Millionaire status seems to be something people accidentally fall into. Whether you write a chart-topping hit, win the lottery or make it big in the blue meth business, you don’t really hear about millionaires that didn’t suddenly become millionaires.
Probably because they’re not that exciting. The internet would much rather hear about reckless hedonists crashing Lamborghinis and getting helicopters to KFC than some nobody becoming Vice-President of a tile distribution company… (sorry if that is your job, it sounds so boring).
But that doesn’t mean you can’t be a millionaire. By using the basics of how to save your money intelligently, you can be a millionaire by the time you’re 50!
We’ve said it before but being a millionaire is rarely on the agenda of those who become millionaires. The real secret is hard work and a generous handful of luck but if you want to take the hard route, this saving method works in theory.
According to the website, This Is Money, you would only have to save approximately £10 a week into a good savings account to be a millionaire by the time you retire (say, between 60 – 70). Of course, this is heavily dependent on how the market fluctuates, how strong the economy is and how good your interest rate is…
If you need to catch up on some financial info, check out our guide to getting the most from your savings accounts.
So what would you be sacrificing a month for the sake of potential millionaire-ship?
- A cab ride to the station
- Three coffees
- Lunch out on day a week
- That last cocktail of the night
When you look at it from those terms, that amount of money doesn’t seem that much, does it?
Alternatively, you could teach yourself the tricks of investing your money rather than just saving it. In theory, by investing £2000 a year between the ages of 19 and 26 you could stand to be a millionaire by your 60s on top of whatever money you’ve earned up to that point… cha-ching!