Focus on These 4 Numbers to Become a Millionaire
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🐪 Hump Days Newsletter ➭
WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
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⏱️ Timestamps:
0:00 – Start Here
0:33 – Savings Rate
3:02 – Fixed Expenses
6:04 – Omnisend
7:21 – Discretionary Spending
9:56 – Net Worth
on track to be a millionaire in 6 years!!!! ☺️☺️🎉 (33f)
33f is really jarring ‘33 year old woman/female’ would be better. And congrats! Here’s to the next 6 years 🥂
Targeting millionaire stats by 40 (32 currently), but i started saving late so ill need to save really aggressively to get there. I think its possible tho!
in 6 years being a millionaire wont be as glamorous or rewarding and will be easier to achive
@kevindamarray7463 it’ll still be rewarding. It’s always going to be a milestone to hit. The average americab doesn’t have 1,000 saved, and a million will always be 1,000x more than 1,000$. Idk why people pretend like inflation means nothing is worth anything in the future. Yes things are worth less, but it won’t depreciate in half in 6 years.
You got it milady, keep it going.
What are your thoughts on this video!? Let me know down below – would love to hear from you
Succinct, straightforward, and true.
The Quadratic equation isn’t all that complicated.
I think you forgot to put the insurance comparison tool in the description (just so u know)😅
How do you limit taxes on your YouTube channel?
I appreciate that I found your videos a couple months ago. You remind me that living below our means is in itself a great habit for savings
Tracking net worth was the biggest motivator for me to work toward purposefully growing it.
My wife and I went from worth negative $230k (grad school loan debt at graduation) to over $1 mil in 8 years. The key is only living only modestly better than our grad school life. That allowed 50%+ savings rate. Got married without a wedding ceremony, we chose to traveled aboard for 2 weeks for $10k instead. These choices allowed us to pay off the entire student loan, put 20% down to buy a house and have our first child all within the first 3 years. When you were poor students all your life, not letting life style creep happen is super easy. You don’t miss what you never had.
Hardest part about living Vancouver Canada- (not so) fun fact we have a government body that oversees all insurances. So we can’t even go to competitors like you have in the states.
Some other provinces do private like that which is amazing, but here we have no ways around it to save money 😢.
That being said, I’m happy my % of money going to investments is getting better and better every year so I’m on the right path. 😊
Hey Humphrey, can you share the tool for comparing insurance prices? I don’t see it in the video description
Once you start tracking net worth, it becomes addicting. I update at least some part of mine more than once per month. I’m closing in on half-millionaire status!
I’m with you. Every Friday in my house is net worth Friday.
I update my personal books every Sunday. Its always nice knowing you aren’t in the read, and every pay check gets you closer to that 6th figure net worth. But I only include liquid assets, and never include my primary residence of vehicles (or any other depreciating asset).
If you add your list of average monthly expenditures for 2024 it totals $76k per year, while the average salary for 2024 was about $60k. WTF?
I’m thinking we’ll all be millionaires in not too long, because of hyperinflation
I’m in the club, took me around 15 years starting from 5 figure negative net worth single income family most of that. I agree with Humphrey’s 4 things. But I’d just add if you want to be a millionaire and are making under 100k/yr your PRIMARY focus should not be on executing the perfect budget/savings/investing plan. Not saying don’t do it, but pretty good is good enough, don’t be a consumerist dummy! Spend MOST of your focus on increasing income, and I feel like $100k is escape velocity outside of very high cost of living areas. At that point the slings and arrows don’t hit as hard, freeing you up for even more skill up, career growth and other income increasing options. It will probably be tough early on, but you got this!
Idk if you can help in any way. Just people knowing will help but I got set back twice because of an unexpected car breakdown and frozen funds (6k) in a FDIC insured bank YOTTA. It’s a crazy story that involves a bunch of banks that lost money so the government wont step in to help. Just wanted to let it be known and have more people know about the situation and maybe push anyone to do something about it. There are people with 10x the amount I have or even more frozen which is terrible and again I just wanted it to be known by more to get help from someone to help the average working person.
Problem is most people can’t have 10 percent of their income be disposable.
Wow, this video is packed with value. I remember struggling so much, broke, frustrated and stuck in the same cycle everyday. Until my transformation from a nobody to good home, honest wife and 35k biweekly and a good daughter full of love ❤️
I’m feeling really motivated.
Can you share some details about the bi-weekly topic you brought up?
@@Louise-C.Black1 It is simply the digital market. That’s been the secret to this wealth transfer. A lot of folks in the US amd abroad are getting so much from it, God has been good to my household Thank you Jesus
Big thanks to Christine Marie Ricke
With her guidance, I reached $101 k through trading. I’m still surprised how she gets her analysis and strategies, she’s an absolute genius ♥️
Wow 😱 I know her too Christine Marie Ricke is a remarkable individual whom has brought immense positivity and inspiration into my life.
This year, I invested 10k in Digital Assets and turned it into six figures within a few months—and it’s still growing. I’ve always been a strong advocate for investing because it’s been incredibly rewarding for me. Looking forward to achieving financial freedom soon. And by the way, you have an awesome content!
Becoming a millionaire through a Roth IRA or 401(k) depends on your tax situation and goals. A Roth IRA offers tax-free withdrawals, beneficial if you expect a higher tax bracket later. A 401(k) provides tax-deferred growth and potential employer contributions. The best choice depends on your current taxes, employer match, and investment options. Consulting a financial advisor can help you choose the right strategy.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it’s earned through employment or investments.
I wholeheartedly concur. At 40+ years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio’s value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn’t an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
Could you be kind enough with details of your advsior please?
‘Melissa Terri Swayne is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Another piece on the insurance, use an independent agent rather than a company that sells their own insurance. You will get better insurance for less money most of the time.
🙏Thank you lord Jesus I hit $123,590 today. Thank you for all the knowledge and nuggets had thrown my way over the last week.i started with 9k in last week now i just hit $123,590
I’m 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Kathy lien
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
😱Sounds familiar, I have heard her name on several occasions.. and both her success stories in the wall Street journal!
I’ve been part of your youtube journey since 10k subscribers and love to see how far you’ve come Humphrey!
Should I put more in HSA to have when retire or more in savings?
This video is a game-changer! So much helpful information packed into one clip. I personally don’t like promoting anything in comments, but I simply have to share with you a book called Diamond Riches Formula by John Barth that book changed my approach to money, the methods in that book are impressive
My boyfriend has this book
So wise recommendation, great book
Thank you, I’m gonna check it out