Some millionaire success stories are sexy and others are pretty boring. The faster the path is, the less likely it is to happen.
In our example, investing $700/month will get you to at least $1M over every 30 year period since 1950. AND, the average account balance is actually $1.5M! Meaning, you would still end up with $1M even in the worst case scenario.
If you don’t want to wait 30 years to become a millionaire, contribute more than $700 per month. If you do $1,000 a month, you can achieve millionaire status in only 23 years. And if you invest $2,500 a month and you can accomplish it in less than 15 years.
There are no shortcuts. We might think saving and investing doesn’t apply to us because we will one day strike gold with the lottery or crypto or being famous. And guess what, MAYBE YOU WILL! But in the event that you don’t become a famous country music star, invest in index funds just in case.
The odds of success were sourced from Daily Infographic, Forbes, and Entrepreneur Magazine. The point of these numbers is not to compare if it’s harder to join the NBA or become a famous musician. The point is only one number on this page is 100%. And that one is totally in your control. So start consistently investing every single month. It doesn’t matter how much you save, just start. And you can slowly increase your contributions over time. Your future millionaire self will be happy you got started today.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
