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Nairaland Forum / Nairaland / General / Investment / How To Become Wealthy - Investing (284 Views)
How Many Millionaires Do You Know Have Become Wealthy By Investing In A Savings? / What Are The Principles To Become Wealthy? / How To Become Wealthy Within A Year (2) (3) (4)
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How To Become Wealthy - Investing by OAra: 5:03am On Jan 12, 2022 |
Let's be real - it's ridiculously easy to become rich over the span of 15 years or so if you are dedicated to saving and investing. I want to simply make another thread about passive income/investing, since too many people throw away their money in "get rich quick" schemes that never deliver in the end. This thread will be short and sweet, if you want the longer version here it is - https://www.nairaland.com/6930719/passive-income-investing-retire-early How does one get rich? You invest a chunk of your salary as soon as you receive it, every single month. And then let compounding interest work its magic. Yes it is really that simple. How long will it take? Depends how much you invest and how much money you want to make. Use this calculator to calculate how much time it'll take for you to reach your personal goal - https://www.bankrate.com/retirement/calculators/retirement-plan-calculator/ Where should I invest? I invest in P2P lending (Lendermarket, Afranga, Robo.Cash, Mintos) and ETFs via the app "Degiro". You can see screenshots of the different apps in this thread. They all give over 10% return per year, with the difference that P2P is stable form of income in time, while investing in ETF is more of a long-term strategy. Give me a short version. There is no "get-rich-quick" scheme that actually works unless you got some revolutionary idea (and then become an entrepreneur). The best way to become wealthy is to simply have multiple streams of income (employee work, online business, investing, etc) and to invest long-term. Two screenshots - Degiro (ETF), Lendermarket (P2P)
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Re: How To Become Wealthy - Investing by Frestuffng: 6:42am On Jan 12, 2022 |
You Dey mad abi? 10% return a whole year. |
Re: How To Become Wealthy - Investing by OAra: 7:19am On Jan 12, 2022 |
Frestuffng:If you mean that over 10%/year is little - if one invests regularly, compound interest will take care of the rest. And true, one can reach much higher returns if he picks the right options, that's what the ETF part is for. Many P2P lending companies have a unique advantage thought - they offer a Buyback Guarantee, which means that if the one you lent money to cannot pay it back, the company itself will pay you back the principal and the interest - quite literally, you have 0 risk of losing in that case. There are faster ways to become rich, but honestly? They all require much more effort than this way - just invest some money on the regular once you receive your salary and simply let time do the job for you. 2 Likes |
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