Basically, to be a Millionaire, we can conclude every of the strategies into two categories. One is the short route, and the other is the long route. The guarantee way is through the long route, unfortunately, almost everyone of us here don't have the patience to go in this route. However, as for the short route, the time taken will be short, maybe 5 years, maybe 3 years. But this route is much more challenged. There are many strategies you can use to be a Millionaire in this short route, you can climb the Millionaire Mountains of your choice.
Now for the long route, it is the surest and easiest way to be a Millionaire. However, by using this route, you will need to wait for a long long time, only then your dreams will come true. Maybe it will take up to 10 years, 20 years, some even 50 years. The problem here is, do you have the time to achieve this? Ok, how can you achieve this? Let me explain. Let's say if you save $1 everyday, then one month you will saved $30. Now, study the chart below :
How $1 Per Day Grow Into $1,000,000
% Interest...............Number of Years Required to Reach One Million
3% .............................147 Years
5% .............................100 Years
10% ............................56 Years
15% ............................40 Years
20% ............................32 Years
Now, you might say, but we need to find an investment that yield at least 10% if we want to be a Millionaire in our lifetime. Yes, you are right, we need to find investment yield of 10%, but the bank only offers us around 3%. So how can you achieve this?
The answer is very simple, let's say if you want to follow this route, you've got the time and patience to make this happen, but you don't dare to take the risk for 10% investment yield. You just need to remember this, in fact, there is not necessary must have at least 10% investment yield, all you need to do is to raise the money that you need to save. Save as much as you can every month, be it $10, $50, $100 or $300. With the right interest rate and given enough time, everyone can be a Millionaire. This proved that everyone, if start saving and keep compounding the money from a young age, everyone can be a Millionaire.
The long route is not what we want here, we want to make money in a faster method, not just sitting and wait for 50 years. It's been proven that with the right strategy, with constant action plus a burning desire, we can be a Millionaire in a short time. But when you're creating rapid wealth, why don't you save your money every month and keep compounding it? We take the short route and the long route at the same time, it's easy and it's simple to save and compound your money. It can be automatically deducted from your bank account. Pay yourself first everytime you get your paycheck, put some amount of money to your investment account every month once you received your paycheck. Then only spend what you have as you wish. And bear in mind of this, don't spend more than what you earn.
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