Eight Keys for Success: The Millionaire Plan

It’s true that the average American, making the average full-time income can become a millionaire within 25 years & even own a home in the process. It’s just math and a little dedication. Here’s how to make it happen...    

Episode Transcript

Speaker 1 (00:00):
Ending is five forty one. Good morning on this Monday,
as we get ready for things, Gipping Weak, Prime Mud
and Joel Malkin with you. We are up as part
of my e Keys for Success to the Millionaire plan,
and historically this has been one of the most popular,
certainly over the course of time, the ones that have

(00:22):
heard the best stories about. It's true that the average
American making the average full time income can become a
millionaire within twenty five years and even own a home
in the process. I'm talking about having a million plus
dollars independent of even what you have in terms of
your home. It's just math and a little dedication. Here's

(00:45):
how to make it happen. If you want to be
a millionaire, take one thousand dollars per month and invest
wisely in stock based investments, and voila. We can make
it complicated, but it doesn't have to be. It's one
thousand dollars per month invested wisely in stocks, and on
average you will be a millionaire and not just like

(01:08):
getting ahead of a million by quite a bit more
within twenty five years. How While the average rate of
return in this stock market, the S and P five
hundred is ten percent. After twenty five years and an
average rate of return, you'll have one point two nine
to eight million dollars. It's one thousand dollars a month

(01:32):
just invested at the S and P five hundred average returns.
Consider this as well. The thousand per month is an
all in number. For example, if you have an employer
that provides a company match on a four to oh
one K plan, that counts as well. What you're the
all in that's going to your four oh one K.
That's part of this. So for this reason, when setting
up your household budget your expenses, keep it in mind.

(01:54):
Ideally you'd like to be able to craft your monthly
budget with an extra one thousand dollars per month to
space for the purpose of saving and investing. I know
for many that is a lot easier said than done,
but again a lot of this gets down to intent. No,
one million dollars or even one point three million aren't
worth what they once were, and no, the impact of

(02:17):
forty plus year high inflation, it's not getting easier to
attempt to budget this way. However, for those who throw
up barriers or make excuses, it's true you won't achieve
your financial goals. But for the average person in the workforce,
with dedication and a little good fortune along the way,
it is possible. The median household income in twenty twenty
two is over seventy thousand dollars. Carving twelve thousand out

(02:41):
to save and invest isn't easy, but for those who
are intentional, it is possible. Millionaires are minted every day
in this country. The United States stock market has historically
been the greatest wealth creation machine in the world's history.
So be intentional, take advantage of the opportunity that we're
blessed to have in this country, and if you'd like
to achieve her financial goals, you will