[Music] recently a 19-year-old called into the Ramsey Show and asked me how to get a million bucks by the age of 25 what would you do if you had 100K and you wanted to invest that and turn that into a million by when 25 and while I love his hunger and his industrious Spirit Uncle George had to play bad cop and Crush that Spirit just a little bit because making that much money that quickly usually involves way more res than I would recommend taking but listen I know he's not alone in this goal a lot
of people out there want to become a millionaire as soon as possible and they're willing to put in some work to get there and while I am all over that ambition like white on a rice cake I want to give you guys a more realistic picture of what it takes to become a millionaire ASAP so that's what we're talking about in today's video but first there's one super easy thing you can also accomplish ASAP and that's hitting those like And subscribe buttons and while you're at it share this video with the 19-year-olds in your life
just making their way downtown walking fast faces passing the [Music] homebound now I want to start things off by pointing out what a lot of people don't have the patience to internalize which is that most millionaires built their wealth slowly over time regardless of what you saw on Tik Tok and that's not like my opinion man that's cold hard data from the national study of millionaires in fact the average millionaire worked saved and invested for 20 8 years before hitting the million doll Mark with most of them reaching that Milestone around the ripe age of
49 years old and by ripe I'm talking juicy Peach not sweaty jym sock respect to the elders but there's more the research also notes that there's a unique group of people who found a way to a million dollar net worth in 20 years or less and no it wasn't through spiderg goat farming which is legit in Utah by the way Google at your own Peril okay that's that sounds absolutely terrifying no the people who reached a million dollar net worth in 20 years or are what I call Baby Steps millionaires meaning they followed ramsy 7
baby steps 28 which is a proven money management plan that helps you get out of debt and build wealth in fact it's the same method I use to get out of debt and reach a household net worth of a million dollars in 10 years and way before the ripe age of 49 if you can't tell moisturizer that's what it's all about age gracefully my friends hey everyone come and see how good I look so even though building sizable wealth is typically a slower burn a Crockpot rather than a microwave if you will there are some
key factors that help baby step millionaires boost their net worth faster than normal without taking on a bunch of risk or taking a bunch of shortcuts basically there's some simple ways to turn that crockpot from low to high to speed up the process with wisdom and peace but before we take a look at these let's talk about something else that involves a lot of risk and that is trusting your personal information on the Internet seriously if a data broker gets a hold of your info they can sell it to scammers and chugwater Wyoming who don't
give a rip about screwing up your life while they write off into the sunset with your social security number trust me I got my identity stolen when I was in my 20s and I know firsthand it can take a lot of time to get things straightened out and that's why I now use and recommend delete me they remove your info from hundreds of data broker websites in fact delete me found and removed data about me from across the web and they send me a scannable report which makes my type a heart very happy and right
now with my super special link you can join delete me on a one-year plan for less than n bucks a month so go protect yourself from the risks of identity theft and online scams go to join delet me.com georget toay and sleep easier tonight okay I'm just going to be real one of the things that made a huge impact for me reaching millionaire status early was getting married thanks babe love you so much seriously though after I got married my wife and I were dual income no kids with a dog for a while AKA dink
wads not to be confused with other things and because we were young with dual incomes no kids and we were on the same page about money we were able to attack our financial goals as intensely as guy Fetti attacks a sandwich and when you get married you have a built-in accountability partner or as I like to call them accountabil buddies guys remind me to trademark that that is patent worthy accountabil buddies TM this man is a genius a genius now hear me loud and clear that you don't have to get married to become a millionaire
I know plenty of single people who are kicking butt and taking names financially unless the cable reruns of the notebook in the early 2000s teach us nothing we all know to never marry for the money I'm just trying to be honest here and tell you that getting married helps speed up my net worth timeline and two people can get more done than one and two incomes with one Focus vision is a magical thing all right next thing you got to do is find ways to increase your income the average entry-level salary in the US is
around $35,000 in fact that's about how much I was making when I graduated from college with a crap ton of student loans and while that 35k can get you started reaching a million doll net worth with that income level could take longer than a month of Sund base as the MOs out there like to say don't say that in fact if you never got a raise and made 35 Grand your whole career it would take about 30 years of investing 15% of your income to reach a million in Investments now that doesn't factor in other
assets that contribute to your net worth like your home or cars but you get the idea it would take a while so you've got to keep tabs on your income and you've got to work on increasing it over time so maybe you need to talk to your boss about what a growth plan looks like for you and your role and if you feel like you're not making enough for your current job it might be time to get some more education or even go for a full-on career shift and don't turn your nose up at working
side hustles either working side hustles was huge for me in my financial Journey from building websites to selling stuff on Facebook and eBay to driving people around with Uber andyt to licensing my original music I got creative and it added to my income in a big way and if you think you don't have enough time or skill I call BS you're watching this video so how busy are you really H okay you got me there but hey if you're coming up dry trying to think of side hustle ideas that that don't involve joining a monetized
cult sorry MLM be sure to check out my brand new side hustle quiz to find one that fits you it's totally free and you can take the sidehustle quiz at Georg camel.com sidehustle or just tap the link in the description of this video next thing that will help you reach millionaire status faster is to cut unnecessary expenses and avoid lifestyle creep now I know you may be wondering if cutting back on small things and TJ Maxx Chach skis will really make a dent but the stuff adds up I mean you could live without another bless
this mess throw pill and one of those signs that says kitchen to let people know that they're in the kitchen they'll figure it out trust me now the tricky part with lifestyle creep is that when your income goes up too often your spending creeps right up to meet it you might not even notice the shift but after a while getting your lavender oat milk latte is an occasional treat turns into a very expensive habit that tiny $6 Indulgence adds up over the course of a month and especially over the course of a year then there's
your fancy gym membership your unquenchable need to have every streaming service known to man and the cost to take care of your ridiculously high maintenance French bulldogs that one felt personal bottom line there's nothing wrong with spending extra on things every now and then but you can't have your cake in millions too you got to make some sacrifices you got to separate the wants from the needs and then you'll find the margin to accelerate your money goals all right next thing you got to do is something you hear me say all the time but if
you want to be a millionaire you've got to stay allergic to debt just like I stay allergic to gluten at this point it's an easy choice for both don't tempt me with debt or gluten I am above the influence kids and this isn't just because I work for Dave Ramsey this is like data and stuff the national study of millionaires found that most millionaires never carried a credit card balance in their entire lives and compared to the average person they're far less likely to take out car loans student loans or any other form of Consumer
Debt and it's because they know that debt is quicksand which every '90s kid who watch too much TV knows is a very dangerous thing that we've never had to deal with with so if you want to be a millionaire get debt out of your life ASAP it is a must speaking of investing that's the next thing you've got to do if you want to go all in on Building Wealth as fast as possible and when I say investing I don't mean buying into your aunt Donna's unique once in a-lifetime opportunity to buy into her candle
business we get it it's soy you got the wooden Wick it's been done Donna it's been done you don't get it you see most millionaires said that consistently putting money into retirement accounts was the key factor in their success it's that boring how about that so start by investing 15% of your income into tax advantage retirement accounts like a 401k and a Roth IRA and when I say 15% here's why that's a magic number if you save less than 15% you risk coming up short in retirement and if you go well above 15% it could
keep you from devoting enough toward other money goals like saving for your kids college and paying off your mortgage early more on that in a minute when you reach this point in your wealth building journey I highly recommend using an investing Pro to help you make the most of your options and I I personally found my investing Pro through the smartvestor program and if you want more info on that I'll drop a link in the show notes okay last one and this one was the very thing that tipped my net worth over the edge into
the millionaires promised land flowing with oat milk local honey and paid off mortgages you've got to buy a house the right way and be intentional about paying it off early because remember a millionaire is someone with a net worth of $1 million or more and guess what a paid for house is a huge part of that equation but it starts with buying a house that you can actually afford with a 15year fixed rate mortgage and by actually afford I mean that your mortgage your PMI your HOA fees and taxes shouldn't account for more than 25%
of your after tax income I know that sounds impossible in 2024 but this is what it takes to build wealth with peace and margin and once you become a homeowner commit to paying off that Mortgage in 15 years or less in fact people that follow the Ramy baby steps actually ended up paying off their home in about 7 years it's amazing so between making extra house payments and exploring options to ref Finance or downsize make a plan to knock that is out and if you want a simple payoff strategy here's the one my wife and
I used we made it a goal to throw extra money at the principal balance every month our initial goal was to double our payment so if your mortgage payment is 1,500 bucks figure out what it would take to throw 3,000 at it instead now obviously this will vary depending on your situation and the important part is that you set a goal that challenges you a little bit and you do your best to stick to it every month and here's what paying off that Mortgage in our early 30s did for us it gave us freedom and
options when it came to our personal and professional lives if my wife wanted to be a stay-at-home mom one day we could handle it financially with no stress if we wanted to save up for an incredible vacation or a car upgrade we could do it with cash without worrying about payments and if we wanted to give more generously we could do that with an open hand and without hesitation so listen I'm living proof that you can beat the odds and become a millionaire before you're 40 even before you're 35 with or without babies or fur
babies if you're dink wads and I was able to do that starting from broke with $40,000 in debt on an entry-level salary now if you want to learn more about the specifics of how I reached a million doll net worth be sure to check out this video on how I went from broke to millionaire in 10 years I'll also drop a link below as always thanks for watching we'll see you next time
