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.

NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better

I got into this business to fend for my family - 52-year-old female cobbler reveals | Legit TV

Source: Legit

from Nigeria News Today & Breaking Naija News 24/7 | LEGIT.NG http://bit.ly/2JTJAYD
via EDUPEDIA24/7

Comments

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P...

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :...

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...

EDUPEDIA247

Search This Blog