Millionaire by 30 - An Update
๐ธ At age 21, I embarked on a journey to become a millionaire by the age of 30. Why? Because Warren Buffett had the same goal but he only became a millionaire at age 32 (over $9 million in today's money). ๐๐ฎ ๐๐ค๐๐ก ๐ฃ๐ค๐ฌ ๐ฃ๐๐๐๐จ ๐๐ฃ ๐ช๐ฅ๐๐๐ฉ๐ as I reached 26.5 years old and my net worth (about $50 000) and income just skyrocketed from the GameStop $GME profits and me becoming an Elite Popular Investor on eToro.
๐ If you follow my work, you probably want to make more money investing but I don't think that everybody needs to aim to become a millionaire, at least not at age 30. There's nothing wrong in becoming a millionaire at 65 or never. ๐ฟ๐ค ๐ฌ๐๐๐ฉ ๐ฌ๐ค๐ง๐ ๐จ ๐๐ค๐ง ๐ฎ๐ค๐ช ๐๐ฃ๐ ๐ฌ๐๐๐ฉ ๐ข๐๐ ๐๐จ ๐ฎ๐ค๐ช ๐๐๐ฅ๐ฅ๐ฎ. Now I don't really see becoming a millionaire as a goal but as a consequence of other goals.
๐ผ ๐พ๐๐ฅ๐๐ฉ๐๐ก ๐๐จ ๐ข๐ค๐ง๐ ๐๐ข๐ฅ๐ค๐ง๐ฉ๐๐ฃ๐ฉ ๐ฉ๐๐๐ฃ ๐ข๐ค๐ฃ๐๐ฎ. John Pierpont Morgan (JPMorgan $JPM founder) died with a net worth of about $1.5 billion in today's money. That's very little compared to his contemporaries such as Andrew Carnegie or John D. Rockefeller but he had access to a lot of Capital, which allowed him to invest and grow several businesses and change the world.
๐ค ๐๐ค๐ฌ ๐๐ค ๐ ๐๐๐๐ค๐ข๐ ๐ ๐ข๐๐ก๐ก๐๐ค๐ฃ๐๐๐ง๐?
I would need to save $22 K a month, which is impossible. If I have average market returns of 10%, then I would need $18 K a month. My current returns are about 60%, let's assume I can keep it that high (very very hard to do), I would still need $7 K a month. It seems impossible to become a millionaire that fast just by investing.
๐บ My plan then is to be very frugal and to work on my businesses, eToro, YouTube and Teachable. ๐ผ๐ก๐ก ๐ข๐ฎ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ๐๐จ ๐๐ง๐ ๐๐ฃ๐ซ๐๐จ๐ฉ๐ข๐๐ฃ๐ฉ ๐ง๐๐ก๐๐ฉ๐๐, because I'm good at it and I love it. What's good about these businesses is that the growth can be exponential with little additional Capex. For example, it took me 5 months to make the 150 lectures for my investing course for beginners but I can sell the same course to many people without any additional capex.
๐ To become a millionaire, you can either sell cheap products to many people (example, like Facebook $FB ) or sell an expensive product to a few people (example, Bloomberg). Right now, I'm in the first category but eventually, I plan to start my own hedge fund so that I can ๐ฅ๐ช๐ฉ ๐ ๐๐๐ฃ๐ฉ ๐๐ฃ ๐ฉ๐๐ ๐ช๐ฃ๐๐ซ๐๐ง๐จ๐.
Watch the full video on YouTube:
https://www.youtube.com/watch?v=2TuJBv49JsY&list=UUPO3uUyoXSaFWG-Ldq1mqEQ&index=2
ย
๐ฌJoin my INVESTMENT RESEARCH PARTNERSHIP for all my analysis and research, along with a course for investing for beginners for free๐ฌ
https://ishfaaqpeerally.teachable.com
๐ New to investing? Here's my investing COURSE FOR BEGINNERS with over 150 lectures ๐
https://ishfaaqpeerally.teachable.com/courses/enrolled/721696
๐ฃ๏ธJoin my private investing FACEBOOK GROUP for more ๐ฃ๏ธ
https://www.facebook.com/groups/IshfaaqInvesting/
๐ฌ Join my DISCORD CHAT ๐ฌ:
https://discord.com/invite/t9YvXfU
๐ WEBSITE - Subscribe for Weekly Newsletter ๐: