What do you do when you have a little money laying around? Well, today, in a little less than four minutes, I’m going to describe how to make yourself a millionaire with 30 seconds of work.
I don’t put all of my savings into this particular strategy. But it is something I do on a consistent basis, one of four strategies I use. This one is designed to build wealth over the longest term.
Did you know you can pay three one-hundredths of one percent to own a broad-based stock market exchange-traded fund (ETF)?
As I note in the video, “You need industrial-strength balls to do it… because if you have enough ‘runway,’ say 30 or 40 years of holding time, you’re definitely going to have a few big declines – 50% or so…”
But it takes about half a minute. I simply buy the total U.S. stock market – commission-free. The management fee is about 0.03%. It’s a rounding error. I’ll buy a share here and a share there. Sometimes, I’ll buy a couple of shares, or, maybe, five shares. My sole focus is accumulating shares… consistently.
For me, it’s all about breaking the process into small steps. That helps me focus on the destination. It keeps me off CNBC.
As I noted in a recent article for The Rich Investor, “If I gradually buy shares at a rate of $1,000 a month for 30 years and I earn 7% annually (well below the long-term market rate), I’ll end up with over $1.3 million. That’s a lot of rounds of golf in my retirement years.”
It’s basic. It’s simple. It’s actually the stuff of new university courses. And you can do it, too.