Save 1 million euros: With this strategy you can do it

Can you only become a millionaire about saving? "Impossible", most probably think. But is that really? Not up! Because it is definitely possible to only become a millionaire with an average content. Even if you start at zero.

However, it depends on certain factors and you need (admittedly) a longer breath. Using a sample calculation, we show you how this can work.

Make wealth millionaires - this sample calculation shows that it works!

First of all, you should write down your income and expenses in detail. This is the only way to find out how much money you can save every month. In addition to your age, your income and expenses, your willingness to create money aside, among other things. Because everyone should be aware that a high savings rate is certainly required to achieve the ambitious savings goal of one million.

In the calculation exampleAre we from an interest rate in the amount of7 %assumed. This is a little less than the average annual return of a stock ETF, like that of the MSCI World in recent years. This was loudFinance tipso far9.2 percent. The savings rate in this example is included600 Euro.

Computing:

Starting capital: 0 euros

SPARRATE: 600 euros

Interest rate: 7 %

Saving time: 35 years

Result:1 million euros

In order to get to one million euros with the capital saved, including interest, you would have to start at zero,save almost 35 years. Strictly speaking, 34.56 years, which corresponds to 34 years and 7 months. Interest is repeatedly created, which benefits from the compound interest effect.

According to this calculation, you only have at the end of the savings periodInvested 248,832.00 eurosandA total of 751,340.51 euros interestreceive.

If you assume that you also make special repayments in between, you have the Christmas bonus left, for example, and would also like to invest it too, of course you get to your destination even faster.

However, you should always be aware that you have to practice for this ambitious savings goal in gap and that over many years. At the same time, you should be realistic.

Because even if you can currently afford a high savings rate, this does not mean that this option also exists in the long term. Because living conditions change and thus also income and expenses.

Ask yourself the question of what you want to use your assets for

If you want to build assets, the first thing to do is ask what he wants to use the money later. Should you secure your assets in old age, do you want to retire earlier or do you plan something completely different for which you will need a lot of money at some point? It depends on how high you should start your savings goal.

In general, it makes sense to invest in an ETF for private pensions in order to benefit from the compound interest effect in the long term.Nevertheless, it is also an individual question. Many employees want to use their assets to retire earlier. Others prefer to invest in real assets and, for example, buy a property.

Regardless of the way you choose, you should always keep an eye on your savings goal and realistically tackle your asset structure.

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This article is not an investment recommendation. You can only decide for yourself how you invest your money. We can only give you suggestions and tips that have generally proven to be useful. Nevertheless, finances are a sensitive topic that you should tackle individually.

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