fbpx
U

How Long Does It Take To Become A Millionaire?

February 16, 2023

In this highlight, we discuss how long it takes to become a millionaire. This highlight clip comes from our show, “The Most Valuable Asset in Building Wealth!”

Transcript

Many people believe that personal finance is only relevant to young individuals. However, this is far from the truth. While it is true that younger people have more time on their hands, it is never too late to start taking control of your finances.

A lot of people believe in get-rich-quick schemes, but the reality is that becoming a millionaire typically takes 27 years. This is according to a study conducted by Ramsey Solutions, which is the largest study of millionaires to date. The average age of a millionaire is 49 years old, which means it takes them over 27 years of saving and investing to reach this status.

This may seem daunting, but the truth is, it’s never too late to start. For example, if you are 35 years old and just starting to take control of your finances, you can still reach millionaire status by the time you’re 62, which is before normal retirement age. If you wait until you’re 40 years old, you can still reach millionaire status by 67, and if you wait until you’re 45 years old, you can still become a millionaire by your early 70s.

If you’re 49 years old and feel like you missed the boat, it’s not too late for you either. Your journey may look a little different, but with a deliberate and purposeful approach, you can still reach millionaire status by your mid-70s. The key is to start taking control of your finances today and using your time wisely.

Personal finance is not just about accumulating wealth; it’s about building a life of abundance, happiness, and fulfillment.

Money is just a tool, but it can be used deliberately to maximize your potential and live the best version of your life. The world is full of advertisements and propaganda that aim to manipulate you into thinking that you need certain things to be rich and happy. However, this is not the case. We want to spread the truth and show you how to build wealth in a way that is sustainable and meaningful.

In conclusion, it’s never too late to start taking control of your finances. No matter your age, you can still build wealth, achieve financial freedom, and live a life of purpose and happiness. By being an active participant in your financial journey, you can create a legacy that you can be proud of.

Connect

Subscribe

Most Recent Episodes

Financial Advisors React to Money Advice from ChatGPT

Will ChatGPT be your new financial advisor? In this react episode, we’ll break down some money advice from ChatGPT and compare it to our own thoughts and opinions. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know...

Financial Planning 101 (By Age) 2023 Edition

Throughout every decade, there are different areas of your financial life that come in and out of focus. In this episode, we'll discuss what you need to focus on by age, pitfalls to watch out for, and how to know you're doing it right. In this episode, you'll learn:...

Is the 2023 Housing Crash Around the Corner?

Housing prices skyrocketed after the pandemic to all-time highs, and mortgage rates have more than doubled since 2020. Homes are harder to purchase for more Americans, which means it’s more important than ever to make sure you are ready to buy before purchasing. In...

Watch This Before Rebalancing Your Investment Portfolio!

85% of Americans don’t rebalance their 401(k). Are they making a huge mistake? In this episode, we’ll discuss the “why” behind rebalancing, how to do it, and the data on whether or not rebalancing can increase your return. In this episode, you’ll learn: What...

Don’t Make This HUGE 401(k) Mistake!

Americans are making a HUGE mistake in their 401(k) that could cost them thousands by retirement. We’ll talk about why this is happening and how you can avoid making the same mistake in this Q&A episode! For more information on how to make the most out of every...

Alex Hormozi’s Top Money Advice! (Financial Advisors React)

In this episode, we react to Alex Hormozi's financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know Your Number Course! Check out our Net Worth Tool! Get FREE downloads full of financial advice from...

Everything You Need to Know About Finances in Your 20s

In this episode, we discuss everything you need to know about finances in your twenties. In this episode, you’ll learn: The top financial advice for your twenties How to start building wealth and the steps you should take Enjoy the Show? Sign up for the Financial...

The Most Valuable Asset in Building Wealth!

This episode will show you how to maximize the most valuable resource you have - starting right at this moment. What is it, you may ask? It’s TIME. If you give your money time to grow, you’ll be amazed at how much your dollars can become - it’s incredible! How wild is...