The Mathematics of Becoming a Millionaire
-Is it possible to double the smallest amount in your currency consistently to become a millionaire? Okay, money is going to grow when it increases in numbers. The ability to square any number of asides 1 in 10 places would give you a million in between the calculation either at the 5th square or before the 10th square. If you are going to grow wealth, you need to be able to grow money consistently and make it grow. It may be difficult to get a square when it comes to making wealth financially, but doubling should not be a problem, since the ability to multiply any currency to 2 in 30 places will make a person a millionaire.
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How will this become a reality?
I remembered growing as a child and using my little piggy bank to save money, I was not making profit on it and sincerely, I wasn’t expecting any interest since it was in a piggy bank which only allows the money saved there increase in ration to how much gets into it (If you are saving in a piggy bank, there is a possibility that being a millionaire will not be something that a random employee will make so it is some worth impossible to become a millionaire). Although piggy banks will not be able to do much same with the bank. The bank will also not help as it has an interest rate of 0.5% annually which can be very disturbing and will take 1380 year to become a multimillionaire.
On the other hand, investing in stocks and bonds is one very good way to make profit but its profit is at a rate of 10% per year, which means that you will be making double of the investment in 10 years and about 10 times of it in a 100 years, but this things change when you use compound interest whereby you grow both the capital and the interest, as well as invest continually into it. Wit this, the year of doubling 10 times to become a millionaire is certain within 30 years.
One very impressive way of becoming a millionaire that has been proven over and over is owning a business. With owning a business, profit can go from 30% to about 100% and this means that in 10 years to 15 years, one can double their investment 10 times making them millionaires.
Conclusion
Do not forget that this calculation is not including any risk so it is just a rough estimate of how long it would take for a person to become a millionaire so be very careful when investing in anything and look at the circumstances surrounding whatever you are doing before doing it.
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@gbenga earning money is not every one cup of tea we need to do hard work and dedication to earn a lot of money . We need to follow strict guidelines for ourselves to get success and earn money. By following we can earn good amount of money.
It depends on what one choses. Some prefer stocks for steady and slow Investment. But waiting that long years might not be for everybody. That's why business creation is on the rapid rise
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TrufflePigMultiplying our money is what we all want, but we certainly have to know how to do it, investing is good, having our own business too, I think there are many options, it's all a matter of seeing which one is the most feasible for us.
There are indeed financial rules that we have to follow if we want to hit the mark of being called a millionaire.
good recommendations although nothing is predictable and have to wait so many years isn't a good idea.
I don't like going into this, but being a millionaire is not what it used to be. Now maybe using the word billionaire in its place is a bit drastic. Also, it's worth noting that in our internet-connected world, wealth has a different meaning.
Hmmm.... I think I will now have to start growing my money instead of just wasting them buying unnecessary things. Becoming a millionaire is almost everyone goal and I'm definitely gonna become one very soon with the help of God.
Thanks for sharing this great post with love from @hardaeborla 💓💕❤️