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The Math To Become A Millionaire ASAP (And How You Can Do It)
Manage episode 442067577 series 3555618
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“If you want to become a millionaire, there are two ways: earn it or accumulate it. But which one is right for you?”
Jaspreet breaks down how to either save and invest your way to a million or earn it faster by scaling your income. Here’s a quick breakdown:
Key Lessons:
Two Paths to a Million:
- Accumulate It: Consistently save and invest. It takes time but is accessible to most people.
- Earn It: Faster but riskier, often requiring entrepreneurship or increasing income streams.
Investing Small Adds Up:
- Investing just $4 a day can grow to $1 million in 44 years at a 10% return.
- Increase your investment by 5% each year, and you can shorten that to 36 years.
Cut Big Expenses:
- Downsizing your home or car can free up more money for investing.
- Eliminate unnecessary luxury purchases until you’ve built real wealth
Earning to a Million:
- Earning $2,800 a day gets you to $1 million a year. Whether through a side hustle or business, scaling income is key.
Entrepreneurship:
- Building a business can accelerate wealth but requires dedication and constant learning.
Bottom Line: Whether you choose to save and invest or grow your income through entrepreneurship, the path to $1 million starts with disciplined financial choices.
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