How To Become a Millionaire in 10 Years | Long Term Focus & Simple Steps to be a Millionaire

We focus on short term gains so much that we miss the bigger picture.
In this video, my main goal is to explain the benefits of consistent investment for long term. If you can have that long term mindset, you can be a millionaire. Being a millionaire is not a rocket science. Its as simple as investing an amount you are comfortable with, every month in a product (stocks or real estate, etc.) that gives 10% or more annual return. One of the product is investing in S&P500 every month consistently for at least 10 years.

Never sell a stock because its 20% up or down. You sell your share in a company, if and only if you need that money urgently or the fundamentals of the company has changed. Eg; the vision of the company has changed or some of the top managers resigned abruptly or the competitors have launched a better product in the market and company has no plans to counter it.

In short if fundamentals of a company are solid; then whether the stock price is 50% up or 50% down, should mean nothing to you. Do not get distracted and invest in some random cryptocurrency or penny stock in a hope to become a millionaire over night. You must have heard of many successful long term investors (Warren Buffet); but very few to no short term speculators.

I have shared some simple steps that anyone in any income group can follow and make his/her own plan to become a millionaire. Always remember getting that first million will require a lot of hard work; but after that it multiplies like crazy.

Here are the calculators i used in the video.
Compound Interest 1: https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Compound Interest 2: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Mortgage Calculator: https://www.interhyp.de/tilgungsrechner/
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Real Estate
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Step by Step Guide to Buy Your First House in Germany: https://youtu.be/mA1B2DmhWWM
How to get a Mortgage (Part I): https://youtu.be/1nfDmiJRK34
How to get a Mortgage (Part II): https://youtu.be/wGE71I_mhC0

Stocks
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Growth Stocks: https://youtu.be/gM5FgwPlRv4 --------------------------------------------------------------
DISCLAIMER:
I am not a financial or real estate advisor. My videos are for educational purposes only and merely cite my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial or real estate advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!

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