Doing This ONE Simple Thing Will Make You a Millionaire!
Dr. Brad Klontz
Financial Psychologist | National Bestselling Author | 150M+ Video Views | Professor | CFP?
I know what you're thinking: This headline is just another catchy hook to get my attention. Well, yes, but it's more than that. This strategy is backed by solid financial principles and simple math. So, let's get straight to the point: you can become a millionaire by getting a roommate.
Yes, you read that right. Just by sharing your living space, you can unlock a path to wealth that might seem out of reach otherwise. Here’s how it works, and we break it down along with some other money-saving hacks step-by-step in Chapter 18 of our new book.
The Math Behind the Million
For most Americans, housing is their largest monthly expense. The average rent in the U.S. is around $2,000 per month. Now, imagine you bring in a roommate to share that cost. Suddenly, half of your rent—$1,000—is freed up.
Instead of spending that money, what if you invested it? Assuming a 10% annual return, compounded monthly, that $1,000 a month over 25 years would grow to $1,337,890. Yes, that's over a million dollars, just from having a roommate and investing the savings.
The Power of More Roommates
But why stop at one roommate? If you’re up for a bit more company, two roommates would allow you to save and invest even more. With two roommates, you could save about $1,333 per month, which could grow to $1,783,408 over 25 years.
领英推荐
Now, if you’re REALLY ambitious, imagine adding a third roommate. You’d be able to save $1,500 per month. Over 25 years, that could turn into $2,006,836.
What If You Prefer to Live Alone?
Of course, not everyone is cut out for communal living. Maybe you’re someone who values your personal space. That’s okay! The lesson here is simple: if you want to build wealth, start investing. If you “can’t afford to invest,” get a roommate. Problem solved!
You CAN become a millionaire if you want it bad enough. The math speaks for itself.
Wishing you excellent financial health,
Dr. Brad Klontz
P.S. If you pre-order my new book, Start Thinking Rich, you'll get FREE access to my Start Thinking Rich Community and upcoming Masterclass. Here's the link to learn more: https://startthinkingrich.com/brad
Helping STEM professionals reduce financial stress: Money Coach | Certified Financial Educator
2 个月If both spouses work and live on one income it could produce similar results.
I launch, scale, and sell businesses (and help other founders do the same)
2 个月Brad - Thank you again for sharing on LinkedIn!
Founder | Certified Business Continuity Professional | Coffee Consultant | Publisher | Editor-in-Chief | Podcast Host
2 个月Have you seen Single White Female? That's a big N-O on the roommate for me. ??
Global Mobility Leader & Strategic Adviser | Relocation Program Management | Increasing Employee Satisfaction to Attract and Retain Talent | "I know what works & what doesn't in mobility!"
2 个月25 years with three roommates sounds pretty daunting to me. Can I do a stock market index fund instead? ??
Nachhaltiges Investment – Ecoanlageberaterin (zert.) | Sachbuchautorin | FinanzCoach
2 个月How about just getting a smaller apartment? ?? Or a Tiny House ??