How Long Do You Need To Be A Millionaire?

Do you want to be a millionaire? If you know the story of Warren Buffett, you know that investing can be the path to your financial freedom. However, it is not a get-rich-quick scheme. If you do not know what is value investing, click here.

Investing is not a strategy that can make you a millionaire overnight. Yet, with proper knowledge and some patience, it can possibly make you a millionaire in the long run. Value investing is not for everyone, find out if you have what it takes.

How long is long?

Fortunately, there is a way for you to plan your road to riches. All you have to do is to know how much you need to save and how much you need to earn on your investment on average every year. For example, if you are saving about $10,000 a year and you believe you can make a 10% return on your investment every year. Following that, you will be a millionaire in about 24 years!

Going back to our great Asia investors featured here, the gurus were able to produce returns of about 17% a year. At that rate, you will be able to become a millionaire 17.4 years instead. To find out, you can use our calculator below to check how long you need to become a millionaire.

Click here to start calculating. 

Or set yourself a target

Maybe you already have a target in mind. If you want to be a millionaire by 40 years old, you can find out how strong your returns need to be to achieve that goal.

Knowing how much you need to earn on your investment can then give you a good pointers to plan your portfolio. From this exercise, you might realize you only need a 5% annual return to reach your goal. In that case, you can even consider to be a passive investor of just investing in an index fund.

On the other hand, if you realize that you would need a strong annual return of 20% a year to reach your goal, you might need to make some adjustments (Even that our gurus are only generating about 17% a year).

Use the calculator and check for yourself!

Click here to start calculating.

Plan your investment journey

Many of us do not treat our investment journey with the type of seriousness we bring to our work. Yet, if it is a method that could potentially bring us toward financial freedom. Doesn’t that mean we should pay more attention into the subject?

Setting a goal and having a realistic expectation are important starting points to have a great investment journey.

Hopefully, this exercise would let you know more about how much you need to be saving, your yearly investment returns and how long you need wait before reaching your dream of becoming a millionaire.

Everything is possible, if you plan it well enough. Want to know more about investing, click here now.

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