How to Become a Millionaire in 10 Years or Under (Oh, and Market Timing) | Money With Katie Podcast
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 (link and host of CNN's Diversifying (link Delyanne shares her path from being a high earner and equally high spender to becoming a millionaire on track to retire by age 45.
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Episode transcriptions can be found at link
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Mentioned in the Episode
Download the free Money Management Routine resource: link
Data on the world's millionaire population: link
JP Morgan Asset Management study on market timing: link
Secret millionaires: link
The Psychology of Money by Morgan Housel: link
Average monthly spend by a single earner: link
Incomes making higher than $150K/year or more: link
Median retirement savings amount: link
How to Diversify Beyond The Total Stock Market: link
10 Stunning Fast Fashion Waste Statistics: link
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