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How to Become a Millionaire on a Low Salary

I Will Teach You To Be Rich

593.0K Views . 2024-02-29

In this video, I'll show you 3 levers you can adjust to easily make $1,000,000. Download Ch 1 of my book "I Will Teach You To Be Rich" for free: https://iwt.com/chapter1-youtube Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich" Find Ramit on Instagram: https://www.instagram.com/ramit/ Subscribe so you don't miss any of Ramit's videos: https://youtube.com/ramitsethi

The majority of millionaires are self-made, meaning you don't need to inherit wealth to become a millionaire. Time and the amount of money you invest are two key factors that impact your wealth accumulation.

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  • The majority of millionaires are first-generation wealthy, meaning you don't need to be born into wealth to become a millionaire.
  • Becoming a millionaire is achievable through consistent investing, even with modest income, starting early, and focusing on strategies that work, not excuses for why it won't.

Insights from the YouTube Video Transcript:

1. The Myth of Inherited Wealth: The video challenges the common perception that most millionaires inherit their wealth. It highlights the reality that a majority of millionaires are first-generation wealthy, emphasizing that achieving wealth is attainable without being born into privilege.

2. Time as the Most Important Asset: The video emphasizes that time is the most powerful tool in building wealth. The concept of compounding is explained, showcasing how consistent investment over a longer period leads to exponential growth.

3. The Power of Early Investment: The video argues that starting early is crucial for wealth accumulation. The impact of a 4-year delay in investing is illustrated, showing how even a short

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