How Long Does It Take To Become A Millionaire?
0:00 Introduction
God is a God of multiplication, and his principles are multiplication principles, right? We’re gonna do some math. Get your pen and paper and your calculator on your phone out. I want to ask you a question: at the rate you’re saving money right now, how long is it going to take you to save a million dollars?
Some people want to retire. And there’s nothing wrong with wanting to retire. So, how much will it cost?At the rate you’re saving money right now, how long is it going to take you to save a million dollars? Let’s say you are saving or investing. I’m just going to call it saving, because that’s what most people do, right? Let’s say you’re saving $100 a month.
How long is it going to take you to save a million dollars? It will take you 833 years.Now, I’m not sure how old you’re going to be in 833 years, but I’m going to be almost 900. I’m going to be almost as old as Methuselah by the time I save up $1,000,000 at $100 a month. Maybe I should do better than that. Maybe I should save $1,000 a month. Then it’ll only take me 83.3 years. Well, I don’t know how old you’re going to be in 83.3 years, but I’m going to be 144.3.
Yes, it’ll still be $1,000,000, but I’m going to be so tired that I won’t have any energy to enjoy it. So saving money is not the plan. We agree that most people in the USA are not saving $1,000, right? If you want to do it in a more reasonable timeframe, maybe you should save $10,000 a month.
Well, here’s the problem with that: Most people can’t do that, even if they’d like to. But then it’s only going to take you 8.33 years. Now, if you save up a million dollars, are you a millionaire? Well, yeah. But if you spend another $1, you’re a 999,999-innaire.
2:55 Staying a Millionaire
Let’s say you didn’t save a million dollars; let’s say, by some strange turn of events, you found a long-lost uncle. We already know that if you want to stay a millionaire, you can’t spend the money. So, what are your plans?You’re going to live off the interest. Assume you could earn 6% on your million dollars.How much money is that going to give you per year? $60,000 a year and your life back. Now you don’t have to trade your time for $60,000 a year from a boss.
If I take that $60,000 and divide it by 12 months, that’s going to be $5,000 a month. If I were to save up a million dollars and I were able to get 6%, it would give me a lifestyle of $5,000 a month in passive cash flow.
Now I have both the time and the money to enjoy them. And now I can spend my time with the people I care about the most, rather than the people I care the least about and who care the least about me.
4:56 What Role Does Elementary School Math Play?
I love elementary school math. I learned a math principle in elementary school that’s mind-blowing. Are you all ready? Here it is: When two things are equal to the same thing, they’re also equal to each other. I got a good feeling when I said that. Did you all feel that? “Two things that are equal to the same thing are also equal to each other.” They have to be. Right?
This is so good. You say, “Why is that so good?” Because if having a million dollars invested at 6% produces $5,000 a month in passive cash flow, that means anything that I create that produces for me $5,000 a month in passive cash flow is equal to having a million dollars invested at 6%. Oh snap. I just changed my own life again. I hope somebody else comes along with me for that ride.
6:23 The Virtual Millionaire Formula
I call this the “virtual millionaire formula” for a reason: because you get to live like a millionaire on your way to becoming one.
And this was the first millionaire’s formula that I cracked many, many years ago. I was able to increase my passive cash flow to $5,000 per month.And I’ve got good news for everybody in this room today. I’ve got good news for everybody watching YouTube today. I’ve got, in fact, not even good news, but great news, and that is $5,000 a month in passive cash flow that is pretty simple to get now.
It’s not necessarily easy. For some people, it’ll be easy. For some people, it’ll be hard, depending on where you are on the scale of influence. However, $5,000 in cash flow is lost each month. If you’re not there yet, I would recommend on your millionaire journey that you start with the Virtual Millionaire Formula.
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