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One of the most interesting words in the Seven Dollar Millionaire system gets missed by a lot of people, so we’ve given it a webpage all to itself! Can you guess what it is?
Before would be good, wouldn’t it? A long time before would be even better!
We talk about 7 dollars a day until you’re 70 because that’s the smallest amount of money you need to save and invest for 7% returns (which are very achievable) over a typical 50-year career from 20 to 70 to become a millionaire.
It’s why the Seven Dollar Millionaire is the simplest system there is, and is within reach of more people on the planet than any other system.
But if you want to become a millionaire BEFORE you are 70, if you want to take less than 50 years, you are going to have to do something a little different. You are going to have to save more or invest better.
Let’s discuss saving more first, because it’s the thing most in our control.
You can also become a millionaire faster if you get a better return on your investments. We picked 7% a year because we believe this should be an achievable level of return for a sensible balanced portfolio, but higher returns are possible. If you can average 8% returns on your $7 a day, you will become a millionaire 4 years earlier.
If you can save $10 a day, and get 10% returns, you could be a millionaire in about 35 years.
Remember, though, before you can save $10 a day, you have to save $7, and you need to know how to get 7% returns before you get 10%, so start saving and investing now.
Featured in the FINANCIAL TIMES, and the DAILY TELEGRAPH, our MISSION is to help create millions of millionaires. We want people all over the world to use our simple tools to save emergency funds, turn those into investment plans and create the habit that will help enrich their lives.
If you’re interested in financial literacy, please also look at our new project www.maiawards.org