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How to become a millionaire at the age 19?
I am a upcoming family vlogger and im trying to maintain my GPA in the process #navy #gpa #everyone
6 answers
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Jason’s Answer
You'll either need to get an inheritance or have an insane income stream and low expenses to be a millionaire by 19. I'm not sure if either of those are feasible, but with the right mentality you can definitely become a millionaire eventually. Easiest way to do it? Invest for your future (401k, IRAs, ETFs) and reduce your expenses. Not exciting but it's pretty much guaranteed unless the US collapses, which at that point everyone would have more important things to worry about.
Now lets say your vlogging channel has a lot of viewers and is making a lot of money. You can reinvest the money into your channel to improve the quality of your content. For instance, you can get better equipment or spend more on ads to increase social outreach. Once you get to a certain point where your growth slows down and spending more money isn't going to really give you the returns it once did, I would recommend saving it and investing it for the future. Keep 6-12 months (depends on how comfortable of a safety net you want) of living expenses in a high yield savings account. Put everything else in an IRA (Roth or traditional, depends on your financial situation and expected financial situation in the future) and the rest in diversified investments (bonds, stocks, etfs, real estate).
Don't be a victim of lifestyle creep (If you start making more money, you start spending more money so basically it's like you never really made more money to begin with). Find a baseline and stick to it. Simple example: If you make 60k a year and spend 30k in expenses (rent, food, bills, equpment, etc), then the next year make 100k but spend 60k in expenses, you only really made 10k extra. And what happens when that 100k goes down? You'll be stuck with the 60k in expenses and might be poorer than you were when you were making 60k. Now if you made 100k and spent the same 30k that you did the last year, that's 70k instead of 10k you have to invest for your future.
Now lets say your vlogging channel has a lot of viewers and is making a lot of money. You can reinvest the money into your channel to improve the quality of your content. For instance, you can get better equipment or spend more on ads to increase social outreach. Once you get to a certain point where your growth slows down and spending more money isn't going to really give you the returns it once did, I would recommend saving it and investing it for the future. Keep 6-12 months (depends on how comfortable of a safety net you want) of living expenses in a high yield savings account. Put everything else in an IRA (Roth or traditional, depends on your financial situation and expected financial situation in the future) and the rest in diversified investments (bonds, stocks, etfs, real estate).
Don't be a victim of lifestyle creep (If you start making more money, you start spending more money so basically it's like you never really made more money to begin with). Find a baseline and stick to it. Simple example: If you make 60k a year and spend 30k in expenses (rent, food, bills, equpment, etc), then the next year make 100k but spend 60k in expenses, you only really made 10k extra. And what happens when that 100k goes down? You'll be stuck with the 60k in expenses and might be poorer than you were when you were making 60k. Now if you made 100k and spent the same 30k that you did the last year, that's 70k instead of 10k you have to invest for your future.
Updated
Matthew’s Answer
Hi Dylan,
I admire your ambition and your lofty goals. While there in no prescribed way to effectively become a millionaire overnight, there are steps that you can take to put yourself on the right path towards success.
As alluded to in previous answers, the first step to obtaining wealth is to really understand how money works, and how it can work for you. One resource that I personally find useful and inspirational is the book "Rich Dad, Poor Dad" by Robert Kiyosaki.
It is also important to come up with a plan for how to achieve your goal. It can be easier to break a really large task into smaller, more manageable steps. This plan can and will evolve over time, so celebrate the small victories while learning and growing from the defeats along the way. If you can, share your passion and your plan with the positive influences in your life so they can help, you never have to go it alone.
I wish you the best and hope this answer helps.
I admire your ambition and your lofty goals. While there in no prescribed way to effectively become a millionaire overnight, there are steps that you can take to put yourself on the right path towards success.
As alluded to in previous answers, the first step to obtaining wealth is to really understand how money works, and how it can work for you. One resource that I personally find useful and inspirational is the book "Rich Dad, Poor Dad" by Robert Kiyosaki.
It is also important to come up with a plan for how to achieve your goal. It can be easier to break a really large task into smaller, more manageable steps. This plan can and will evolve over time, so celebrate the small victories while learning and growing from the defeats along the way. If you can, share your passion and your plan with the positive influences in your life so they can help, you never have to go it alone.
I wish you the best and hope this answer helps.
Updated
Luis F.’s Answer
Pick a career you love and work hard, the harder you work and the most prepare you are it will get you into the right path to become a millionaire.
Updated
Robert’s Answer
If you want to be a vlogger you should do some research on what's true about vloggers that attract large enough audiences (find out how big) to make that amount of money and what their income streams consist of. Determine if that sounds like fun to you. Be realistic about what you would need and how much it would cost, and realistic scenarios for paying it off. Do research about what works and what others are doing but be yourself. Best of luck!
Updated
Ryan’s Answer
This is a great goal to have and I applaud the forward thinking. There are many routes to take, my personal opinion is to look into investing into the stock market. I’m not going to recommend any specific stocks for you but would like you to become educated on how the system works. With that in mind find yourself a “compound interest calculator.” They can be found all over the internet for free. This will tell you exactly how much you need to invest and what your return percentage needs to be to accomplish your goals.
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Mithu’s Answer
I wish there was an easy answer but to set expectations correct to be a millionaire at the age 19 is practically impossible until you have good family inheritance. Studying and working hard will definitely set you on this path. Education is critical along with good work skills and ability to think outside the box.
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