Thanks for all the great financial advice!One cannot be a millionaire making a slave wage like $20 an hour. Not possible.
Sure they can. In fact, you can end up a millionaire making half that.
Lets say you don't go to college, and you get married, and start working at Walmart at age 20.
So lets do the math.
$10 an hour, is of course $400 a week. Let's say you put just 10% into stock mutual fund that gets about a 10% rate of return. I personally invest in 3 mutual funds that do 12%, 13% and 15% respectively. So 10% return on investment isn't difficult.
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If you work consistently at Walmart for just $10/hour, from age 20 to 67, at age 67, you would retire with $2 Million dollars.
Of course this graph showing how much money you would have at retirement is completely inaccurate for two specific reasons.
Reason 1: Walmart has a 401K stock matching program, which matches dollar for dollar, the first 6% if your investment.
That means if you invested 10%, you would end up putting in not $40 a week, but rather $64 a week, or $256 a month.
You would end up not with $2 Million, but more like $3.3 Million.
Reason 2: Walmart specifically has a Walmart Employee stock purchase program, where you can buy Walmart stock at a very low price.
So when you add that benefit into the already massive $3 Million plus from your 401K... yes you can very easily end up a millionaire working for low wages.
Again... it's all in spending less money, than you make. It's that simple.
But sorry, it doesn't work that way. If you want to learn of all the flaws in your strategy to get rich, just ask me. We Canadians do thing a little different up here and we do pretty well. We're #1 on quality of life while America has fallen to #15.
It's quite simple really but it needs explaining in phases so to speak. Each concept needs to be accepted step by step.
Then why are thousands of Canadian a year, flocking to the US for health care?
As for higher quality of life... I've been to Canada routinely. Know people who live in Canada to this day. Canada is pretty close to the US in terms of quality of life, for average working people.
The problem with saying "the has fallen to (whatever) in quality of life" that depends entirely on where in the US you are talking about.
In places like California, run by left-wing socialist Democrats, it's practically 3rd world. There are places in California dealing with Typhus. An illness, more normal in the 1600s.
But in other places, that isn't the case. The standard of living is very good outside of left-wing democrat socialist destroyed areas.
Now, I will grant you that with the election of Biden, and Democrats, we could very will end up bad all over the country, but we're not even close to that yet.
Thanks for all the great financial advice!
But sorry, it doesn't work that way.
No, that pretty much is in fact the way it works.
My parents are millionaires. They were just public school teachers.
A janitor secretly amassed an $8 million fortune and left most of it to his library and hospital
A one-time janitor and gas station attendant demonstrated that you can become a multimillionaire with a modest salary.
www.cnbc.com
It's that simple. Even a janitor can become a multi-millionaire... just by spending less than you make, and saving and investing. That simple.