How to Turn $1 into 1 Million dollars

By: Shawn Lim

How to Turn $1 into 1 Million dollars

There are 2 main routes you can use to become a millionaire. The Short Route
The strategies use for the short route is mainly focusing on setting up a business, investing etc. 

  • The time required is between 20 to 50yrs. Even though many people lack the patience, this method is the best way to get your first million. 

How to turn $1 into 1 Million dollars

Lets say you dilligently save $1 everyday. To grow $ou will need 1 million days. That is about 2,200 years. Fortunately, we all do not live that long. It is painful to save for 2,200 years just to get a million dollars.  

But if you add compounding interest, the number of years to reach one million drops drastically. At $1 per day, with

  • 3% interest = 147 Years
  • 5% interest = 100 Years
  • 10% interest = 56 Years
  • 15% interest = 40 Years
  • 20% interest = 32 Years

With a 10% interest compounded annually, it now takes you only 56yrs to be a millionaire.

So where can you find an investment that consistently yield at least 10% returns in your lifetime when banks are only offering around 3%. The answer is very simple.

  • ot necessarily to always have 10% investment yield.
  • Save as much as you can every month, be it $10, $50, $100 or $300. With the right interest rate and given enough time, everyone can be a Millionaire.

This proved that everyone, if we start saving and keep compounding the money from a young age, everyone can be a Millionaire. The long route is not what we want here, we want to make money in a faster method, not just sitting and wait for 50 years. It has been proven that with the right strategy, with constant action plus a burning desire, we can be a Millionaire in a short time.

When you are creating rapid wealth, save your money every month and keep compounding it? Take both the short route and the long route simultanously.

  • Put some amount of money to your investment account every month once you received your paycheck.
  • Then only spend what you have as you wish. And bear in mind of this, don't spend more than what you earn.

So what are you waiting for?
Start planning on how much to save each month now.

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