How We Became Millionaires At 35 On A Low Income | Financial Freedom

Becoming millionaires doesn’t have to be complicated or seem like a goal that is unattainable! It doesn’t mean that you can’t enjoy life along the way. In this video, we are sharing 7 things that have helped us build wealth to reach the millionaire status, while also being able to enjoy life, take vacations, purchase homes, buy cars, have 3 children, and move to our dream location. All while living on a low income, averaging $75K/year and not inheriting any money. 7. Credit Score As we talk about increasing our credit scores, I want to share a big mistake that really set me back. When I was younger, I had a lot of great credit history and multiple accounts. I was taught to close my credit card accounts after paying them off. Once closed, they were deleted from history forever. This left me with a very low credit history score. We started using the Credit Karma App to track and increase our credit scores. We studied credit report, and we followed credit karma’s insights & personalized recommendations. Credit Karma shows your credit card utilization, derogatory marks, payment history, total accounts, age of credit history, and hard inquiries. 6. Save Money with a Monthly Budget Early on in our relationship, we didn’t have a budget. Here are some example of how we managed our money: Bought 2 jet skis with a credit card, High mortgage payment on lake house, Spent over $1,000 per month on restaurants & groceries, and more. We started using Intuit's Mint: Budget & Expense Tracker App on a regular basis to track spending. We created annual budget to plan and track periodic expenses. On a monthly basis, we review our budget and make adjustments as needed. 5. Invest in the Stock Market For the past 15 years, we have been investing in Index Funds on a monthly basis (and periodically). We also invest in individual stocks, following a value investing strategy modeled by Warren Buffett. We make your own financial decisions and do our own research. We learn about fundamentals and technical analysis. 4. House Flipping We visit our brand new house and share how it has already gone up $170,000 in value since we signed the contract in April 2020. Our last two house flips netted over $100,000 in profit. 3. Reduce Our Cost of Living Our trip to Nicaragua in 2014 helped show us how billions of people in the world actually live, in poverty. Seeing how Nicaraguans lived in small shacks, with only the shirt on their back and putrid water to drink, helped us rationalize cutting our own cost of living. 2. Paid off High Interest Debt Early in our journey, we owed over $30,000 on high interest credit cards. We paid off our highest interest debt first, using Dave Ramsey's snowball method. We now use credit cards for cashback and pay off at the end of each month. 1. Max out 401K The most impactful thing we did to become millionaires was to max out my 401K. Starting when I was only making $35K and right out of college. Over the last 15 years our average income was around $75K per year. When we first started doing this, the limit was around $15K and that limit has increased over time to $19,500 today or $1,625/month ✔️SUBSCRIBE ► https://bit.ly/3BmHUxG 📽️ VIDEO RELEASE SCHEDULE ► Every Week 💰 HOW TO BECOME A MILLIONAIRE ► Financial Norms We Broke to Become Millionaires and Retire at 38 https://youtu.be/ILHB3oiQN_I 🔥 OUR FIRE JOURNEY ► OUR JOURNEY TO FINANCIAL FREEDOM AT 38 | The FIRE Movement https://youtu.be/ZzsZSLiu7-s Big News! We Just Retired At 38! https://bit.ly/3EmLA4K 📈 STOCK MARKET INVESTING ► Revealing Our $1 Million Stock Investment Portfolio https://youtu.be/tTPUpLHYkz8 Top 5 Best Investing Apps in 2022 https://youtu.be/WGsm6YxU7wg How To Invest During a Stock Market CRASH https://bit.ly/2ZyBRJC Stock Market Tips From Warren Buffett https://bit.ly/3GyVlic 🏘️ REAL ESTATE INVESTING ► SHOCKING House Flip | $400K+ Profit in 6 Months | Real Estate Investing https://youtu.be/5zXHU49CsW0 We Made $50K in 8 Months Flipping Our House https://bit.ly/3Eup8Xj 💲 PERSONAL FINANCE ► We Made $50K in 8 Months Flipping Our House https://bit.ly/3Eup8Xj Budgeting Tips | From Broke to Over $1Million Dollars https://bit.ly/3BltHBk 10 Tips to Boost Your Credit Score! https://bit.ly/3Enz5Wp 🙌 FOLLOW ♦ Website | www.holycityfamily.com ♦ Instagram | https://bit.ly/3bfxV2X ♦ Facebook | https://bit.ly/2ZC3Lo3 💻 E-MAIL ► theholycityfamily@gmail.com 🎶 MUSIC Envato Elements - https://elements.envato.com/ ——————————————————————————— Disclaimer: All of our content is for informational purposes only and does not constitute financial advice. Please do your own research. Consult a certified & trusted financial planner who will put your interests above their own before following any advice we may offer.