Do you dream of being a millionaire? All you need is $10 a day!

Imagine having $50,000 a year that you could rely on each and every year without having to work! That’s what happens when you’re a millionaire… it would be nice wouldn’t it?

So… let’s make it a reality!! If you’re under 50 and you get started now, then becoming a millionaire is well within your grasp. If you’re under 40, it’s going to be easy to become a millionaire if you’re smart with your money.

The sooner you get started with making a plan and putting it into action, the easier it will be.

Getting rich slowly has to start with you making a conscious decision that you want to be wealthy. Not everyone wants that.

To get started you must save some money each and every time you get paid. Unfortunately, this vital first step is where most people struggle and that is why they won’t get rich.

It all has to start with you.  YOU need to decide what you want your future to look like. What are you prepared to spend less money on now to have a better life in the future? Would you be willing to spend a little less on coffee? Maybe too far a stretch! Would you be willing to drive a less expensive car? Spend less on your next holiday? Buy cheaper clothes or fewer clothes? Live in a less expensive home? It’s up to you to choose where you spend your money, but here’s the reality:

Millionaires are super savers! And they invest those savings to turn them into more.

You can do the same thing.

While a higher income helps, the biggest factor when it comes to becoming a millionaire is not how much income someone earns, it’s how much they can save. And the more time those savings have to grow, the bigger the result.

Let’s look at the numbers, as I said you could do it for $10 a day… how? If you’re 25 and you save and invest $10 a day until the age of 65, at an 8% return you will end up with $1,061,000. This is the power of time, as over that time you would only invest a total of $146,000 and it’s the income and growth of $915,000 that supercharges what happens to your savings.

If you wait until you’re 35 to get started, you need to find $22 a day. You would need to invest a total of $241,000, as the shortened timeframe would mean the income and growth would only be $756,000.

If you wait until you’re 45 to get started, you need to find $56 a day. You would need to invest a total of $408,000, as the shortened timeframe would mean the income and growth would only be $595,000.

And if you wait until you’re 55 to get started, you need to find $180 a day. You would need to invest a total of $657,000, as the shortened timeframe would mean the income and growth would only be $344,000.

Can you see why getting rich slowly works and trying to get rich fast is near impossible?

Don’t let any of the numbers scare you, as don’t forget we haven’t considered the superannuation you will already have and the enormous difference better mortgage repayment strategies can make. If you can put all the pieces of the puzzle together, we can paint a great picture.

Most people seek financial advice when they are 55 or over, yet it’s the decisions made much earlier in life which have the biggest impact. If you’re interested in exploring how you can save and invest your way to financial freedom then get in touch to book a FREE financial health check.

Tune in next week where I’ll show you the bulletproof way to become a super saver!

Cheers,

Daniel