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Becoming a millionaire byinvestingjust $100 per month?
It sounds too good to be true.
However, it is not some far-flung, fantastic idea.
The key is investing consistently throughout your entire working career and picking the right investments.
Heres how to do it.
Also seenine ways to become a millionaire.
As you compound these returns over multiple years, the growth will be exponential.
Heres how it works.
Imagine that you start investing $100 per month at age 20 and you plan to retire at 65.
That gives you 45 years to contribute to your account and benefit from the effects of compound interest.
After 45 years of $100 monthly contributions, you will have put just $54,000 into your account.
But the key is to start early.
Caveats
Of course, nothing in the investment world is that easy.
For starters, past performance is not a guarantee of future results.
In fact, the return could be much higher or lower.
Another factor to consider is something academics and analysts refer to as sequence of returns.
However, your actual return might be more or less depending on when youre adding your funds.
The key is to remain consistent through the markets ups and downs.
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