Day 14: All We Have To Do Now is Add Some Zeroes

All We Have To Do Now is Add Some Zeroes

Here’s how we add some zeroes to our wealth. You know the Seven Dollar Millionaire mantra by now:

It takes a little over two weeks for seven dollars a day to turn into $100. That’s our first three figures. A one and two zeroes.

It takes another 19 weeks for us to add another zero, bringing us up to $1,000. That’s a huge step. It’s a great emergency fund. In 2018, 40% of Americans and British people didn’t have $500. You’ll be double that in a few months.

Keep that up for four years, and you’ll add another zero, and have $10,000. Five digits. Only two to go. Actually, if you’ve been investing your savings and getting a return of 7%, you should actually have $11,000. You earned and saved $10,000 and your investments made you $1,000.

Keep it up, and in 20 years’ time that will be $100,000, six figures

That will be a huge year for you, because if you keep saving $7 a day and investing for 7% returns, in that year, your money will make more money for your wealth than you do.

At $7 a day, you will have saved $2,555 a year, $25,550 in 10 years and $51,100 in 20 years.

Earning at 7% a year, after 20 years all your investments will have made you a grand total of $53,643. You will be worth more than a hundred thousand dollars, and your investing should have made more than half of that.

That’s why, although a Seven Dollar Millionaire takes 20 years to reach $100,000, it only takes 30 years more to make another $900,000 to reach a million, because their investments are now working much harder than them to make that extra money.

That depends on one thing more than anything else:

Getting your money saved and into an investment account TODAY

Do that, and all you have to do is add some zeroes.