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Working towards becoming a millionaire?
It's not as difficult as you might think
Let me show you how to
"Join The 10% Club"
- A THREAD -
It's not as difficult as you might think
Let me show you how to
"Join The 10% Club"
- A THREAD -
1.
The 10% club starts at ~$1,182,390.36
Seems like a big number right?
Wrong
All you need is a whole lot of time and to buy some index funds
You won't have to do much else though
The 10% club starts at ~$1,182,390.36
Seems like a big number right?
Wrong
All you need is a whole lot of time and to buy some index funds
You won't have to do much else though
2.
Say you make an average income of $48,672/year at 25 years old
Normally the rule of thumb is to invest 10% of your earnings in the market
Which means you need to invest $4,867.2/year (I'm going to round up to $5,000)
This means you'd have to invest $416.67/month
Say you make an average income of $48,672/year at 25 years old
Normally the rule of thumb is to invest 10% of your earnings in the market
Which means you need to invest $4,867.2/year (I'm going to round up to $5,000)
This means you'd have to invest $416.67/month
3.
Do you know the average retirement age?
It's 62!
Meaning you'd have about 37 years to build your net worth
Do you know the average retirement age?
It's 62!
Meaning you'd have about 37 years to build your net worth
4.
Say you start with $10,000 while contributing $416.67/month
And lets say the market on average rises 8-10% per year
After 37 years:
At 8%, your money would grow to $1,187,815.98
At 10%, your money would grow to $1,990,250.12
(Doesn't account for reinvested dividend)
Say you start with $10,000 while contributing $416.67/month
And lets say the market on average rises 8-10% per year
After 37 years:
At 8%, your money would grow to $1,187,815.98
At 10%, your money would grow to $1,990,250.12
(Doesn't account for reinvested dividend)
5.
A huge goal of yours should be to reach your first $100,000 invested in the market as soon as you can
Take a look at the chart below
It would take you 10 years to reach $100,000 at 10%
This is where compound interest starts to take hold..
A huge goal of yours should be to reach your first $100,000 invested in the market as soon as you can
Take a look at the chart below
It would take you 10 years to reach $100,000 at 10%
This is where compound interest starts to take hold..
6.
From year 10 to year 15 your investment would have doubled to $200,000
By year 20 it would reach $353,000
Year 25, $600,000
You would reach millionaire status by year 31
Now remember
This is all by investing 10% of your income into the market
It's not rocket science
From year 10 to year 15 your investment would have doubled to $200,000
By year 20 it would reach $353,000
Year 25, $600,000
You would reach millionaire status by year 31
Now remember
This is all by investing 10% of your income into the market
It's not rocket science
7.
So what am I trying to say?
Go above and beyond
Contribute more to your investment accounts!
Say you're able to add an extra $83.33 to make it $500/month
After 37 years you would reach ~$2,320,276.40
All you'd have to do is save an extra $20.83/week
So what am I trying to say?
Go above and beyond
Contribute more to your investment accounts!
Say you're able to add an extra $83.33 to make it $500/month
After 37 years you would reach ~$2,320,276.40
All you'd have to do is save an extra $20.83/week
8.
For the most part
This is all passive income
All you really have to do is buy!
Before I let you go I'm going to give you one more example..
For the most part
This is all passive income
All you really have to do is buy!
Before I let you go I'm going to give you one more example..
9.
I'm going to keep the numbers the same except for the interest rate
Say you mix in stocks with your index funds and make 15-20%/year
This is where it gets fun
After 37 years:
At 15% you'd have ~ $7,598,780.65
At 20% you'd have ~ $29,744,848.66
Crazy right?
I'm going to keep the numbers the same except for the interest rate
Say you mix in stocks with your index funds and make 15-20%/year
This is where it gets fun
After 37 years:
At 15% you'd have ~ $7,598,780.65
At 20% you'd have ~ $29,744,848.66
Crazy right?
Like Albert Einstein said
Compound interest is the 8th wonder of the world
You can join the 10% club and even the 1% club (starts at $10.3 mill)
Think you can do it after breaking the math down?
Compound interest is the 8th wonder of the world
You can join the 10% club and even the 1% club (starts at $10.3 mill)
Think you can do it after breaking the math down?
Want to join the 10% club but not sure where to start?
Let me break it down for you in The Big Picture
Building your wealth doesn't have to be difficult
What's $10/month when you're reaching a $1,000,000 net worth?
Use code "money" for 33% off https://gum.co/elIOM
Let me break it down for you in The Big Picture
Building your wealth doesn't have to be difficult
What's $10/month when you're reaching a $1,000,000 net worth?
Use code "money" for 33% off https://gum.co/elIOM
