Do you know that you can become a millionaire by deducting 25 rupees from your salary every month?
The answer is yes. As long as you stay with the financial journey, you will.
Even super investors like Warren Buffett have created their extraordinary wealth through consistent investing and compounding of their wealth patiently over time. It is well within the reach of the common man.
Let us understand ‘being a dollar Millionaire’ first:
A dollar millionaire is commonly referred to as someone who has $ 1 million (USD) of wealth. This translates to about Rs 7 Cr, as of 2019. With a million, one is assured of a comfortable life, irrespective of where you live. This goal, though it may look ambitious, is within reach of most people as long as one plans their investments well and are consistent with their contributions. This assures a comfortable life, despite inflation which can eat away the value of the million over time.
આ 5 બેંકોના ગ્રાહકો માટે ખુશખબર! એકાઉન્ટ હોય તો મળશે આ જોરદાર લાભ
આ 5 બેંકોના ગ્રાહકો માટે ખુશખબર! એકાઉન્ટ હોય તો મળશે આ જોરદાર લાભ
If you stay the course, one can expect to become a millionaire in about 20 years. If you can commit to a higher starting amount, then this journey becomes much shorter.
How to go about this:
1. Start saving and invest regularly. Setting aside some money every month is important.
2. As an investor, you have a few choices to invest. The longer the time frame, the lesser is the risk across certain avenues such as equity. The following table provides a rough thumb rule to use, while expecting returns from different investment avenues.
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