The Secret To Building Wealth Fast
The secret to building wealth fast comes down to 3 things…
I saw a tweet yesterday by Nick Maggiulli (@dollarsanddata) where he wrote about the secret to become wealthy by 30 comes down to three things:
Every person who became a millionaire by 30 had at least one of the following:
(1) inheritance/parental support
(2) a very high income
(3) a large income event (i.e. crypto, IPO)
If they attribute their success to anything else, they are lying.
— Nick Maggiulli (@dollarsanddata)
Aug 10, 2023
Now I am not a millionaire (yet), but I have been able to build my net worth by age 25 to over $330,000. I want to share my story & how I was able to build my wealth faster than average.
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I knew that if I wanted to hit my goal of becoming a millionaire by 30 I was going to have to have 1 of those 3 things happen.
Contrary to what a lot of people think, I have not had any parental support on my investing journey. I have learned from them about money, but I have built up my investments to where they are without given a large windfall of money.
A Very High Income (going to skip this one for now)
A Large Income Event (i.e. Crypto/IPO)
I own quite a good amount (in relation to my portfolio size) of crypto, but I haven’t made millions off of it.
I have never had an IPO.
So what did I do to get this much invested by 25?
A very high income.
I knew that if I wanted to hit my investing goals this young, I would need to make more than the average 25 year old. I knew that I was going to have to find a way to make over $100,000 a year. I knew a high income was key.
But that isn’t all.
A high income is great, but that does not automatically mean I would have over $300,000 invested. So why me?
Not only did I find a way to increase my income, I was also very smart with my income. I could have spent it all. I could have bought a Tesla. I could have spent as much as I made… but I didn’t. I made the decision to spend LESS than I make & put that money towards assets. I decided to invest as much as I could (sometimes $4,000 a month) towards long term holds & my assets. Why? Because I knew if I could get a good start on compounding now, it is just a matter of time until it grows a ton when I am older. I know time is key in compounding & I needed to give my investments time.
So while the secret to some people building wealth fast is from inheritance, while the secret to some people building wealth fast is crypto/IPO, mine has been making more money.
Remember that M1 Portfolio I sold out of & sent to my options account? Well, I just made $1,162 (so far) this week on that money selling options. If you want to learn how, 5 people can get my $50 video course for just $35 (or 30% off). For $35 you can learn how to make $100s or even $1000s every single month on the stocks you already own. My guarantee is if you do not make $35 back in 1 month following my lessons, I will refund you. (Discount code already applied): https://decadeinvestor.gumroad.com/l/rauxb/newsletter
My Buys This Week:
ETFs: VOO + SCHD +
(x)Tweet of the Week:
Brb quitting my job & becoming a UPS driver!!!!
In 2023 there is only one way to beat inflation...
Become a UPS driver & make $170,000. http
— Decade Investor💸 (@DecadeInvestor)
Aug 10, 2023
Thank you so much for reading & I will see you next week! Until then, keep buying assets & stacking those dividends. 🙂
- Decade Investor