How to Get Rich NOW: From $50k Salary to MILLIONAIRE in 2024 | Step by Step.

in this video I'm going to show you how

to go from $60,000 a year at a job to

millionaire let's get into it ready Jack

high five I need high five bro high five

high five bro oh he died oh Nole

[Music]

me look let's be clear today's economy

sucks it really sucks

it feels kind of like you bought a

lottery ticket and you're looking at the

lottery numbers and you're like oh my

God oh my God oh my God oh my go did did

I win and then you realize you got one

of the numbers wrong or more directly

it's kind of like somebody giving you

money only to steal it back slowly it

would almost be better if they just

punched you in the face and took your

money then the slow bleed that this

economy is making everybody feel like

they're in it's painful it hurts and it

makes it feel like the only thing that's

left is your soul so today's video is

inspired by JS

1985 who left a comment quote no one

special here making between $50 to

$60,000 a year in this horrible economic

State looking for help in scary times

like

this so first let me be crystal clear

we don't even need

music you can do this we can all get to

a better place we can all get through

this

insanity but hopefully this video gives

you some insight into exactly how let's

get started all right you ready for step

one step number one and people don't

like to hear this and I want to be clear

step number one is not going to be for

everyone there going to be a lot of

people say you know what look I've got

family where I live uh I I can't do that

feasibly whatever so so step number one

consider it optional everybody's going

to have their own personal circumstances

here but step number one in my opinion

you're making 50 60k a year and and you

want to get to that next level consider

moving to a high cost of living area ooh

I said it okay that sounds intense most

of the time when people hear that on

YouTube they freak out most of the

advice that you're going to get on

YouTube is going to be people

going you need to cut your budget you

need to save every dime you get your

hands on you need to live in austerity

rice and beans and then you'll be able

to get ahead it's nonsense it's complete

nonsense what you should do is consider

the following why are certain areas of

the country high cost of living areas

and I'm not talking about a dump Lake

San Francisco that's like the opposite

okay think about this Miami Los Angeles

Manhattan why would those three places

and I'm not suggesting you definitely go

to those places I hate LA's guts okay

San Diego is way better okay and so is

Santa Barbara but anyway what why would

those be so expensive why are homes so

expensive there why are rents so

expensive there and why do people keep

moving there same goes for Boston even

it's because that's where the jobs are

and so when you go to a high cost of

living area you can actually make more

money think about this when you go to

replace an outlet there's got to be some

there's got to be an outlet somewhere

around here we'll find an outlet okay

there's going to be one over here in the

bushes I promise look at that look how

fast we found that okay we got to

replace this Outlet right here with this

buried weather cover block look at that

tamper resistant GFCI that is sexy right

there anyway you go to replace this in

chilicothe Ohio maybe you'll get paid 15

bucks an hour to do that because

everybody knows how to replace a GFCI

outlet in chilicothe Ohio now on the

flip side you go to a high cost living

area Los Angeles uh again Miami or or

the others we've mentioned how many

people know how to actually replace an

outlet very few that's because they're

busy making money doing other things

which means they have more money to pay

you to do it and so this is what you

have to think of when you're in a high

cost of living area yes your expenses

might seem like they're going up or you

do what smart people do and you actually

rent something smaller as you get

started again this is why I say this

isn't for everyone you know if you've

got family roots in a in a town uh that

might be going bankrupt because they've

got bankrupt ideas and no jobs are the

only places are closing well okay maybe

maybe that's what you choose you choose

to stay put but then you have to live on

what you're making and start insulating

yourself but if you really want to make

a change you might have to pack up and

move and it's much easier to make it by

renting a small place even if it's a

studio just to make it in a High Cost of

Living area rather than trying to make

it in a broke town where there are no

job opportunities nobody's willing to

pay you for your time because everybody

has time you have to go where people

don't have time that's the hack because

when you go somewhere people don't have

time what are those people willing to do

they're willing to pay you if I had all

the time in the world I wouldn't need a

single employee because I could do

everything but because I don't have all

the time in the world I have people

we've got like 15 people working for me

to do different things that I don't have

time to do that's what you've got to

think of and there's also this like

little side effect that I kind of want

you to think of this when you have a lot

of square footage a lot of space guess

what people usually do they feel it so

what I did with Lauren is purposely got

us stuck into a 2200 squ ft home and now

we have twins and two boys we don't even

have a driveway we don't have a backyard

and guess what I mean we have a tiny

backyard can't build a pool cuz there's

no room can't buy more cars because

there's no room can't findy more

furniture because where are we going to

put it we we were looking at like some

artwork the other day and we're like oh

that's really cool oh wait we don't have

a single bit of wall space left because

we filled it all see it's you squeeze

yourself into a smaller space guess what

happens you automatically start saving

money and you get paid more for your

time step number one high cost living

area I think I'm the only person on

YouTube who actually suggests that find

somebody else who gives you that kind of

perspective and that's just step one you

ready for the other Steps step number

two and know you're not going to do this

right now but everything that you do is

going to be for the plan of eventually

buying real estate look I know rates are

high right now I know prices are

unaffordable but every single action you

take every time you swipe that credit

card think about getting a car loan

think about getting some kind of other

debt I want you to think don't buy

another four-wheeler okay don't buy a

forklift I don't even know why I'm

pointing at that we're going to focus on

everything every action that we take we

are going to think how is this going to

affect our ability to buy a home you

missed that payment on the credit card

your home loan in the future in 5 years

from now just got more expensive you

file bankruptcy good luck trying to get

a quality home loan within the next 7 to

10 years every action you take should be

focused on down the road how are we

going to buy a home now again why am I

putting that at step two because we have

to think about minimizing debt if you've

got that new car but you've got you know

a crazy $1,000 a month payment or

whatever maybe and I hate to say it but

maybe it's time to get rid of that

because you're going to move to a high

cost living area maybe that's part of

one but number two is you're never going

to get out of this anchor you have this

anchor of a depreciating asset that will

probably continue depreciating over the

next 10 years a new car is going to lose

dramatic value over the next 10 years I

highly believe it electric vehicles will

lead to Rapid deflation in ice Vehicles

those are internal combustion engine

vehicles and electric vehicles will

become substantially and almost

exponentially uh cheaper thanks to

companies like Tesla getting into mass

production so be very very careful with

cars especially car debt because car

debt is going to sync you remember this

particular formula if you have $1 of

monthly payments you have to go earn

[Music]

$223 to make up for that monthly payment

that's because we take take debt to

income ratios used to be a license

lender technically I can just renew my

license it's only expired but I don't

use it so I don't but anyway uh this is

what I would tell clients is look every

single debt you take on is going to cost

you

$2.23 so that $1,000 a month car payment

costs you

$2300 2230 right $100 a

month of income that's how much it costs

you in terms of qualifying that makes it

like impossible for you would ever get

ahead so if we're thinking 5-year plan

here why would you ever ever ever sink

yourself into a car Deb sell that sucker

for a loss get a used car and move on

now let's get to step three not bad for

the first house house hack bot all right

let's get to the next step Next Step you

may have heard this one before but not

the strategy that I'm going to suggest

now look I'm a licensed Financial

advisor you know this I'm becoming a

stock broker this isn't personalized

advice for you this is designed to give

you perspective so you can decide what

you want to do with it but here's what

you got to

do the IRS just raised the limit to

contribute to a WTH to $7,000 per year

now remember I earlier in step two said

everything we're going to be talking

about is trying to get you to buy a

house in the future or a townhouse

whatever you know I hear people all the

time they're like oh but Kevin I can't

buy cuz it's too expensive in my area

and now here you saying going into a

high cost of living area well stop

looking at four bedroom with uh you know

a pool and uh this massive backyard I

don't even have a big backyard this

house has 10 times the backyard I

have why Roth though because here's what

the Roth does for you right now with

money market rates over 5% which you

could easily get just Google money

market Fidelity money market tro price

money market Schwab they're all all

these mutual fund money markets are

yielding roughly over over 5% just check

to make sure you get one that's low

fees what the beautiful thing about

these is is you can own them in a Roth

which means you could actually make that

5% roughly interest taxfree with money

you contribute to the Roth after you pay

your taxes so you pay your taxes you

take up to $7,000 you throw it into the

Roth now you park it in a money market

you're yielding 5% now

taxfree okay but what are you really

doing where you're doing two things

you're creating one an emergency fund

inside the wrapper of a Roth and number

two you are saving for your down payment

for Real Estate now how does that work

well the Roth is beautiful because the

Roth actually enables you to do

what withdraw your principle you don't

even have to be 59 A2 you can withdraw

your principle in a WTH for any reason

at any point you can't withdraw your

gains for any reason but you can

withdraw your principles for any reason

your principal not your principles

the beautiful thing about this and

withdrawing your principle is that you

could use it to buy real estate so think

for the next 5 years you contribute 5 *

7 that's

$35,000 taxfree to a Roth milk the money

markets or something very low risk over

the next 5 years what happens after 5

years you have $35,000 you can withdraw

penalty-free but guess what else you

could then withdraw up to

$10,000 of earnings penalty-free if

you're going to buy your first house now

of course always with tax things talk to

a licensed accountant that is

representing your best interest and your

financial advisor right now I provide

Financial advice as well you can see

that at stack.com but right now for the

purpose of this video I'm not your

financial adviser but what's beautiful

is that now you are milking

taxfree money markets and you're going

to use that tax-free money market to set

yourself up in the longterm for buying

real estate that's the key that is the

key to really building your wealth now

unfortunately you might feel like you're

in a little bit of a hole and you might

feel like crap I just don't make enough

to even contribute to a WTH at this

point I'm barely breaking even so what

do we do next let's talk all right so

this is the hard part especially since

it's a tougher economy right now the

first thing that I always like to do is

recommend talk to your boss talk to your

boss about what you can do to provide

more value and I would be very

transparent with them i' just say hey

boss was wondering I'm looking to make

some more money I'm down to work more

hours I'm down to get another skill or

license or certification what

recommendation do you have for me so

that I could work on at least getting to

the path of making more money right

that's different from hey pay me more

now and I'll work harder that would be

the worst thing to say because that

sounds entitled that sounds bad that's

very very bad you always want to ask hey

how can I provide more value and you

will almost always get rewarded if you

don't get rewarded for providing more

value for too

long might be time to get a different

job but anyway so uh consider this after

you ask your boss that I want you to

light the fire under your boss by

starting to get a some sort of a

certification or a license consider this

let's say you are are a waitress right

now or a waiter right you're serving and

you're studying you know college

material or maybe you're done with

college but you're a waiter right now

and what do you do you want to start

taking on management shifts although

maybe that's not the best example since

sometimes managers at restaurant make

restaurants make less money anyway

consider this start getting yourself

licensed in one of these vehicles ready

for this series 65 licensed financial

adviser real estate license nmls lender

loan officer right you're basically at

the bottom of lending and refinance most

of them are leaving the industry great

opportunity to start building strong

foundations uh drone license with a

photography and matterport certification

okay I it's constantly a struggle to

find good photographers that are willing

to go out and actually work so if you

have if you're willing to put in the

effort you could learn watch Serge relli

on YouTube that guy's freaking amazing

especially his interior real estate

photography home inspection

certification Firearms instructor

private Pilots license software engineer

boy private Pilots license you know how

much how many people are desperate to

find Pilots right now oh there's so much

money to be made that software

engineering I mean that's kind of like a

classic go-to now you do two things by

doing this number one you're setting up

a potential second stream of income but

you're actually doing something even

better remember how the earlier part of

this step was to tell your boss you're

looking to try to find ways to make more

money right there's a reason for that

because now after you ask that you get

their insights and their Intel what do

you start

doing oh hey what are you up to boss oh

okay that's cool yeah I was studying for

my test this weekend Oh test what are

you studying for oh uh you know just

working on uh getting my real estate

license now all of a sudden you at least

send this subtle signal that hey you

know uh you know if this doesn't work

out uh there are other options for me be

surprised the people who work the

hardest at advancing themselves tend to

get the greatest opportunities the more

you better yourself you become better at

what you're doing in your job you help

other people become better around you

you're a positive force you're a

positive force of energy within the

office whatever it

is you get noticed that's really

important which reminds me I actually

had to do a matterport 3D tour of this

particular property so I just knocked

that out uh here's a little footage of

kind of what that looks like really easy

to do with this this especially since I

can adjust the height so easily and it

collapses down to fit into a backpack

cuz that unscrews the little part's

pretty small that's pretty small charges

with USBC really easy I didn't even

intend to have a sponsored in this but

if you want to check that out go to

metkevin.com

3D it is an affiliate paid for promotion

but it's a product I regularly use it's

awesome it's not worth doing the

matterport Pro 2 this is a side hustle

right here that's it that's it it's a

little kit this is a side hustle on its

own one what is this this is the 1in 360

edition like a lens yeah check it out 1

in sensor oh yeah then there's the other

part where uh people talk about balance

uh I found that one of the best ways if

you're on your path to working towards

becoming that longer term millionaire

before you get into your real estate and

all that is

a I like to call it dedicated balance

where you spend really exclusive

committed time with people just sitting

around with your family it's not too

useful committed date nights with your

partner uh committed trips with your

children or your parents those are the

types of balance that I like uh so I'm a

big fan of work hard then keep working

hard then play a little hard and then

work hard again now keep in mind even if

you don't end up fully using a side

hustle if you even use it part ly and

you intend to use it and intend to

eventually make profit with it

technically you could start writing off

things that otherwise you might not be

writing off with a W2 pay income which

means you could pay off your phone or

write off your phone that is you could

write off your laptop or uh part of your

home for business use of home there are

a lot of cool things that you can do

once you have a side hustle even if you

have a W2 job see people like to bag on

a W2 job but I'll tell you America has

made it so wonderful that you could

utilize a W2 job to qualify easily for

Real Estate so now your goal is

minimizing that debt getting that higher

W2 job loading up that

WTH and milking those tax benefits while

using that side hustle enthusiasm to

either negotiate more pay or potentially

even find a great job and now you have

more experience as you go into a great

job so these are really critical for

setting you up on the path to buy real

estate obviously zero to millionaire

buying real estate would be a different

video This is how to get you on that

path to get started to millionaire there

there's one more big thing we've got to

talk about let's just get through uh TSA

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here so now you've got the income and

the debt availability to buy real estate

and this might be down the road

especially since at the time of this

recording interest rates are quite high

and it might might seem unfeasible to

buy today but the time to buy will come

again so let's prepare for that and

think about that long-term trajectory

our goal is going to be starting at

about 25 or maybe 32 buy one property at

least every 7even years if you're

starting a little later maybe buy a

property every four years and rewrite

this math a little bit but it'll work

roughly the same watch this you don't

even have to start big you could start

with a two-bedroom one bath condo or a

studio if you're a high cost of living

area at 25 you buy a place for 300K 32

400k 39 500k 46 600k 53 700k 60 800k

look at that now you've bought 7

Properties by the time you're 60 so you

could realistically start at 32 and be

67 down here and have $3.3 million of

real estate what you're going to do is

every single time you get a homeowner

occupied loan you live in it and as soon

as you go to move to the next one you

rent out the prior and you get to

qualify about 75% of that rental income

you're getting on this one to help you

here and since there's time between your

first and second

purchase rent hopefully will appreciate

over time whereas your payment stays the

same so you might actually be cash flow

positive you probably will be actually

after seven years no guarantees of

course we can't make you guarantees you

probably be cash flow positive for each

of these properties and then you'll be

living in an $800,000 house with another

uh you know two .5 million of rental

real estate and by the time you hit 30

years look this place is already paid

off now maybe you've refinanced it in

between to buy more properties but this

place is two years from being paid off

by 60 right kind of crazy if you think

about it this way but this right here is

the secret sauce because once you move

you have to have a roof over your head

so you're probably already renting

something that is roughly the equivalent

of this you got to live somewhere you're

starting smaller that's okay that's what

you're trying to get to and then as you

grow you move

from a studio to a one-bedroom to a

two-bedroom to a three-bedroom to a four

bedroom to a five-bedroom just a simple

example right so don't buy your dream

home day one because then you make it

harder to jump around now moving's hard

it's not easy but it's worth it because

now your tenants every time you move to

the next layer you're not paying off the

loan anymore your tenants are paying it

off because you're always getting a

30-year fixed rate loan and this is how

you become a millionaire for sure #n

gued because we don't want to get sued

on YouTube but I mean look how simple

this is the equity that you will have

built up here alone will make you a

millionaire for sure if not

substantially more hashtag not

guaranteed anyway if you want more of

this perspective make sure to subscribe

to the channel there's going to be a lot

more of exactly how to pull off every

single one of these steps and I've done

exactly this for the last 14 years so I

know what I'm doing when it comes to

real estate and I can't wait to show you

everything step by step let's go