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Saving a million dollars is more attainable than you might think
“I Can Be A Millionaire?”
One of my friends is embarking upon a new business opportunity that will bring in some colorful numbers to their bank accounts.
This is the ideal time for them to elevate their financial status.
Since they will be bringing in high six figures and have extremely few expenses, they can save $8,000 per month, equating to 1 million dollars after seven years of consistent investing at a 10% yearly interest rate.
With their investment diversity, earning 10% over an average of seven years is more than doable.
Seven Years Is All It Takes?
I think it’s essential for the average person to understand that saving a million dollars is a lot easier than they think. No, it’s not a piece of cake, but it’s also not as complicated as building a rocket ship.
You’re in for a real shocker when you add simple interest, compound interest, and aggregated investments and top it off with consistency.
If you save thousands of dollars every month, you will walk your way into a million-dollar jackpot without playing the lottery.
What If I Don’t Have $8,000 To Save?
If you earn five figures, have few expenses, and someone (or multiple people) to split your living expenses with, you CAN do the same or similar.
If you can’t do $8,000 a month, try saving $4,000 or $2,000.
It will take more time to arrive at a million dollars, but you’ll still make it there as long as you’re consistent.
$5,000 In Ten Years
Saving $5,000 monthly for ten years will also get you to that million-dollar mark.
Some months you might be able to pull off more than $5,000, which will bring you under the ten-year mark. The more aggressive you are, the less time it will take.
Couples Are In Luck
If you are a couple with dual incomes, you can save more easily and quickly than individuals (if you manage your money successfully and don’t live above your means.
The Benefits Of Saving A Million Dollars
No, the benefit is not so you can buy more useless stuff but to create financial freedom for yourself and the people you love.
On top of that, the more resources you have, the more you can give and serve others.
Another convenient thing about saving a million dollars is that it creates an ideal revenue stream of passive income.
If you have an average rate of return of ten percent each year, you’re earning 100k on your million dollars every year without lifting a finger.
And that’s just a passive income opportunity.
If you want to earn more than 100k without lifting a finger, you can explore other prudent investment opportunities that earn you more, start businesses that yield active and passive income, etc.
Money Is A Psychological Thing
Many will earn an average income and accumulate average savings because of small thinking.
The bigger your thinking, the more wealth you can build.
But if you don’t have big thinking, you can also break down what it will take to save x amount of dollars over a set time; this will transform an “unrealistic” goal into a more feasible goal.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.