Imagine being a millionaire. Pretty sweet, right? The crazy thing is, it’s not as hard to become a millionaire as you might think.

Now, it’s not as easy as some of those swindlers out there trying to sell get-rich-quick stuff will tell you.

And in this “I want it, and I want it now” world, that might be a bitter pill to swallow. But becoming a millionaire is also far from impossible.

In fact, anyone out there could become a millionaire. You don’t need a special background, a college degree, or even a lot of money.

I say that as someone who grew up on welfare in Detroit, doesn’t have a college degree, and never had a high paying job.

Yet I retired in my early 30s… and am likely going to hit millionaire status pretty soon myself, even after getting a late start in life.

So what do you need? Well, persistence, patience, and perspective will all go a long way. As will the right plan.

Today, I want to tell you how anyone could 10x their money and become a millionaire. Ready? Let’s dig in.

I mentioned having the right plan. So what is the right plan? Well, I’d argue it’s quite simple.

The right plan is consistent, long-term investing. 

That’s right. Consistent, long-term investing. Don’t think that’s the answer? Think I’m wrong? Okay. What would be the opposite of that? Well, the opposite of that would be inconsistent, short-term speculation. Say that out loud. Tell everyone you want to be an inconsistent, short-term speculator. And then realize how ridiculous it sounds. Now just imagine trying to build sustainable wealth and passive income by doing that. You can’t do it.

How many lottery winners end up going broke just a few years later? Exactly.

How many people out there are suffering from FOMO and chasing the next shiny object, never building sustainable wealth or passive income? They think purely about the reward, not the process. And even if they do miraculously get their hands on the reward, they end up like the dog who chased the car and actually caught it. They have no idea what to do with it. That’s because they don’t have any kind of plan in place. For them, it’s inconsistent. It’s short-term oriented. And it’s speculation. So they fail.

I don’t want you to fail. I want you to succeed.

We can all build sustainable wealth and passive income, achieve financial freedom, and become millionaires. If you can consistently invest capital intelligently over the long term, you can end up with a lot of money. Now, it’s vital that you start young. If you’re already 60 years old and only now thinking about building wealth, that’s a tough position to be in. But if you’re just beginning with your life? You’re in a fantastic position. And that’s because you have plenty of one of the most important ingredients of the wealth building cake: time.

They say time is money. I’d disagree. Time is worth so much more than money. 

How can you possibly value time in money terms? You can always make more money. You cannot make more time. This is why it’s so important to take advantage of the time you’re given as a young person and turn the passage of time into exponentially more money. How does that happen? Well, it happens through the process of compounding.

Compounding is so powerful, it even impressed Albert Einstein.

Einstein remarked: “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it”. Trust me. You’d much rather earn it than pay it. And this gets us back to the original point. In order to earn it, you have to consistently invest for the long term. You have to put your monthly saving and investing plan in place, then stay persistent and patient while you keep a long-term perspective. There’s nothing complex about this. It’s actually very simple.

But simple doesn’t mean easy.

If it were easy, everyone would already be a millionaire. And there would be no need for me to make this video. However, as we all know, that’s not the reality we live in. It might be simple. But it’s also difficult to stick to a plan for years and years of your life. But anything worth having in life is worth working hard and waiting for.

The crazy thing is that you can become a millionaire without investing a lot of money. 

This is because of the power of compounding. Compound interest is interest on interest. Compounding is exponential, even while your contributions remain linear. It might take a little while for that exponential curve to reveal itself. But when it does, it’s a sight to behold.

I’ll show you what I mean.

Let’s say you start your consistent, long-term investing plan right out of college. You’re 22 years old. And you invest just $2,100 per year – that’s only $175 per month – over the course of 40 years at a 10% annual rate of return – that’s roughly the long-term average annualized rate of return for the US stock market over the last 100 years – you end up with… drumroll, please… just over $1 million dollars.

You end up as a millionaire right as you’re thinking about retiring.

And you didn’t do anything crazy. You did something very simple. You consistently invested just $175 per month for the long term and let compounding do its magic. That is not a lot of money to invest. Yet you end up with a lot of money at the end. This difference between what you invest and what you end up with is massive. Check it out. The exponential curve of compounding is so powerful, you only invested a total sum of $84,000 to end up with more than $1 million. You more than 10x’d your original investment! More importantly, your contributions stayed linear, but your gains became exponential.

That’s right. You 10x’d your money and became a millionaire.

I get it. Maybe you’re not in your early 20s. That’s okay. You would then simply have to invest a higher amount per month. Everyone has a different financial situation, but it’s the concept here that’s important and universal. And here’s another thing to motivate you, even if you’re getting a late start. You could do even better than I’m laying out in terms of the investment performance. I assumed a standard long-term rate of return, based on the entire US stock market. But our channel frequently highlights high-quality dividend growth stocks. And these stocks have proven their ability to outdo the broader US stock market over the long run. This potential extra rate of return could be hugely beneficial if you’re starting out with investing later in life and have less time for the compounding process to work for you. Combining a higher monthly investment sum with a higher rate of return could dramatically change your financial outcome and allow you to catch up. If you’re looking for specific investment ideas, we’ve got you covered. Make sure to follow the channel, because most of our videos highlight specific long-term ideas.

I think of high-quality dividend growth stocks as the golden geese that lay ever-more golden eggs.

The golden geese are world-class enterprises that produce ever-more profit by providing the world with the products and/or services it demands. They’re able to sell more stuff, to more people, at higher prices. The golden eggs are the dividends these companies pay out. And because of ever-more profit, you get paid ever-more dividends.

These stocks take compounding to the next level.

That’s because you can reinvest growing dividends from high-quality dividend growth stocks back into more high-quality dividend growth stocks also paying growing dividends. And because these stocks tend to offer higher yields than the market as a whole, you don’t necessarily have to sell your stocks and drain your wealth in order to pay your bills. You’re able to instead put yourself in a position to live solely off of your ever-growing pile of golden eggs. Who wants to slaughter the golden geese and risk potentially running out of both golden geese and golden eggs? Not me.

Warren Buffett has likened the long-term compounding process to building a snowball. 

He wants you to imagine it like gathering some snow at the top of a very long hill. You take that snow, roll it up, build a little snowball, and start rolling it down the hill. Before you know it, the snowball starts to gather more snow, get bigger, and roll faster all by itself. And after a while, you don’t even have to push it anymore… if you don’t want to. It becomes a self-sustaining monstrosity of ever-larger proportions. He believes in this analogy so much, his biography is called “The Snowball”. So get busy building your own compounding snowball.

— Jason Fieber

P.S. If you’d like access to my entire six-figure dividend growth stock portfolio, as well as stock trades I make with my own money, I’ve made all of that available exclusively through Patreon.

The BEST Source of PASSIVE Income
Would you like to make money while you sleep and wake up to fresh money you didn't work for? Would you like to become financially independent and live off of passive income? Want to know the BEST form of passive income? I'm Jason Fieber, and I went from below broke at age 27 to financially free at 33 by living below my means and building passive income. I now get paid while I sleep, and I wake up to fresh passive income almost every single day. This is money I earn without having to do anything. No job to show up to. No work to do. I get paid for simply existing. Passive income is AWESOME. But not all "passive income" is the same. Some forms of passive income are definitely better than others. In this video, I talk about the BEST form of passive income. If not the best, it's definitely my favorite. After all, I'm able to live an early retirement dream lifestyle because of it!