You want to be a millionaire? You’ve come to the right article. I have good news and bad news. The good news is that investing will help you become a millionaire. The bad news is that it is not a get-rich-quick scheme.
To become a millionaire through investing, you need to allow for a lot of time. But, it can be done.
You can become a millionaire by only investing $150 a week.
This is due to the power of compound interest. I am sure we have all heard of this very famous quote…
“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”
Albert Einstein
Compound interest is pretty amazing and you can use it to get rich. Taking advantage of it means you can let your wealth accumulate over time, without you having to actively do anything.
If I start investing today, how long will take for me to become a millionaire?
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 to become a millionaire 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.
There you have it. This is how much money you would need to invest every week to be a millionaire in 10, 20 and 30 years if you started with $10,000.
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