Mathematical skills required! PLEASE HELP ME BECOME A MILLIONAIRE 🎩
How much money must I start with to achieve $1M after a year of increasing by 1% a day?
It is my intention to do exactly this, but my maths is rubbish and I have no idea how to calculate my initial investment or create a table from which to work?
My excuse for not concentrating in maths classes was the existence of calculators. Yet here I stand unable to figure this one out even with a calculator. Thankfully I have Steemit to help me now so I am still able to justify my lack of attention at that time 😉
Creating a table 🚀
Assuming the initial investment is $100, with a 1% daily increase the table would look like this:
Day 1 - $100
Day 2 - $101
Day 3 - $102.1
Day 4 - £103.12
Day 5 - $104.15
...continued to day 365
Something tells me the initial investment will need to be much bigger than $100 to hit $1M in a year... but I won't know for sure till someone tells me here!
An exercise in patience
I have struggled with trading in my first year because I am always looking to make the most out of every given situation and having experienced a profit I find it hard to call it a day... always believing I can increase my profit if I just keep on trading. FYI this rarely turns out to be the case! Like all new traders it is hard to resist the FOMO (fear of missing out) and simply be content with a small daily increase.
If I stick to the simple and achievable target of just 1% a day, I am much more likely to achieve my goal of $1M in a year and it will serve as a great exercise in practicing mindful focused trading.
How will I do this?
My office doesn't look like the above picture but I am confident that even with my one screen I will find a coin each day through which I will be able to increase what I have by 1%... leaving it in a stable coin when I am not trading.
If I miss a day I must make up the difference the following day. And if I lose money one day I must make it up the next. The most important thing will be sticking to the schedule created by the table.
BTC test run
I have been practicing without money using a BTC trade simulator to see if it is possible to increase by 1% a day. They give you $10,000 to play with using this simulator and buying in at the bottom of the red candle groups I have been able to achieve my 1% time and time again, even when the price is on its way down.
When the job is done
When the goal is achieved I will buy $100,000 worth of Steem and power it up so that I may enjoy the privilege of being able to help others here on Steemit with a healthy upvote.
Many thanks in advance to those of you who take the time to work this one out for me. I will upvote all attempts at answering my questions as generously as I can and when my goal is achieved I will not forget the person who helped me create the table I worked from.
Who is @samstonehill?
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If my math is right, you're wanting $1M and assuming you can average 1% Daily growth, you'll need about $26k initial investment.
If he can do it for $26 even better! :) I'm much better at writing than math and I finally got to see Sam's evil lair where he plots world domination. 1% at a time... :)
Haha, that was a typo sorry! He'll need $26 thousand. 26,466.63 to be exact.
haha! Well, if this really is the final answer I must make a few adjustments to my project. Sadly I don't have 26K spare at this moment!
How are you making this calculation?
Using that link I posted to you below, enter 1% as the interest per period, 365 periods and set your initial investment at $26446.63. That should get you 1,000,000.18, there are more complicated TVM solvers that allow you to solve for any of the input values, that's how I worked backwards from $1,000,000. If you have a TI graphing calculator they have one built in. It is a great financial tool for this purpose and can be used to calculate all kinds of things, like how much you will actually end up paying on a loan, mortgage, credit card, etc. You could also figure out the initial investment you would need with a fixed interest rate to pay yourself a set amount every month into eternity! Think about, that for a second lol
Great stuff! The new goal is $1M in two years.
Initial investment $701
Easy ;)
Many thanks for your help with this! Now I need Excel it seems to put it into a document...
now all you need to know is how long that $100 will take to be $26,000
You know it.... world domination! It doesn't matter how slowly one achieves it when life is long ;)
Many thanks for the estimation here
It's the concept of compound interest and you are talking about compounded daily so it's quite fast. I work it out with Excel. Should be 2.54 years (assume 365 days per year).
1. Start with this. It matches your day 3.
2. Use Goal Seek in Excel
3. We want to make Cell B4 1 million by changing B2 (the no. of days)
4. Boom. Answer 2.53 years
How cool is that?
Now, for how much needed to make $1M in 365 days.
1. Start with this
2. Kick it off similarly
3. Boom. Answer: $26731.29 needed to do it in a year. In sync with another person's answer
It's good to see it came out with the same answer I saw posted before but I always like what Excel can do. :-)
Amazing. Now to get my hands on Excel!
Good to know this! @clshipp91 kindly gave me a calculator to work it out easily.
So, the new goal is 2 years! Starting with an initial investment of $701.
I'll let you know in 2 years if I am a millionaire by then ;)
OK lets do this
from 100-100,000 is an increase of 99900%.
If we are talking compound interest (which I believe we are) it would not happen in 1 year from $100.
Note that it says years but I also added that it would be an increase of 1% per year for 365 years so it checks out...
Through using this website I have discovered that the $100 would become $373.22 in 365 days.
I guess you should throw in $300 just to be sure 🤷♀️
This number is off I believe. You're calculating as if it were a loan and $0.09 payments for 365 years. With a $100 initial investment you should end up with $3778.34 in one year. You need to use a tvm calculator
Thanks! I was struggling with that website. Where would I find a tvm calculator?
https://www.investopedia.com/calculator/fvcal.aspx
This is an easy one. You can play with the initial investment to see where you would land. Good luck with your investing!
Awesome! Thanks for this. Will have a play now...
Well... there it is then! Thanks @chron for providing the means to an answer so quickly. Do you happen to know I can get this data into a document?
I thought you wanted 1 million at the end of a year?
I do. Hang on... let me give this website a try...
I am NOT a math whiz, and this is likely wrong (can somebody who is a whiz check this out?) - but just for kicks:
$2750.00+1%x365= 1,013,787.50
Excellent. Well, it's a few thousand more than the target but I can live with that ;)
Thanks for that!
Hey there! How is your initiatives coming along? I'm new to your page and found it via Keni's member post in the SMG group. I am following you now. I'm looking forward to an update on your projects. :)
Great to meet you! Keni is an old (and wise) friend who I love very much :)
The project has had some adjustments made due to not having the $26,000 required to do it in a year! It will be two years now. With an initial investment of $701.
I will be sure to post (a lot!) about this project once I start it. Should be around a week from now...
I hope it will encourage others to join me and we will all be millionaires together :)
What about risk it all at once in forex?
in a minute you can earn up to 85 percent but also lose it all at once too
assuming that you have 100 usd if you prediction is true then you get 85
now you have 185 and you make the right decision again you will have 342 usd and so on. i belive that if you keep predict the price rightly without losing not even once you would have million. It is risky but predictable.
haha! Yes, have just started learning about forex trading now and it sounds way too easy to lose everything. I prefer the steady growth method ;)
Turns out I am going with a two year plan and all I need is $701 upfront :)