Monday, June 29, 2009How to be a millionaireTook this off another site. Thought it is very interesting and would definately want to read it again next time when I'm older.1. Start off as a billionaire, spend till you become a millionaire I suppose a portion of the world's millionaire are actually formed this way. It's the best way to be a millionaire. Shiok until cannot shiok. 2. Use SGD $3,494.28 and exchange for 1 million Zimbabwe dollars You want to be a millionaire right? Next time, when you rub a magic lamp, make sure you tell the genie exactly what kind of millionaire you want to become. 3 wishes are very precious... 3. Start saving 3k per month for the next 27.8 yrs Hey, even by putting aside 3k per month regularly under your pillow, you can amass 1 million given enough time. If you start working at age 23, and do that consistently till you reach age 51, you'll get 1 million. Not so simple, because in order to save 3k, assuming 50% savings rate, you'll need to earn at least 6k and spend only half of your income. And make sure you don't hire a new maid and forgot that you had a million under your pillow.... 4. Start with 25k, invest at 9.7% per year over 40 yrs Or start off with 50k and invest at 10.5% for the next 30 yrs. Too long? How about starting off 100k and investing at 10.5% for the next 23 yrs? Easier said than done, I know. A mixture of trading and investing might just push it through. Unless you're Mr. B himself, who gets a CAGR of 20% at last count. Hey, at this rate, you'll double your money every 3.6 yrs. Labels: finance Nin... @
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