Tuesday, May 17, 2011

Anyone can be a millionaire!

My father was not a millionaire, it doesn't stop me to become a millionaire. If you are not a millionaire, it doesn't mean your child can not be a millionaire. Teach them nothing wrong being “rich” and the “concept” of being wealthy. Money is not everything, but almost everything needs money. 


Start from your child's first born and save $300 for him every month until he reach 18, then stop contribution and untouched the money until reaching 55, with a minimum of 6% return every year, he will become millionaire at 55. Yes, only 18 years and doing nothing.


If you increase the contribution from $300 to $600, then will shorten 14 years to wind up with $1 million. Similarly, if you increase the return rate of 6% to 12%, it will also shorten 14 years. What happen if you combine both? (contribution of $600 and earn 12%) Just do the calculation yourself.


I only start this method after having my first job, luckily never too late. My dad never teach me this concept or contribute pocket money into special account. To have a 12% return in stock market and save money every month is something very easy and achievable. All it takes is save money, invest in right company and let time be your friend. Understand your spending, aware where you are now, where do you want to be and what are you willing to do to get there is the basic of achieve the target. 
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5 comments:

  1. nice way.but hard to do it,due to the inflation and "uncertainty"

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  3. Not really hard, at least you know there's a way and so many people already achieved it.

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  4. I'm so inspired by this message you are trying to send out.

    Yet I'm so sad because I didn't learned of this much earlier.

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  5. Where there's a will, there's a way. A journey of thousand miles begin with single step. You can always start now!

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