How to become a millionaire by 30
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It might not be an achievable goal for you, but it can be for your children or grandchildren.
And before you raise your eyebrows this is not an introduction to a new get rich quick scheme, meme stock or cryptocurrency.
It is a tried and tested investment strategy that requires discipline, commitment and leverages the power of time.
Our investment platform allows adults to invest on behalf of children and we’ve seen a huge spike in enquiries from parents and grandparents searching for ways to create wealth for their little ones.
It is understandable too; in a world where the cost of living continues to rise, they want to find ways to help their kids achieve financial independence or enter the property market without an eye watering amount of debt.
Now, onto this million-dollar investment…
Using our Wealth Savings Calculator and a 20-year historical return, we can see that an investment of $10,000 in a High Growth Portfolio with contributions of $550 per month over a period of 30 years would have grown to $1,000,000 just ahead of time.
Of course, historical returns do not guarantee future performance and there are always costs involved with investing that may reduce profits over time.
We also understand that you may not be able to invest $10,000 for your kids, contribute as heavily and frequently or if your children are a little older have as much time on your side as the example above.
But here's the good news: the investment concepts apply regardless of the circumstances.
First, in general terms, any investment amount applied on a timeframe of five years or more is considered long-term and appropriate for a growth focused investment.
So, no matter whether your children are 5, 15 or 25 there is still time to invest.
Second, contributions of any amount and frequency can help compound your returns over time.
Helping you invest for your kids is one of the best parts of the job, so don’t hesitate to get in touch with any questions at invest@investsmart.com.au
