Broke to $1,000,000+ (3 steps to take)

^{Read time - 3 minutes / Disclaimer}

Learning to invest is a life changing skill.

You can:

- Retire early

- Have less stress

- Enjoy family more

Unfortunately, many schools don't teach personal finance.

It's Not A Priority

The average person learns nothing in school about:

- Making money

- Managing money

- Investing their money

Going from broke to $1,000,000 means:

- Not following "the norm"

- Learning about money

- Investing regularly

Here's the 3 steps I took to go from broke to $1M in my 30s (you can too):

Step 1:

Get your retirement match.

According to Fidelity —

The average employer matches around 5% of the money you put into your retirement account.

Putting money into a retirement account was the 1st step I took.

Yet —

I was an impatient young millennial.

Waiting 2 or 3 decades seemed far too long for more freedom.

Sound familiar?

So I added step 2...

Step 2:

Open a 2nd investment account.

Many people invest in their retirement account at work.

And that's it...

Building wealth takes several decades if just taking that road.

You can speed it up with a 2nd account.

Fidelity, Schwab, and Vanguard are common places people open a 2nd investment account.

Some choose a Roth IRA.

Others choose to open a Brokerage Account.

I'm a fan of both.

With your retirement account at work + a 2nd investment account —

You're moving faster towards a 7-figure net worth.

But what if you want to speed things up even more?

Step 3:

Invest outside the stock market.

There's many ways to invest.

The stock market is just one option.

But first, it's important to remember Warren Buffett's top 2 investing rules:

Rule #1: Don't lose money

Rule #2: Don't forget rule #1

Smart guy.

I chose to go the real estate route.

I researched it obsessively.

(yes, I'm a nerdy INTJ)

In America, you can still buy property with:

- 0% down

- 3% down

- 5% down

Plus, there's many down payment assistance programs.

My real estate course, ​Your First Home​ goes over the different options.

PS: I'm releasing a free version of the course soon.

Hope it's helpful.

Conclusion

If you're not in the US.

You may need a large down payment to buy real estate.

We're lucky in the states with low down payment options.

But —

- Taking advantage of a retirement account

- Setting up a separate investment account

- Choosing a 3rd way to invest

...helps move you towards the $1M mark faster.

According to Ramsey Solutions in the largest survey of millionaires —

79% of people with a $1M+ net worth are self-made.

Check out the article here (super interesting):

Study of 10,000 Millionaires​ 

Keep building💰

See you next week.