Everyone is looking for the easiest way to become a millionaire. However, most people don’t realize that by far the easiest way is to do what your parents have always stressed. Care to take a guess at what this might be? Believe it or not, the easiest way to become a millionaire is through simple investing.
The reality is that everyone that earns money has the same opportunity to become a millionaire through simple investing. It doesn’t take a genius to do this, and following some the simple advice of an investment manager can have your simple savings turning into millions thanks to the power of compound interest. The beauty of this is that all it takes for most people is to max out their 401k every year, stick out through thick and thin, and in about 20 to 30 years they’ll be a millionaire!
For example, a a 30-year-old making $40,000 per year can become a millionaire by the time they reach the age of 60 just by investing in their company’s 401k plan (assuming an average rate of return of 10% and company match of 50% up to 6%). Start saving at the age of 25 with these same numbers and at the age of 60 you’ll have nearly $1.5 million! Move the age back to 22 years old and adjust the retirement age to 65 and this number swells to an amazing $3.2 million dollars!
So as you can see, the easiest way to become a millionaire is through simple investing. Certainly this takes discipline, but when it comes down to it anyone can follow this simple method, enjoying the power of compound interest to make them a millionaire without even trying. Combine this with multiple streams of income and your road to riches will be one that is traveled down much faster.
So as you can see, the sooner you start investing, the more money you will accumulate because investing. Just the simple difference of 5 to 8 years can have a profound effect on the amount of gains that your money will have, and I know one thing’s for sure, I’d rather have nearly $4 million than a mere $1 million dollars at retirement!
Isn’t it nice dreaming about being a millionaire? Well wake up now and take action to make those dreams into reality, because becoming a millionaire doesn’t get any easier than this