An individual who has achieved a high net worth as a result of the large total market value of the assets he or she owns.
Please fix these errors:
The more you invest monthly and the more you already have invested, the less
time you need to become a millionaire. Logically then, the amount you need to
save monthly would increase if your time horizon, your already-invested money,
or your investment rate were to decrease.
Now, if you think this age is too high, you could try to become a millionaire
sooner by doing a few different things. First you could try to increase your
expected monthly savings, which will make your money accumulate and grow
faster. Another thing you can do is aim for a higher investment rate. This
means, however, that you will have to take on more risk. All of these tasks are
difficult as they require you to reduce your consumption and/or increase the
amount of time you spend on researching stocks. Sacrifices, of course, must be
made to achieve millionaire-hood.
So, how much do you REALLY save every month?:
- Understanding the Time Value of Money - Find out how time really is money by learning to calculate present and future value.