How To Build Wealth In 3 Steps 

USEFUL INFO: If you like this type of content and want to join a community of like-minded investors, you can check out the Patreon. It's risk-free and offers a free trial period. It also includes Qualtrim, a suite of software that helps do analysis on stocks. You can join here: www.patreon.com/josephcarlson Here's my current portfolio: m1finance.8bxp97.net/mgb1Xq I have another RU-vid channel that's more podcast style, you can check it out here: ru-vid.com/show-UCfCT7SSFEWyG4th9ZmaGYqQ Also, ignore bots pretending to be me. Literally the only thing I "sell" is my Patreon, that's it.

Fun fact: people will say “it’s just 3 simple steps” What they won’t say is each steps are very long. Like 1-5 years per steps long. But don’t let that discourage you. Joseph is a prime example.

Great Vid! My first dividend check was .89 cents from Home Depot and I was so excited because I didn’t have to clock in for that. Yea, it’s only 89 cents but to me it was the start of me becoming wealthy as you state in your video. I still have my 2014 Altima with no radio and one rim cap missing while all my friend are buying new cars and going out every weekend. Me and my fiancé have been blessed to stay downstairs of her parents house and contribute only $500 a month while we both combined make 6 figures. Our friends are renting condos at all time highs. We’re investing 70% of our money a year. We’re on a mission to change our family tree and build generational wealth.

What's up with all the "step 1. get a YT channel, step 2. use YT money to fund portfolio" comments? Are people really that ignorant and jealous? It completely misses the point. Yes Joe makes money from YT, Patreon, etc., + his other jobs, but look at what he does with that income. He started with a couple k from his old job, got better pay and created side ventures and kept investing all income in smart ways. He then explains to us why he invests it in a very transparent way down to each penny, and shares so much valuable information with the community. Learn from him instead of bashing on his success. I suppose this is Darwinism as well; the ones who are bound to fail only have criticism and see the world through a straw.

Started investing back Dec 2019, I currently make $32k/yr while I finish up college and got my account up to $18k+ 🙏

I dont usually comment but i really enjoy your perspective in investing and the transparency compared to other youtube investors! Every video I learn something new, thanks Joseph!

In the past 3 years I have gone from $25 an hour (Internship after college) and now in 2022 I am at 105k. I am moving more and more money into assets. But its scary to think about buying a second property (rental home), maybe in a few more years. It is really cool to see my M1 account paying back dividends, I started shortly after you made that first video with 100$.

Awesome! your potential seems timeless.* Understanding your financial needs and chalking out a plan remains the smart way to prepare for the unexpected. 11yrs in investing space and extremely pleased with the decision I made.The good news is - it’s not too late.

By far one of the best videos that is detailed enough but not to much info where it becomes overwhelming. I'm not stock invested but find these videos super interesting.

When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech and Health.

I started working at Amazon part time while working a regular full time job.. Every dollar made at Amazon goes to a savings account. From there, I direct those funds to an individual investment account, Roth IRA, and a Emergency Savings account. The line is steadily increasing in value. Wish I would’ve done this earlier.

I 100% agree with your take on cars. Cost of maintenance and tax, insurance just to “own” a car is at least $220+ per month. Unless I need the car every day or at least 3+ days per week, only beyond that does it even start to become cheaper to own vs renting/car sharing. Bicycles all the way for me !

Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts even in a down trend, with the right skills and proper understanding of how the market works.

Can you please make a video about growth etfs vs dividend etfs? I know you own both in your portfolio! Thanks!! Great content as usual.

Great video but I have to say, some of the advice here is a bit too “conservative”, in the sense that one of the actual ultimate objectives of becoming wealthy is… buying all that stuff that you always wanted to have. All that money if you are dead is worth absolutely nothing except for maybe spoiling your kids who didn’t even work for it. What I mean is, once you have decent wealth after having invested for years and having earned a lot, you HAVE to indulge yourself in what you love the most. If that is a Tesla, so be it. If that is a vacation home because when you were a kid your family could only go to 1 star hotels in a shitty nearby village, so be it. Hell, if it’s buying Pokemon cards, so be it. We only live once, and obviously I’m not saying you should waste all your money, in fact the “Wealthy household cycle” is the best one, but at some point you have to make good use of all that money (which really is just a agreement we have among humans because fiat money is inherently worth nothing in the end) and BUY all those things that make you happy. Slowly (keeping the asset income flowing), but surely.

Great way to start the weekend 😎. Passive income is the best.

Thanks, very motivating.

I enjoyed this video, thank you for putting it out. Funny you used the boat analogy, I have done the same in explanations to people, but I use the example of a guy trying to go out and fish in a badly leaking boat. You don't get to fish because you're spending all your time bailing water! The second guy would be the sport fisherman, who borrows money to buy an expensive boat to fish but rarely goes out to fish, and maybe catches a few every now and then, but always has a boat payment. The last guy, the wealthy guy would be the guy that owns a charter fishing company, that owns many boats and makes money chartering them out to fisherman and whale watchers while he collects his profits from running the business helping other people go fish, then he takes his family out to a nice fish dinner provided by one of his restaurant buddies that he sells fish to from his commercial fishing business. Great job, keep it up, just found you today, will enjoy looking at your content. I like it already!

I know what you present isn't "sexy", but I really don't know why you don't have at least double the amount of subscribers you have. Consistent, great information. Thank you.

This is by far your best video ever. Hands down. Shared it on my Instagram page as it's the best what I can do to support you. Thank you so much for making all this great content, I love it!

This should be required viewing in high schools. Amazing stuff!

Just bought my first rental property that I’m going to turn in to an Airbnb! Been all about stocks, crypto, and businesses up until now so I’m excited to share the journey on my RU-vid channel with you guys!

I love buying assets every week 😁

Thank you for your videos. I've only watched a few so far. Once I found your channel and saw your first video and the little amount you started with, I knew I could do it. For the first time in my 54 years on earth, I started investing in drips. I didn't understand investing so I avoided it but now I've placed my money into what I do understand. Your videos have inspired me to get started. I've even sent the link to my children so that they can get started earlier than I did.

Fresh coding bootcamp grad here (9 months). Just presented my final last week. This week, I'm using my former school time to build my portfolio and apply to jobs. Thankfully my school has a great Career Services program that stays with me after school. I was investing in stocks before I started school. With school loans (-$15k), my debt increased, so my net worth is much lower than I started, but is still around $10k. My goal is to pay off all student loans by the end of the first year of work and then I'll have even more money available to buy stocks! Looking forward to growing my wealth!

An excellent exposition. I'd like to point out an additional factor. As more people build up to true wealth, some of them will choose to drop out of the job market. This will create pressure on employers, who will have to bid up the wages paid to employees. Over time, this will make it less difficult for more people to make the shift from bare survival to continually accelerating wealth.

I think a really nice overview. A couple of years ago we were "rich", 2 professionals living in London, etc, but actually not really wealthy. It is a hard mindset change, but for us it was a daughter coming along. We were able to save about £80K in cash that we didn't need to use when my wife was on maternity leave, and so we put it into investments as a starting point. I'd totally agree that there is a certain pressure in having expenses and needing to keep up with that. In a weird way, it takes away choices because if you decide to work less, you don't feel you're able. It's still a work in progress, but it's good to have a focus.

Basically every useful financial strategy boils down to spending less than you make 💸

Could you explain money weighted return vs time weighted return?

Fantastic video Joseph. Puts alot things into perspective 👊🏾

Brace yourself for the esoteric wealth formula everyone wants but fails to deploy: Patience + Consistency = Wealth. It really is that simple. It pays to be paytient if you will in that we need to ditch the get rich by Tuesday mindset while consistently building solid position with quality investments.. Never spreading ourselves too thin! Great video, keep it up!

This is a fantastic breakdown of the steps you have to take to build true wealth. I feel exceptionally lucky I started real estate in my early 20s and consistently compounded my income via assets to create more cash flow. I have watched so many friends buy vehicle after vehicle every couple years in a vicious cycle of debt. People really underestimate the drag it has on your ability to create wealth. Insurance is another huge drag. Passive income is mandatory for building long term wealth.

I think it would be cool if you made a video about how you first got into investing. I was hoping you would get into it a bit in this video. I think that is what most people struggle with the most, how to actually invest in the first place and what to look for.

Love ur work dude

Excellent reminder. In my opinion this is the best financial education you tube site. Thank you.

Loved it! Videos like this help keep me focused and realigned in my goals- even if I already know most of this.

Started watching a couple years ago with just a few hundred dollars invested, small and consistent deposits and I’m nearly at 8k now. It’s real, thanks Joseph!

Man, I think it would be great if you make a video of how to financially educate our kids. Might be baiting for you, but it is so important topic. Fabulous video as always ❤️

This is a fantastic breakdown of the steps you have to take to build true wealth. I feel exceptionally lucky I started investing in my early 30s and consistently compounded my income via assets to create more cash flow. I grew to a 7 figure well-diversified portfolio having exposure to different prolific lnvestments. Forever grateful to my adviser Rita Wildrin Mora. Passive income is mandatory for building long term wealth.

This is the kind of video that got me investing more on my own and hooked on your content, 3 years ago. I really enjoy your work, keep it up.

Thanks for this video. Beginner investor here and i think your story is spot on. Since understanding this i regret buying expensive stuff in the past.

The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy

Joseph, I would like to try coding as a second job. I currently am a professor of radiologic technology at a university and work long (every) weekends at a hospital as a CT scan Technologist. I would like to eventually replace my $39/hour weekend job with a work from home weekend coding job. 1. do you think that's a possibility? 2. what's the best free online training for coding? 3. How long would it take to make $39/hour or approx. 70k/year coding only on weekends or even close to 70K, heck I would take 40k as a coder to get out...I'm extremely burned out on healthcare? Thanks for your hard work and your videos. I started M1 dividend investing last year with $1000, been following you ever since.

You can move up in income household. Being passive means someone else is active. I love investing in US companies cause yalls work ethic is so toxic that it benefits my stock revenues

One of your best videos yet. Laser focus has been my outlook for 7 years now. It’s working.

Step 1: Make a youtube video that gets popular. Step 2: Use youtube money to buy anything and talk about it. Gain more viewers Step 3: Continue doing step 2.

I feel the different approaches towards wealth have to do whether one wants freedom or not. People with wealth know the value of freedom, and they will try to retain their weath to continue enjoying freedom. People in the other categories might be unware of, or pretty vague on pursuing freedom -- if they take working till death for granted, naturally they would not try to retain the money but rather spend the money to build a life style.

GOAT channel not even close

Excellent video!! Poor Household vs Wealth Household.. Thank You, Joseph! 💯

Fantastic video!

I’m in the final round for a coding application(Amazon Technical Academy) with amazon. If I pass the technical assessment, Amazon will pay me to learn coding and give me a 6 figure coding job. I also got my CDL through amazon and we’re getting close to getting another raise soon. And I started a RU-vid channel. So for everybody talking trash about Joseph starting a channel, he’s right. Find some way to increase your revenue so you can invest more.

Just wanted to say I've been watching since 2019. Not the very beginning but close. It's been inspiring to watch your journey.

Long time fan. Keep up the great work!

Well said, great video!

Good episode, just wanted to point out two inaccuracies. Historically Tesla's have held their value, in large part due to supply/demand constraints. This is likely to continue for at least the next few years. Not a big deal, just noteworthy. The biggest mistake is assuming EVs are more expensive than ICE counterparts. Especially when evaluated within the context of building wealth, this is extremely important. When buying any vehicle you should forecast the cost of ownership - oils, to/from service centers, value of your time, far less moving parts, batteries that last 10 years (or more) and last but not least cost of fuel/electricity. Gas is obviously expensive right now too. Factor in that you can set charge times during offpeak hours and you have further savings. Also, the time saved with not needing to go to a gas station for the vast majority of owners.

That’s Joseph. May you live long and prosper.

Poor households when they do save, they tend to save cash

Been watching since the beginning, love your strategy. However, over the course of these 5 years, you’ve contributed over $300k. That’s my entire pre-tax salary invested every year for 5 years. Extremely hard to replicate your success in the time frame that you’ve managed to do this in. Of course, over the next 40 years of my career I’ll see similar performance. Just something to consider, though.

Curious what your portfolio would be worth today had you invested every contribution $ into VOO (S&P 500)

Been following for a year or so. continue enjoy how you are transparent in your holdings, whether up or down. keep up the good work.

Saw this on business insider a number of years ago. Great reminders! It’s simple but not easy.

Thank you Joseph for all the research that you do and share with us. This video was perfect and I shared it with many. I believe we all need this... Although I listen to the podcast I'm also subscribed over here on RU-vid. Keep up the good work. Blessed be.

It’s not about the portfolio gains, but about the friends we gain along the way.

You have explained these charts before on an old episode! Great explanation

Thank you and more power.

Incredible video Joseph! I am going to share this with family and friends. Thank you!

A mentor and a friend. Thank you for this video!

My car kept me hella poor. Sold it last November but now it's hard to do anything or go anywhere lol. Public transportation needs to improve massively in the US.

Thank you Joseph. You sure bring a lot of value for me and a lot of other people with you channel. Keep it up. And again: many thanks.

Life changing advice. 👍

Thank you so much.

Went from $0 in 2017 as a broke student to $200k networth in 2022. Once I got the ball rolling it became an addiction. On the first day of every month at about 6-7PM I got a slight dopamine rush when Fidelity notifies me that my automatic contributions into FXIAX are initiated. A dollar saved at my age will become 20-30 dollars in my retirement. Went to Costco yesterday and almost bought the $115 4-pack prime ribeyes, I took a deep breath and thought to myself I ain’t gonna get no mf $3000 steaks 😂

Really good advise. You are the best @ Joseph Carlson

Omg ty for this video. I have booked marked it and have already shared it to 3 ppl. And for future people I meet who wanna know about investing, best belive I will share this video to them.

Excellent upload dear Joe. Was required to revisit our basics and core principles. Cheers mate 👍

Amazing info, I am starting on a tiny portfolio that I have now grown to $600 and will try to keep growing and growing it with my investment strategy and always depositing money into my investment account

This should be mandatory watching for teenagers. If they understand this formula, they understand and benefit from capitalism. Thank you Joseph 🥰

I watch and learn every week. I'm saving this episode. Thank you Joseph

Always good to revisit the basics. This video essentially summarizes "Rich Dad Poor Dad" by Robert Kiyosaki. Lifestyles and behavior are hard to change because these companies depend on consumers to grow their revenue and earnings. Our entire young lives are geared towards "fitting in" these societies much like our education system teaches us how to be "good workers" instead of true critical thinkers. Not everybody can shed all of that conditioning, but I guess they can't complain that people didn't try to teach them or warn them.

I watch this video a couple times a month

Thank you so much

*I know that you didn't mean it but "Learn to code" is an isult even while it's a good advice.* It was used in a tonedeaf article about coalminers as a response of their jobs disapering. Later a lot of jurnalists from this outlet were laid off and they were spamed and mocked with "Learn to code". They even complained about it to Twitter and it was considert "harrasment".

Great video! Would you make a video about 3M? It’s been trending down the past year with an intriguing dividend

Awesome perspective. Well expressed. Made my day👍

I began my investment journey at the age of 38, primarily through hard work and dedication. Now at the age of 42, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity

Great Work Joseph!

QYLD /QQQX high yield dividend investors love these ......can you do an episode on these diversified ETF s that produce high dividends

Useful,informative, relevant information..well put together and appreciated Joseph ❗

My man Joseph is on boss mode. Great video. 🤑🤑🤑

Great video Joseph ! Thank you !

Hey joseph, why don’t you purchase property? Like section 8 housing?

The individual investor should act consistently as an investor and not as a speculator." - Ben Graham My friend Joseph you've been consistent for past few years and you have inspired many people..Keep up the great work!

Really great video Joseph!!! Thank you

Excellent video! Thank you for putting it together.

Banger.

I actually use M1 because if you brah. Started a Roth IRA and a brokerage around 2018 and found your channel on Reddit I believe. Switched brokerage account from Betterment. Started with $1000. Now, still going up strong. Appreciate you.

Hey Joseph! A few weeks ago I saw a new category in your divident portfolio. It was named "renewables". Why did you closed your position?

Great video, but the really reach do spend a lot, the proportion of the spending compared to the income is significantly smaller compared to the middle class

I was telling my coworkers about my crazy Gaines in my portfolio and the first thing they said to me is why don’t you buy a house or go on vacations with the money I’m 30. They were more interested in how to spend the money then how I grew my money in the first place

Nice job, I am certain you have inspired many people on the principals of growing wealth and generating passive income.