It may surprise you how quickly you can accumulate a million dollars. Let’s help you determine the annual (and monthly) amount you would have to set aside each year to reach a million naira and reach your goal to be a millionaire.
Millionaire at 23!
Q: Dear Enquirer,
I am a 20-year-old trader and I currently have N180,000 in an investment vehicle that yields roughly 10 per cent. Kindly tell me what I need to do to grow my funds to N1 million in three years’ time. Thanks.
George, Alaba, Lagos.
A: Dear George,
|Based on your existing investment of N180,000, it appears that you will need to further save and invest about N214,628 annually (or about N17,886 monthly) in order to become a millionaire by age 23 .|
|However, note that a million naira today will not be worth the same in 3 years. One million naira adjusted for inflation of 10% will be N1,210,000 in 3 years. You will need to save and invest N273,400 annually (or about N22,783 monthly) to reach that goal by age 23. Please see the table below for a calculation of the process.|
Courtesy: Yahoo! Personal Finance