20 Year Plan to Becoming a Millionaire
Twenty years seems like a long time to do anything, but what if it only took you 20 years to become a millionaire? Still seems like a long time, but what if it only took you 20 years to become a millionaire without even trying?
Imagine waking up 20 years from now and saying to yourself, "wow, I'm sure glad I did that, and I didn't even have to do a thing."
It is entirely possible, and if you are capable of taking action it is pretty much guaranteed. You might even be doing this now and not even realize it.
So what does it take? What do you have to do (or not really do) for 20 years in order to become a millionaire?
All you have to do is invest in a diversified portfolio. The average 10-year return in the stock market is about 10%, so if you invest $15,500 a year for the next 20 years, you will become a millionaire.
The reason you don't have to do anything is because you might already be doing this. $15,500 is the current maximum annual contribution you can make to your 401k, so if you are maxing out your 401k you are well on your way to becoming a self-made millionaire.
Does $15,500 seem like a lot? It might be, but what if part of that money was given to you for free. If you employer offers a company match to your 401k contributions, then part of it already is being given to you for free.
And when you invest in your 401k, chances are you are already investing in diversified mutual funds, so all you need to do is check your account every year or so and maybe do a little rebalancing. But if your company offers a life-cycle fund, you don't even have to do that much because it does it will rebalance and reallocate a portfolio for you.
So in order to become a millionaire in 20 years, all you literally have to do is tell your employer how much money to take out of your paycheck every month to go towards the 401k plan. Sit back, keep doing the things you enjoy to do, and 20 years from now you can look at your account balance and see a nice seven figure number in your account.
Related Tags: wealth, stock market, become a millionaire, make more money, how to get rich, retire rich
Learn how the rich make their wealth by visiting Millionaire Money Habits: http://www.mmhabits.com. Becoming a millionaire is easy when you know how.
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