Thursday, 12 October 2017

How to be a Millionaire over the next 20 years?

Do you ever think how you can be a Millionaire over the next 20 years?

This article is not teaching you how you can be a millionaire in a split seconds. That's sound good to be true right which is similar to an impossible thing!

I provided screen shot of a calculation by using financial calculator below to show how you can be a millionaire over the next 20 years or 240 months. 

Savings, investment, millionaire, financial, financial calculator,

How to set the value using this calculator? First thing you need to set your financial goal or how much money you want to accumulate for the period that you decided. For example you want to achieve RM1,000,000 within 20 years. 

In this calculator -RM5,000 will be your Present Value (PV), RM1,000,000 is your Future Value (FV) while 240 months will be the investment periods and annual rate of return is 8%. 

So, how you will achieve your goal to be a millionaire? 

When I said a millionaire means you need to have at least RM1 millions in your account. It is not include other assets such as your property, liquid assets that refers to precious metals like golds and silver, and so on.

Actually you can refer to this calculator in payment column. It shows that you need to make your monthly savings of RM1,716.51 in order to develop your millionaire's fund over the next 20 years. 

Simple right? It might looks simple to you but discipline is the key factor to achieve your financial goals for your better future and your next of kins. 

Before I forgot, I want to share with you a story of an Indian uncle that make investment of RM100,000 more than 20 years ago. He just let the money invested and let his agent take care of his money. 

But when he reallised that his agent is no longer service him and seems disappear he went to service centre angrily. When the branch manager ask what happend he said that his money amount RM100,000 that he invested before is totally loss. 

Then the manager ask his details for checking purpose and told the uncle that his money still there. The account is still active. Do you think how much the current value belongs to that Indian uncle? It is RM1,000,000!!! Unbelievable right? 

When the manager told him he had RM1 millions in his account he was so surprise and finally he decided to take out all the money and he was a millionaire at his retired age. So inspiring is it?

Other than that, I always ask a question of 'how much your savings goal?' to my prospects and my friends as well. Some have clear goal and some of them didn't have any goal. They just make savings, that's all and nothing to achieve except have a little money for survival. 

Very powerful quote for better future I think is 'live by design, not by default'. Are you agree with me?

I wish good luck to you and hopefully more people can be a millionaire by fully utilise this financial calculator.


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