Do you want to become a millionaire? It IS possible… A majority of people are giving savings and investments a higher priority since the global economic recession. The million-dollar milestone is still a dream for most people when it comes to monetary savings.
According to a recent survey, 22% believe that the savings should amount to €1,000,000 or more. While 61% people believe that they are unlikely to hit the million-euro mark, about one-fifth believe that they will make it to the milestone within the next 10 years. 31% believe that for comfortable retirement, they need savings worth €100,000 to €500,000.
The 2 Ways to Become a Millionaire
There are two ways to become a millionaire – the easy way and the hard way. The easy way could be if you were extremely lucky, and hit the jackpot in Las Vegas or win a million-dollar lottery, or you were born in the right family! For instance, the Hilton Group of Hotels heiress Paris Hilton, and Jamie Johnson of the Johnson & Johnson group.
Even if you don’t have a million-dollar trust fund to fall back on, or you are not extraordinarily lucky and win the jackpot, you can still turn your millionaire dream into reality. But you will have to do it the hard way. This involves consistent savings, strategic investments and may be a late retirement. Although this road is longer, it will surely lead to financial security.
The 3 Rules You Need to Follow to Become a Millionaire
You need to remember these three rules if you seriously want to become a millionaire...
• Save some money every month without fail
• Never spend more than you can afford
• Diversify your investment portfolio to include a mix of bonds, stocks and alternative investments like Gold and other precious metals.
If you want to hit the million mark by the time you are 70 and have a starting investment of €10,000 and the annual portfolio growth of 5%, your monthly savings should be:
• €4,000, if you are 55
• €1,700, if you are 45
• €850, if you are 35
• €450, if you are 25
Moral of the story…start saving earlier!
You can contact me Daniel McGonigle, Managing Partner at Affinity Global Wealth on (+351) 91 279 2998.
Affinity Global Wealth
Av. Vilamoura XXI, Edifício Portal,
Bloco B -1B, 8125-406,
Quarteira, Portugal
T: +351 289 314 530
F: +351 289 314 520
E: info@affinityglobalwealth.com
