by 900%. I was shocked about this. There is demand for quality content.
4. Sell to the right customers
If you sell a $100 product, you will need 10 000 customers to make $1 million. With a $1000 product, you need 1000 customers. With a $10 000 product, you need 100 customers. If you have quality content, you can always charge more because people are always willing to pay for quality.
You need to leverage other people's money, assets, time, resources. I took a credit line on eToro to do arbitrage. This is making other people's money work for me. I hate video editing and as my YouTube channel grows, I'll hire someone to edit my videos(that's leverage other people's skills and time). Without leverage, you will be just a self-employed entrepreneur. You cannot take your business to the next level.
I am right now on step 3 as I am just starting to monetize my content but already working on making premium content so that I can charge more.
Of course, you need to keep your expenses down, it is not because you are making more money that you should spend more. Most of the money should be investe. And aim higher. Aim for $10 million.
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