Who Wants To Be a Millionaire?

Who Wants To Be a Millionaire?

Waiting for your ship to come in? Think you need to win the lottery to become a millionaire? Don’t hold your breath. Unless you are one of the lucky few, you’ll have to make your own million. And here’s the best part–it’s not impossible!

Consider this method for becoming a millionaire: At age 25, begin setting aside just $100 each month. Invest the money at 12% – yes that is do-able! At age 65, you would have accumulated $1,176,477. In other words, if you never increased the $100 per month, regardless of all the raises and increases in income you experienced over your lifetime, you would have over $1,000,000 in your investment account.

Better yet, here’s the easiest method: beginning at age 20, put $2,000 per year (about $167/month) into an IRA for just three years. Never add another nickel to the account. At age 65, the account would be worth about $1,153,180.

What if you’re already 45 years old (the average age at which Americans begin saving)? You would need to put aside $1,100 each month for 20 years at 12% – giving you $1,187,106 at age 65. It’s doable–start now if you can afford it!

While some don’t find this realistic, the math speaks for itself. But any amount of savings is better than no savings, right?! Cut back on the unnecessary, and start putting the money into an account that you refuse to touch. Most financial institutions offer online “calculators” for investment purposes–go look for yourself! Just like pouring tiny grains of sand, the money will eventually pile up.

Financial security requires patience, persistence, and self-discipline (sort of like real-life). Spend less than you earn, and put the rest to work for you. It’s a simple formula that few ever attempt, yet it yields unfailing results!