In today’s video I’m discussing my best strategy for how to save and invest money to become a millionaire someday. To do this, you need discipline, consistency, and some luck!
The most underrated habit is consistency, you don’t have to be that disciplined or lucky all the time, but consistency can make the difference between having a little money and having a lot of money as you reach closer to retirement age.
The biggest obstacle to reaching millionaire status is less about the math, and more about our behavioral psychology. Much like how the Stanford marshmallow experiment went, you have to be honest with yourself and decide if you’re the type of person who expects and wants instant gratification now or if you can live with some delayed gratification by saving and investing.
I share a spreadsheet example of how someone can reach millionaire status by starting to save and invest at age 20 with a modest salary amount of $50,000, gradually increasing saving as one’s income increases over time. These savings are compounded at the stock market’s average historical rate of return of 7%.
The magic of compounding is amazing, even by saving and investing at relatively average rates of return.
I look forward to making more investor friends! Add me on Instagram: michellemarki
If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide: https://michellemarki.com/resources/