Every go-getter dreams of reaching the million pound milestone. It is a mark of financial freedom. But what does it take to get there?
The most common how to earn a million pounds is through increasing income. This could be through running a business, investing in businesses, or buying property. It is important to diversify investments into ‘real assets’ such as property and shares in order to reduce risk and achieve a more consistent return over the long term.
Becoming a millionaire through a business takes hard work and dedication. However, it is more achievable than winning the lottery or inheriting money. It also has the added benefit of creating a legacy that can be passed down through generations.
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Investing a little bit of money each month can also help to increase your earnings over the long-term. The magic of compound interest really gets going over long periods. You earn interest on the original investment, then you earn interest on that original interest, and so on. This is why investing in the stock market can be so lucrative over time.
If you can save around PS1,000 a month and get a 6% return on your investment, you will become a millionaire in approximately 28 years. There are many different investing calculators available online that can help you work this out. It is worth noting that the value of your investments can rise and fall, so it is important to be patient and stick to your plan.