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You are here: Home / Simple IRA / 3 Ways to Become a Millionaire Without Having to Win the Lottery | Personal Finance

3 Ways to Become a Millionaire Without Having to Win the Lottery | Personal Finance

July 17, 2021 by Retirement

Of course, there’s risk involved in buying stocks, but the rewards can more than make up for it. In fact, if you were to save and then invest $500 a month over a 40-year period at an average annual return of 7%, which is several percentage points below the stock market’s average, you’d wind up with about $1.2 million. Make it $750 a month, and you’re looking at close to $1.8 million.

It can be done

Reaching millionaire status may seem impossible — but it’s not. If you get in the habit of living below your means, choose the right home for your money, and put your faith in the stock market, you may be surprised at how easy it is to become a millionaire yourself.

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