How to become a millionaire in stock market

How to become a millionaire in stock market

Posted: Alex.A Date: 24.06.2017

Founded in by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Who wants to be a millionaire? The better question is, who doesn't?

how to become a millionaire in stock market

And while some of these folks do inherit their fortunes or make a killing during their careers, for many people, attaining millionaire status is more a matter of working hard, saving well, and making smart investment choices. If you're looking to become a millionaire in time for retirement and you're willing to live below your means and consistently save a good chunk of your salary, you'll see that this goal is perfectly realistic after all.

A solid million might seem like enough money to live the good life as a senior. But in the grand scheme of retirement, it's actually not all that much. Seniors are living longer these days, which means you could be facing a or year retirement. Now, think about the salary you're earning today. Chances are, it's higher than that.

Now that's an even more compelling reason to work toward that goal. Compounding is the concept of earning interest on interest, and it's what allows you to turn a series of relatively small contributions into a much larger sum over time.

To see what it'll take for you to become a millionaire, you can try plugging some numbers into the following calculator:. As with any tool, it is only as accurate as the assumptions it makes and the data it has, and should not be relied on as a substitute for a financial advisor or a tax professional.

Now one thing to keep in mind is that if you're saving for retirement with a tax-advantaged account, like an Claustra forexia prix or kyou won't lose a portion of your earnings to taxes year after year. This will allow you to reinvest those savings and maximize your investments' growth until you're ready to retire.

Becoming a millionaire often boils down to getting your priorities straight. That said, if you're willing to forgo certain luxuries along the way to make room for savings, you'll be much happier for it as a senior. This might mean taking a modest vacation every year instead of a luxury cruise, or driving how to become a millionaire in stock market simple car instead of the decked-out model of your dreams.

How to Become a Millionaire -- The Motley Fool

Or it might mean buying a smaller home and how to become a millionaire in stock market it yourself rather than outsourcing your upkeep. If you how to buy shares in metro bank philippines putting money aside at an early age and maintain that habit throughout your career, you're likely to join the ranks of those comfortable seniors who are proud to call themselves millionaires.

The Motley Fool has a disclosure policy. Maurie Backman is personal finance writer who's passionate about educating others. Her goal is to make financial topics interesting because they often aren't and believes that a healthy dose of sarcasm never hurt anyone.

In her somewhat limited spare time, she enjoys playing in nature, watching hockey, and curling up with a good book.

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how to become a millionaire in stock market

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3 Realistic Strategies for Becoming a Millionaire

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