I bet that title caught your eye didn’t it? You can be rest assured that it’s not just another click bait or empty promise. You don’t even need to buy anything from me!
All you need to do is to follow the 5 simple steps TO THE LETTER and you would have a million dollars to call your own!
5 Steps To Retiring As A Millionaire
No tricks and no gimmicks involved. All you require is simple mathematics, consistent discipline and good amounts of self control.
- 30 years old or younger
- And willing to save $1,000 every month
- And put it into an investment that gives you 5% every year on average
- Continue doing it all the way until you retired at 65 (35 years in total)
- Never ever stop or reduce the amount
And you will become a millionaire by the time you retire!
(You would have a grand total of $1,083,843.69 to be exact.)
It’s truly that simple!
Why Does It Work
People often underestimate the power of compounding returns, which Albert Einstein once famously proclaimed as “the 8th wonder of the world”.
Compound interest is the number one reason why ignorant credit card users are stuck with a massive debt which is growing at an exponential rate.
However, imagine what would happen if you could be on the other side of compound interest in which it grows your investments instead of your debt for you?
The truth is…. you can!
However, there’s an important prerequisite for anyone who wants to take part in this millionaire plan.
What you need is not a large sum of money, but rather a lot of time – 35 years worth of time to be exact. This is why this post started out guaranteeing how you can be a millionaire… if you are young!
The Powerful Diagram That Will Blow Your Mind
This powerful diagram shows you that if you start out investing at a very old age, the amount you need to reach the $1 million is close to impossible! However, if a 20 year old were to start saving $362 and invest it at 6% annually, they would reach $1 million by the age 65 without breaking a sweat!
Where To Find 5 To 6% Investments Yields
If you’re truly open to learn about investments, you will soon find that such investment opportunities are everywhere! I personally know of a Forex trader who earns 2 to 6% every month and an options trader who comfortable achieves 3% a month! Even if trading is not your cup of tea, there are seminars that teach you how to invest like the world most successful investor, Warren Buffett!
Even POSB & OCBC has started to offer their customers a chance to invest in the Singapore ETF with amounts starting as low as $100 per month! Honestly, there’s no excuse as to why you are not already investing if you are serious about wanting to retire comfortably!
Feature Image Credits: thegentlemansjournal.com