I will be a millionaire by 30 years old
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Originally posted by Lee012lee:
saves $400 per month from the age of 25 to the age of 65 at a compound interest rate of 4% per annum, you will be a millionaire at age 65.
So, if one's goal is just to be a millionaire, the goal is easily achieved.
But if one wants to be a millionaire at the age of 30, one will need luck, acumen or extreme thriftiness as practised by retarded moron lor.
Many people buy HDB flats and sell them to make substantial profits and re-invest the money in private properties at the right time to become millionaires.
Though many people invest in shares but not many people become millionaires by making huge profits in shares.
People seem to be making capital gains through real estate easier than through stocks, like you said. Besides, I can't live and sleep in stocks.
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Another fast track method.
Marry into the Lee family, get to manage a company worth $100 billion and be paid afew millions year.
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Originally posted by deepak.c:
Serious?
$400 a month at 4% for 40 years?
Very Paiseh
. I use the wrong formula.It should be $846 per month from the age 25 to 65 at a compound interest rate of 4% per annum. Anyone who does this consistently will be a millionaire at the age of 65.
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i'm already a millionaire since 12
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Damn this got me thinking about my financial future! Hmmm.... I'm not the best of savers - oh woe. All I can think about is having money to go on holidays!
I admire TS's financial planning - but my little reflection on this is: perhaps there is no point in being a millionaire, if you don't live like one? That's not to say spend extravagantly of course but erm, eating out once in a while should be alright yeah? I mean, sure saving money is all well and good but don't compromise on life. I mean, isn't money a means to an end, and not just the means itself?
And someone mentioned somewhere in the thread (can't be bothered to check- sorry) that there's no point in making friends now, friends are for after retirement - something to that effect. Well, I actually that's quite lamentable that we have to only start living after we have 'arrived'. Every stage of our lives should be viewed with equal significance - that's sth I always believe in. Just like when in old age, don't stop living and just be waiting for death. 5 years at older ages is the same duration as 5 years at the younger ages. Don't compromise on any part of life I guess -that's all I'm saying.
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i think it possible since they is many people singaporean 26 millionaire.just you have to put in alot of effort.ALOT of strategy,effort and alot of luck of course.
same age,same goal but i am slacking lol don't know where to stuck just relaxing and enjoying life. my current networth only 4digit. yr better then me . i learn internet business,starting a business,stock and share but still not good at it.hmm will invest next time or do business where i got some working experience and many life experience. -
No big deal. My neighbour claimed he made his first million when he was 26.
He didn't say what currency and I didn't ask.
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or did he make his first millionth sperm at age 26?
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i rather spend my money n enjoy while i can.
life is short n unpredictable.
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Plan your time and money well, and you can spend your money to enjoy, while still earning sufficiently.
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agreed. -
Originally posted by la luce nella piazza:
I mean, isn't money a means to an end, and not just the means itself?
For me, making money is an end in itself. I honestly don't know what I would do with a million dollars other than to invest it. -
Spend it la. But obviously u chose not to.
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3 ways
(1) live like a pauper, spending the minimum, to earn or preserve your million dollars
(2) live your normal life, spending normally, and still earn and preserve your million
(3) live on debt, spending extravagantly, and finish up your millionI rather be on (2), which leads me to try to think of ways to earn additional income streams...
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Originally posted by eagle:
I rather be on (2), which leads me to try to think of ways to earn additional income streams...
Live like (1) while thinking of ways to diversify your income streams. That's the most potent strategy if you want to get there fast (provided that you don't burn out). -
whatever u do, just don't get into MLM. u'll regret it big time. just like i did.
dun believe? real experiences
http://thewindthatchange.blogspot.com/2009/04/park-you-sgn.html