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Working towards becoming a millionaire?
It& #39;s not as difficult as you might think
Let me show you how to
"Join The 10% Club"
- A THREAD -
It& #39;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& #39;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& #39;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& #39;m going to round up to $5,000)
This means you& #39;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& #39;m going to round up to $5,000)
This means you& #39;d have to invest $416.67/month
3.
Do you know the average retirement age?
It& #39;s 62!
Meaning you& #39;d have about 37 years to build your net worth
Do you know the average retirement age?
It& #39;s 62!
Meaning you& #39;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& #39;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& #39;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& #39;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& #39;s not rocket science
7.
So what am I trying to say?
Go above and beyond
Contribute more to your investment accounts!
Say you& #39;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& #39;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& #39;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& #39;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& #39;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& #39;m going to give you one more example..
9.
I& #39;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& #39;d have ~ $7,598,780.65
At 20% you& #39;d have ~ $29,744,848.66
Crazy right?
I& #39;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& #39;d have ~ $7,598,780.65
At 20% you& #39;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& #39;t have to be difficult
What& #39;s $10/month when you& #39;re reaching a $1,000,000 net worth?
Use code "money" for 33% off https://gum.co/elIOM ">https://gum.co/elIOM&quo...
Let me break it down for you in The Big Picture
Building your wealth doesn& #39;t have to be difficult
What& #39;s $10/month when you& #39;re reaching a $1,000,000 net worth?
Use code "money" for 33% off https://gum.co/elIOM ">https://gum.co/elIOM&quo...
