How to Become a Millionaire Before You Turn 20

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this new series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!

CapForge Founder and Owner Matt Remuzzi reacts to business advice being shared on the internet. In this video, he reacts to this plan to be a millionaire. 

Video Transcript: 

Business Advice Video:

Daughter:

I’m gonna be a millionaire before I’m 20 and this is how. I work for my dad’s company. I have a contract with them and I get paid every month. That money then goes into real estate where I get some passive income I get to go spend. I never get to touch that principal income. So every year that principal doubles, triples it stacks on top of each other. And over time that principle in real estate will make me a millionaire by the time I’m like 20 years old. I’ll have like 600 – 800,000 in real estate from that agreement.

Dad:

We have a bonus for stuff that she does one of these TikTok goes to 10 million I’m gonna give her $10,000. That 10,000 goes by real estate. Let’s say she averages 50 a year, which she will, and 50,000 10 years which she will have at least 10 years is 500 grand. That money doubles cause she never touched it. She’s a millionaire. Will paid her $300,000 in income, there was not tax, and I wrote off $500,000 of salary for the IRS. So it’s a win-win for everybody.

Matt’s reaction: 

Okay, so have a rich dad. Work for him. Have him give you money and then that money goes to buy you real estate. Okay, that’s a great plan except for step 1, have a rich dad. If you don’t have that covered then I guess this doesn’t work for you at all. So I’m not sure what the point of that video was except to brag about having a rich dad. Good for you. Okay, nothing else to say about that.