Who wants to be a millionaire? Is it even possible?
Great news! You can be a millionaire. Anybody on earth can become a millionaire. It just comes down to your age and the time that you need to accomplish it. In short, it’s just MATH.
Investing and dollar-cost averaging
Investing and dollar-cost averaging are two strategies that can help investors manage risk and potentially increase returns over the long term.
Consistent investing involves regularly investing a set amount of money over a period of time, regardless of market conditions. By consistently investing, investors can take advantage of the power of compound interest, which is the ability of an investment to generate returns based on both the original investment and the accumulated interest.
Dollar-cost averaging is a strategy that involves investing a fixed amount of money at regular intervals, regardless of the price of the investment. By investing a fixed amount of money at regular intervals, investors can potentially reduce the impact of market volatility on the value of their investments. For example, if you invest $100 per month in a stock that has a share price that fluctuates significantly, you will buy more shares when the price is low and fewer shares when the price is high. This can potentially reduce the average cost per share over time and potentially increase the overall value of your investment.
Start putting away your money now
If you’re already in your 50s or 60s, there’s still hope on becoming a millionaire but you need to be more consistent in putting away your money. Also, what you will be putting away will have to be a larger amount compared to the amount a 20 year old needs to put away monthly. Though late, at least you still have the chance. Start now and put money away every single month. I know you can do this!
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