What you need to save to be a millionaire in 10 years

According to CNBC, becoming a millionaire is not really the kind of challenge it used to be as more people are beginning to earn seven figures by age 67.

There is, however, a process to speed up the milestone in the next 10 years and in a relative short time only if you are willing to work hard at it and save more than you have been doing.

CNBC reports that there is a certain amount of money you will need to save every month to be a millionaire by 2028, especially if you are starting with no money in your account at all.

Putting away $6,000 every month when you already have $10,000 saved will make you become a millionaire by of May of 2028.

If you have more saved up, a monthly savings of $5,500 should make you rich by June 2028.

The magic to this savings is the law of compound interest, where your money does not just sit in the account without increasing much.

Though saving can be quite hard, getting into the habit can be of great benefits to anyone in the long run.

Some of the ways to begin a savings habit are to have a saving app, sign up for a saving plan at work or take up tax breaks offers.

Recall that Legit.ng earlier reported that eating a nutritional food takes more than half of the new N30,000 minimum wage, and that the country fared badly in the purchasing power of its minimum pay when compared to other countries.

It was also gathered that for a basket filled with basic items like bread, milk, rice, eggs, cheese, meat, and vegetable, one will have to pay around N31,536.

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Source: Legit

from Nigeria News Today & Breaking Naija News 24/7 | LEGIT.NG http://bit.ly/2JTJAYD
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