How to become a millionaire in 10 steps.
It's easier than you might think.
Just double $1,000 ten times.
- $1k
- $2k
- $4k
- $8K
- $16K
- $32k
- $64K
- $132k
- $264K
- $528K
- $1,056M
Simple as that.
You could even do it on a roulette table if you have enough luck and the balls to let it ride. That however is just gambling rather than investing.
The biggest stumbling blocks for most of us are to raise that first $1,ooo for investment and then finding ways to double it.
I could put it into HBD and double it in five years. Become a millionaire in less than 50 but that's a bit too slow for my tastes.
35 years as it turns out. Not actually that bad in fairness.
35 years = $1,035,155.38
But that's compound interest instead of gambling. In 50 years it would actually turn into $20,283868 which isn't a bad return on a grand.
A powerful tool.
35 years I can work with but it's still a little too slow. If I can manage to add an extra thousand every year from my earnings it will drop to 27 years.
Looking better by the minute.
Ideally it would be great to just double my money every year but that isn't the slightest bit realistic.
Instead it's better to have an outside goal of 35 years to become a millionaire through compounding HBD and then work on lowering that figure every week.
Starting by adding a thousand to my HBD wallet over the next month.
Then by trying to add another thousand by the summer and finally to hit $5K deposited by the new year which is my end of year goal.
If I can do this and then keep adding a thousand a year minimum to the account it's down to 24 years and coming down by the sentence.
And that it outside of any other factors than a savings account.
There are still every other investment and token that I have as well as real world factors.
Any of these could speed up the process along the way and cut out a few years.
If anybody has a better plan, please let me know but as far as I have found it's the best bet for becoming a millionaire without depending on the markets or gambling.
Posted Using LeoFinance Beta
https://twitter.com/1460818780980973570/status/1613635791439204383
The rewards earned on this comment will go directly to the people( @hivehotbot ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Let pump HBD savings rate to 50% for 1 year and let everybody become richer :p
Easy
Lol. This, I would gladly wait for. 😁
Posted Using LeoFinance Beta
Haha. I would never happend it wouldn't be sustainable for hive to do so xD
Just wait until i have about50K saved up there first.
Then pump that token up.
Posted Using LeoFinance Beta
You are slowly on your with your 21.813 HBD saved up already my dude! :p
That's a pretty neat plan! But yeah, finding the 1st 1k and keeping it up is challenging. At least for me. 😅
Posted Using LeoFinance Beta
The first 1K is always the hardest.
After that it does get faster to build a stack.
Just keep showing up and adding those pennies to the pot until you get there.
Posted Using LeoFinance Beta
Heheheh... that's a good plan... 😃
The only problem is that after 27 years you will be able to buy the same amount of products (or less) with your 1M USD as you can today with 1K USD... :)
Thanks for sharing this interesting thought and calculation, Niall! 😊
There are a couple of gripes I'd have with this, however, namely the following: 1) we can't assume with certainty that the 20% APR will hold up; it is determined by witnesses and must be sustainable with proper liquidity; 2) the stability of HBD must hold up for the entirety of the period you're planning to hold, and withstand all possible hits; 3) the devaluation of the buying power of the dollar (or whatever fiat currency you're using) over time; 4) liquidity should you try to convert Hive into fiat currency; 5) additional taxes leveraged on cryptocurrency conversions.
I promise that I'm not trying to be a "Negative Nancy" - in fact, I believe it's a positive thing to keep these considerations in mind and have a varied basket of options available for earning your wealth. That way, you'll come out safely ahead and be able to enjoy your wealth!
If you’ve enjoyed the content of this comment, the compliment, are feeling down and need a shoulder to lean on, or would like to make someone’s day a bit better, please join the FreeCompliments community. We welcome everyone with open arms. :)
I think that is a decent plan but I just don't know if 20% APR will stay there forever. As it is right now, there isn't enough HBD to create enough inflation on Hive but the witnesses could change that at any point in time.
Posted Using LeoFinance Beta
Just saw your post as I wrote about my 1 million target which is not that difficult if you dedicate the time. $1 million is child's play and not exactly a fortune like it used to be 10 years ago.