26 min listen
How to Become a Millionaire in 10 Years or Under (Oh, and Market Timing)
How to Become a Millionaire in 10 Years or Under (Oh, and Market Timing)
ratings:
Length:
42 minutes
Released:
Oct 5, 2022
Format:
Podcast episode
Description
Before I understood the almost-unbelievable magic of exponential compounding, I thought becoming a millionaire was an almost-impossible goal only achievable by the highest earners or people who were already rich. Granted, inflation has certainly shifted the meaning of a million dollars over the last 20 years—but it’s still no small potatoes.
Fortunately, we can calculate this path to the magic million with relative ease—so that’s exactly what we’re doing on the show today. If you’re trying to reach a $1 million net worth with a partner in 10 years or fewer, good news—neither partner even needs to make six figures.
Of course, the temptation is strong to try to time the market in the context of our current volatile shitstorm. We’ll address why that’s a fool’s errand, historically speaking, and discuss some ~alternative options~. (And reminder: Past performance is not indicative of future returns.)
Finally, we're joined by my friend Delyanne Barros, otherwise known as The Money Coach (https://www.instagram.com/delyannethemoneycoach/) and host of CNN's Diversifying (https://www.cnn.com/audio/podcasts/diversifying). Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45.
To learn more about our sponsor, Vin Social, check out https://vinsocial.co/.
Episode transcriptions can be found at https://www.podpage.com/money-with-katie-show/.
—
Mentioned in the Episode
Download the free Money Management Routine resource: https://education.morningbrew.com/budget
Data on the world's millionaire population: https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires
JP Morgan Asset Management study on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/
Secret millionaires: https://www.rd.com/article/secret-millionaires-donations-after-died/
The Psychology of Money by Morgan Housel: https://www.goodreads.com/book/show/41881472-the-psychology-of-money
Average monthly spend by a single earner: https://www.nerdwallet.com/article/finance/monthly-expenses-single-person-family
Incomes making higher than $150K/year or more: https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/
Median retirement savings amount: https://www.synchronybank.com/blog/median-retirement-savings-by-age/
How to Diversify Beyond The Total Stock Market: https://www.moneywithkatie.com/blog/you-might-be-overexposed-to-large-cap-diversifying-beyond-the-total-stock-market-and-sampp-500
10 Stunning Fast Fashion Waste Statistics: https://earth.org/statistics-about-fast-fashion-waste/
—
Follow Along
- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/
- Read Money with Katie: https://moneywithkatie.com/
Follow Money with Katie!
- Instagram: https://www.instagram.com/moneywithkatie/
- Twitter: https://twitter.com/moneywithkatie
- TikTok: https://www.tiktok.com/@moneywithkatie
Subscribe to Morning Brew
- Sign up for free today: https://bit.ly/morningbrewyt
Follow The Brew!
- Instagram: https://www.instagram.com/morningbrew/
- Twitter: https://twitter.com/MorningBrew
- TikTok: https://www.tiktok.com/@morningbrew
Fortunately, we can calculate this path to the magic million with relative ease—so that’s exactly what we’re doing on the show today. If you’re trying to reach a $1 million net worth with a partner in 10 years or fewer, good news—neither partner even needs to make six figures.
Of course, the temptation is strong to try to time the market in the context of our current volatile shitstorm. We’ll address why that’s a fool’s errand, historically speaking, and discuss some ~alternative options~. (And reminder: Past performance is not indicative of future returns.)
Finally, we're joined by my friend Delyanne Barros, otherwise known as The Money Coach (https://www.instagram.com/delyannethemoneycoach/) and host of CNN's Diversifying (https://www.cnn.com/audio/podcasts/diversifying). Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45.
To learn more about our sponsor, Vin Social, check out https://vinsocial.co/.
Episode transcriptions can be found at https://www.podpage.com/money-with-katie-show/.
—
Mentioned in the Episode
Download the free Money Management Routine resource: https://education.morningbrew.com/budget
Data on the world's millionaire population: https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires
JP Morgan Asset Management study on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/
Secret millionaires: https://www.rd.com/article/secret-millionaires-donations-after-died/
The Psychology of Money by Morgan Housel: https://www.goodreads.com/book/show/41881472-the-psychology-of-money
Average monthly spend by a single earner: https://www.nerdwallet.com/article/finance/monthly-expenses-single-person-family
Incomes making higher than $150K/year or more: https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/
Median retirement savings amount: https://www.synchronybank.com/blog/median-retirement-savings-by-age/
How to Diversify Beyond The Total Stock Market: https://www.moneywithkatie.com/blog/you-might-be-overexposed-to-large-cap-diversifying-beyond-the-total-stock-market-and-sampp-500
10 Stunning Fast Fashion Waste Statistics: https://earth.org/statistics-about-fast-fashion-waste/
—
Follow Along
- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/
- Read Money with Katie: https://moneywithkatie.com/
Follow Money with Katie!
- Instagram: https://www.instagram.com/moneywithkatie/
- Twitter: https://twitter.com/moneywithkatie
- TikTok: https://www.tiktok.com/@moneywithkatie
Subscribe to Morning Brew
- Sign up for free today: https://bit.ly/morningbrewyt
Follow The Brew!
- Instagram: https://www.instagram.com/morningbrew/
- Twitter: https://twitter.com/MorningBrew
- TikTok: https://www.tiktok.com/@morningbrew
Released:
Oct 5, 2022
Format:
Podcast episode
Titles in the series (100)
#6: MY ACTUAL FINANCIAL INDEPENDENCE PLAN: The Next 4 Years of My Life: Today, we're riffing on a few things: How I discovered financial independence, what my life was like then, the progress I've made, and how my goals have shifted since then.Ultimately, we're taking a more thoughtful look at the way we approach financial goals and if – sometimes – we kinda miss the point. by The Money with Katie Show