A Credit Suisse Global Wealth report revealed that nearly 22 million Americans have attained millionaire status, with the average age for achieving this milestone being 50. Cedric Nash, author of Why Do White Guys Have All the Wealth?, joins Wealth! to share insights on how young people can reach this financial milestone sooner.
Nash outlines three key factors that could help young individuals achieve millionaire status at an earlier age: "maintain that mindset of living like a broke college student," take full advantage of free money opportunities such as employer 401(k) matches, and invest in real estate beyond just multi-family homes and exploring options like duplexes.
Additionally, Nash emphasizes the importance of cultivating multiple streams of income, a strategy commonly embraced by the wealthy. He advises young people to actively seek ways to make their money work for them, diversifying their income sources and leveraging various investment opportunities.
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