![]() The earlier you start investing, the more likely you are to become a millionaire. If you start putting away $300 a month beginning at age 25, assuming a 10% rate of return, you could reach millionaire status by age 60-and be sitting pretty on a $2.3 million nest egg come retirement (age 67). That’s just $300 a month! If you waited until age 35 to start investing, you’d have to put away $800 a month to hit the million-dollar mark by age 60. ![]() If you invested $300 a month for 40 years (age 25 to age 65), assuming a 10% rate of return, you could have almost $1.9 million. and you’d have to work an extra four to five years to hit $1 million. Do you want to wait until your 70th birthday to become a millionaire? But if you waited 10 years and then invested $300 each month, you’d only have $678,145 by the time you turned 65. So, start investing as much as you can as soon as you can-once you’re debt-free except for your mortgage. If you’ve already started investing ( Baby Step 4), way to go! But keep in mind, if you want to become a millionaire, how much money you invest is just as important as the actual act of investing. We teach you to save 15% of your income for retirement. ![]()
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