How To Become A Millionaire
|Money : Money Management|
It's much simpler than you think: if you save around 10% of your take-home pay each month, every month, for the duration of your working life, then you should end up with a million.
In the book the Automatic Millionaire, we hear of an ordinary American couple who have a joint income around $55,000 a year.
Yet despite that their total assets of savings and so on at retirement is about $2m - or just over a ?1m.
How does it work? It's easy - the bit by bit approach allows the joys of compound interest to take over.
?1000 growing at 10% for 40 years becomes a quite nice ?45,259!!!
Questions about how to manage money: