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How To Be a Millionaire On Minimum Wage

canada goose outlet new york city They say they cannot canada goose factory outlet retire rich. Most of them just go through their work and retire relying only on their small SSS pension and the little retirement that their company will be giving them. canada goose outlet new york city

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canada goose jacket outlet Is it really possible to achieve millionaire status by your own efforts alone? (Humanly speaking) canada goose outlet trillium parka black Let us consider this actually scenario. canada goose jacket outlet

canada goose outlet canada In the Philippines, Central Visayas Region, the current minimum wage is P 241.00. Multiply it by 26 days of work you get P 6,266.00. canada goose outlet canada

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canada goose black friday sale Do the math. If you put that P 3,192.00 in an investment vehicle that would give you 10 % interest per month in interest canada goose uk (compounded), do you know how much your money would become in 30 years, that would be P 1,052,001.00. canada goose outlet paypal If you started this kind of canada goose outlet parka savings program when you canada goose outlet boston were 30 years old you will retire a millionaire at 60 years old by your own savings program canada goose outlet in vancouver alone, add to that the retirement benefits from your company, your monthly pension from the SSS and your PAGIBIG “savings.” canada goose black friday sale

canada goose outlet in usa What if you decided to add another P 500.00 in your monthly investment and invest P 766.00 instead? This would amount to canada goose outlet black friday sale P 9,192.00 per year and at the end of 30 years it would amount to canada goose jacket uk a whopping amount of P 3,029,447.00 (At 10 % interest per year compounded) canada goose outlet in canada goose outlet belgium usa

canada goose outlet store uk Perhaps later on you would increase your savings to P 1,766.00 a month canada goose outlet in canada if you canada goose outlet winnipeg address receive a salary increase. If you do that even on the 10th year after you start canada goose outlet nyc saving only P 266.00 a month, you will retire with P 4,472,777.00. canada goose outlet canada goose outlet germany store uk

canada goose factory outlet The growth of your money is possible because of what we know in the world of finance as the Rule of 72. canada goose factory outlet

canada goose outlet buy canada goose uk nyc Albert Einstein’s greatest discovery was not the theory of relativity, it was the Rule of 72. (Although some people say that the rule existed long before he was born, most would agree however that he has popularized it) canada goose outlet nyc

canada goose outlet parka What has the Rule of 72 have to do with investing and growing your money? canada goose outlet parka

canada goose outlet online Basically knowledge of the Rule of 72 is the basic building block of canada goose outlet vancouver learning that each budding investor should have. canada goose outlet online

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canada goose outlet jackets 72 divided by interest rate return = No. of years it takes for your money to double. canada goose outlet jackets

canada goose outlet shop So, if you put P 100,000.00 in a bank account, it will take 72 years for your money to become P 200,000.00 since the bank only offers a 1 % percent interest rate. (72 divided 1 = 72) canada goose outlet shop

canada goose outlet black friday Let’s say you get a little wise and you put your P 100,000.00 in a time deposit account it will take 18 years in order for your money to canada goose outlet shop become P 200,000.00 (72 divided by 4 = 18) canada goose outlet black friday

canada goose outlet uk sale Basically the higher the interest rate the less number of years your money will it take for your money to double. canada goose outlet uk sale

canada goose outlet sale So if you put your P 100,000.00 in an instrument that would give you a 12 % interest rate it will only take 6 years for your money to double (72 divided by 12 = 6) canada goose outlet sale

canada goose outlet However take note that the Rule of 72 is more accurate with lower interest, the higher the interest rate rises the more inaccurate it becomes. (An example of this is that if you earn have P 100.00 an invest it in an instrument at 72 % interest rate per year according to the Rule of 72 your money will become P 200.00 in 1 year. However this is not entirely accurate since you will need a 100 % interest rate in order for it to become P 200.00 in 1 year time) canada goose outlet

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