How Long Does It Take To Become A Millionaire | Myron Golden

How Long Does It Take To Become A Millionaire?
by Myron Golden

Find out more here:
https://thelongercrowbar.com/myron-golden

0:00 Introduction

God is a God of multiplication and his principles are multiply principles, right? We're gonna do some math. Get your pen and paper, your calculator on your phone out. I wanna ask you a question: at the rate you're saving money right now, how long is it gonna take you to save a million dollars?

Some people wanna retire. And there's nothing wrong with wanting to retire. So how much is it gonna take? At the rate you're saving money right now, how long is it gonna take you to save a million dollars? Let's say you are saving or investing. I'm just gonna call it saving cause that's what most people do, right? Let's say you're saving $100 a month.

How long is it gonna take you to save a million dollars? It's gonna take you 833 years. Now, I'm not sure how old you're gonna be in 833 years, but I'm gonna be almost 900. I'm gonna be almost as old as Methuselah by the time I save up $1,000,000 at $100 a month. Maybe I should do better than that. Maybe I should save $1,000 a month. Then it'll only take me 83.3 years. Well, I don't know how old you're gonna be in 83.3 years, but I'm gonna be 144.3.

Yes, it'll still be $1,000,000, but I'm gonna be so tired I won't have any energy to enjoy it. So saving money is not the plan. We agree that most people in the USA are not saving $1,000, right? If you wanna do it in a timeframe that's more reasonable, maybe you should save $10,000 a month.

Well, here's the problem with that. Most people can't do that even if they'd like to. But then it's only gonna take you 8.33 years. Now if you save up a million dollars, are you a millionaire? Well, yeah. But if you spend $1 after, you're a 999,999-innaire.

2:55 Staying a Millionaire

Let's say you didn't save a million dollars, let's say some strange turn of events, you had a long lost uncle. We already know that if you wanna stay a millionaire, you can't spend the money. So what are you gonna do? You're going to live off the interest. Let's say you could get 6% interest on your million dollars. How much money is that gonna give you per year? $60,000 a year and your life back. Cause now you don't have to trade your time for $60,000 a year from a boss.

If I take that $60,000 and I divide it by 12 months, that's gonna be $5,000 a month. If I were to save up a million dollars and I were able to get 6%, it would give me a lifestyle of $5,000 a month passive cash flow.

Now I have both the time and the money to enjoy. And now I can spend my time with the people that I care the most about instead of the people I care the least about and the people who care the least about me.

4:56 How Elementary School Math is Involved

I love elementary school math. I learned a math principle in elementary school that's mind-blowing. Are y'all ready? Here it is: when two things are equal to the same thing, they're also equal to each other. I got a good feeling when I said that. Did y'all feel that? "Two things that are equal to the same thing are also equal to each other." They have to be. Right?

This is so good. You say, "Why is that so good?" Because if having a million dollars invested at 6% produces $5,000 a month passive cash flow, that means anything that I create, that produces for me $5,000 a month, passive cash flow is equal to having a million dollars invested at 6%. Oh snap. I just changed my own life again. I hope somebody else comes along with me for that ride.

6:23 The Virtual Millionaire Formula

I call this the Virtual Millionaire Formula for a reason: because you get to live like a millionaire on your way to becoming one.

And this was the first millionaire formula that I cracked many, many years ago. I got myself to $5,000 a month passive cash flow. And I've got good news for everybody in this room today. I've got good news for everybody watching on YouTube today. I've got, in fact, not even good news, great news, and that is $5,000 a month passive cash flow is pretty simple to get now.

It's not necessarily easy. For some people it'll be easy. For some people, it'll be hard depending on where you are on the scale of influence. But $5,000 a month pass of cash flow. If you're not there yet, I would recommend on your millionaire journey that you start with the Virtual Millionaire Formula.