Becoming a millionaire is a lot of hard work and countless hours of dedication.
There are many ways to achieve 1 million dollars however, I will put it into perspective for you.
- 5000 people buying a $200 product
- 2000 people buying a $500 product
- 1000 people buying a $1000 product
- 500 people buying a $2000 product
- 300 people buying a $3333 product
- 150 people buying a $6666 product
- 100 people buying a $10000 product
Retire a Millionaire
- Open a TFSA (Canada) or a Roth IRA (USA)
- At the age of 18 until you are 65, invest $250 a month into this account
- 7% return rate a year
- Starting amount: $250.00
- Total Invested: $141,000.00
- Total Interest: $859,000.00
The Rule Of Three
I have been using this rule for a while, if you follow this rule it will ensure you have a safe and steady financial life.
- %25 of your money is for investing (stock market, TFSA, etc.)
- %25 of your money is for small purchases (under $100)
- %50 of your money is for saving (over $100)
Investing in the Stock Market
The stock market has turned people into billionaires. Investing in the right stocks can lead to great profit however, it can be risky.