Investing is not a get-rich-quick scheme.
Investing will make you a millionaire – but it takes a lot of time. If you invested $10,000, investing $1,250 weekly – you’d become a millionaire within 10 years. But, let’s be honest. Investing that much money weekly isn’t feasible for most of us. Plus, while it would be nice to be a millionaire within 10 years, I’m happy to do it in 20 or even 30 years.
The good news is that you don’t need to invest you entire weekly salary in the stock market to become a millionaire. It is all about investing small yet consistent quantities over decades. It is about practising discipline over a long period of time, not being spooked by market fluctuations or diverging from your investment strategy.
So, how long would it take you if we used more realistic numbers? Have a look and see! I came up with these numbers using an average stock market rate of return of 8%. If you’re a more aggressive investor that prefers higher risk, you could be making significantly more thus reaching that status of millionaire a lot faster. Similarly, you could be a more risk-averse investor who prefers to invest in bonds rather than stocks. This would mean it would take you a lot longer.