Becoming a Millionaire
While many ‘normal’ people have worried about finances during the Covid pandemic, the rich have (mostly) got richer.
Investing towards your first million
While adding the title ‘billionaire’ to our CV is out of the question, becoming a millionaire might be more attainable.
The latest global wealth report from Credit Suisse shows there are 51,900,000 people who are US Dollar millionaires worldwide.
So, could you or I become one of them?
The simple answer is ‘yes’.
Data shows that the MSCI World Index (valuing the world’s largest 1,582 companies) grew by 162% over the past ten years. That’s an annual rate of 10.13% in USD each year.
From 2011 to 2021, a US Dollar bought 64% more Pula – adding over 5% each year to that return.
Overlaying the two: Hard Currency and Asset Back Investment gave a total gross return of 15.7% each year.
P1,000 bought $157 ten years ago.
Investing that in the MSCI World Index would have grown it to $411.34
Bringing it back to Pula today would return P4,476
“an SCI Adviser can show you how to invest simply and safely, to grow and reach your goals”
Q: Getting a 15% return on your capital each year, how long would it take you to become a Pula Millionaire?
A: Invest P5,000 per month – 100 months to get to a Million Pula
Getting to a Million Dollars is a little harder.
Let’s say you have $1,000 to invest each month, and get the 10% dollar return:
Investing $1,000 per month it takes 268 months to get to a Million Dollars – that’s 22 years.
So, to help increase your chances of becoming a millionaire, it is important to get started as soon as you can.
This will give your investment the chance to make the most of compounding and grow over time.
Just think how many investments could make you a millionaire over 25 or 30 years…