What drives a Millionaire by 30’s Journey?
Watch the full video here! https://youtu.be/pjCYW2sUyPl
It's week two of my journey towards becoming a millionaire by 30, and today, we're gonna talk about the one question many have been asking me: why do I want to be a millionaire?
The internet and certain 'financial gurus' have perpetuated the idea that the primary motivation behind becoming a millionaire is to live a lavish lifestyle filled with material possessions. They do this because it helps justify their ulterior motives.
Often, “financial gurus“ will to try the sell the idea of a big life, which the viewers end up paying for
However, in this video, I want to share a different perspective and show you what truly motivates me to strive for financial success and hopefully inspire you! Spoiler alert: it's probably not what you think.
Understanding my true motives will help explain the many decisions I make along the way, as many of my decisions may be a little of the ordinary
So, make sure you stick around till the end, because I'm gonna break it down for you.
Now, let's do our weekly financial check-in - have we gotten farther or closer to our goal than last week?
I’m still 20 years old, meaning that I have 10 years, but specifically, this means I have 3483 days left.
Personal checking account, I have $3,800
Business account, I have $6,700
Current Investments, I have $6,900 in a Fidelity Roth IRA
$9,000 of these dollars are in a four percent savings fund and
$6,000 are in stocks
I also moved out my $700 from Acrons from the last video, so
This means I have a total of $34,159.30
Last week: $40,501.48
Compared to last week, I lost $6,342.18, mainly due to tax season.
I paid a decent amount in income and business taxes!
However, I did earn some small income from YouTube, Mercari, and Facebook Marketplace
If you want to see the specifics on how I compared to last week or how I got this 40,000 in the first place, you can watch that video here
Although I lost a bit of cash, I’m still four percent of the way to becoming a millionaire by 30.
Now, let’s answer the question: why do I want to be a millionaire by 30?
Actually, I want to clear something up. The title of this series is "Millionaire by 30", but my actual goal is to reach between two to three million dollars instead of just one million. However, I thought "One Million by 30" was catchier than 2 Million by 30.
What do you guys think? For my future financial weekly check-ins, should I use the 1 million reference point goal or my actual goal of 3 million? Let me know in the comments!
So why am I aiming to earn 2-3 million? My mission statement comes in three parts:
The first thing I want to address is that many associate millionaires with materialistic goods like fast cars and fancy houses. That's not what motivates me, and it's likely not what you truly value in life.
Our consumerist society has conditioned us to think that way, where everyone's trying to one-up each other.
Part 1
So the first part of why I want to earn 3 million dollars is freedom. The word freedom is well-overused, so let's break down exactly what I mean by freedom. In the career sense, I mean the freedom to do what you want.
However, despite this mentality, I still love my current job! I'm a software engineer, and I honestly love it! I didn't think I would fall in love with it, but it's amazing.
You essentially create something out of nothing. Every day, you can start with nothing, and by the end of the day, you turn just a simple idea from your head into reality. If you think about it, you’re a magician pulling ideas out of thin air!
And as you can see where I'm going with this, my main goal at the end of the day is to have more time to do magic tricks. One of my favorite jobs is working at the Santa Cruz Magic Shop, and it s because ever since I was a kid, I have always loved making people happy.
I always just wanted to bring a smile to people's faces and make them believe in the spontaneous and good moments in the world.
So that's the first part of why I wanted to become a millionaire. It's not to buy expensive things or anything. I will likely live the same lifestyle, maybe even more frugal than I am right now. But at the end of the day, I would love to bring more smiles to people's faces, and one of the ways I’ve been able to do that is through magic.
Part 2
The second part, which may come out of the blue, is that. I would also like to spend the extra time becoming a teacher. We all know that teachers can be underpaid in America, which is why I want to be financially stable so I can put all of my efforts into creating the best curriculums and classes for growing minds rather than worrying if my students will have enough colored pencils.
When I think back in high school, some of the most impactful and life-changing experiences were with teachers who showed me how to create something out of nothing, most notably through my school's video club, where we live-streamed sports, created documentaries and short films.
It wasn’t the filming that stuck with me the most, but it was how I learned to create an organization from the ground up, get people excited about projects, and lead a team to success.
Although I know I won’t be able to help everyone I want to help, I would love to help as many young minds as I can live this experience, too, of building organizations and learning valuable skills along the way. Many students start suppressing their creative side as school whittles them down into fitting into limiting boxes, and I found some of the greatest perspectives come from the youngest minds who aren’t afraid of who will judge their ideas!
Entrepreneurship
Part 3
And for the final part of the drive to earn 3 million by 30, I want to help you, specifically the people interested in entrepreneurship themselves!
I don’t want to be one of those teachers who merely teach concepts, I want to have real-world experience so people like you can genuinely see every step along the way, from my big wins to my big losses, giving a realistic perspective on the go-getter’s journey.
If I am able to succeed, I also will help other entrepreneurs who are struggling to get their businesses off the ground, especially those who come from underprivileged backgrounds. Because I believe that everyone deserves a chance to pursue their dreams.
Here’s an example I dealt with: Once you get into a room of investors and people who know the game of economics, it’s almost like an alternate world. Even during the times of recession and when everyone was getting laid off, they were still throwing around half a million dollars as if it was nothing, and I was sitting there like a sitting duck in awe.
I want to help get more people get into that room and show them that these rooms even exist, to inspire people who may just have a clever idea that it can change their lives and the world!
El Fin
I know that these goals may sound lofty and idealistic, but that's what motivates me. And hopefully, at the end of this journey, I’ll show people that it's possible to achieve what you want if you put in the work, creativity, and time.
If you enjoyed it, comment on what part you liked the most and what you’re looking forward to for next week’s episode! I also have other social media, so check them out if you use Instagram to TikTok.
See you guys next week!
