Why everyone should be a millionaire
Everyone should be able to become a millionaire by the time they retire if they start early. The important thing is to start and be consistent. Of course there are exceptions to this rule since some countries live off of a few dollars a week.
The Plan
$200 Initial Investment
$200 Contribute monthly
10% Annual Interest Rate
Age 20 retire at 60
In 40 years you will have $1,031,273.98
You can mess around with the variables here:
https://www.investor.gov/additional-resources/free-financial-planning-tools/compound-interest-calculator
There are a few ways you can easily achieve 10% annual returns. For example you can invest in a low-cost index fund like Vanguard (VOO), which have been returning an average annual return of 19% since it was created in 2010. Warren’s advice year after year to most investors is to invest in low-cost funds, while using dollar cost averaging since you won’t know if you are buying at the highs or the lows of the market. Overall, the American economy in the long term has always been bullish.
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