is my family become millionaire in 25 years by just only saving?
By ruelandkim
@ruelandkim (24)
September 17, 2010 11:08pm CST
we have started our own savings but just only savings and no idea how to increase it. Our lifestyle is on and discipline is there...we are very consistent on savings. We need your ideas and principles that works for our goal. Be a part of our family's goal.
3 people like this
8 responses
@puccagirl (7294)
• Israel
18 Sep 10
Well, it depends on how much you save of course. But due to the inflation, I think your family should both save and make some rather safe investments. This will make it more likely, I think!
@ruelandkim (24)
•
20 Sep 10
Yes there are risk investments...but I will rather choose to invest from my savings than nothing to do with it.Why do I bother the inflation if I do invest something good with my savings.
@KrauseHome (36448)
• United States
20 Sep 10
Learning how to Save for a Rainy day, and being able to constantly add to that in hopes for something Great is a Good thing for sure. It can take a while to get to the amounts that you are hoping to achieve, but it can be truly worth it all so much more in the end. I have heard stories where the more you can save the more interest it does draw when it is in the Bank, and depending where you from, and what your bank has to offer, it can be so rewarding as well. Maybe this is something you should check with your bank and plan for what will eventually work the Best for you as well.
@ruelandkim (24)
•
20 Sep 10
It's true. We Hope for the best for something great of our saving and investment.
@youless (112496)
• Guangzhou, China
19 Sep 10
I don't think that saving money can be rich for you at the end. Because the inflation will cover your saving. The point is you have to save a fixed amount of money every year, and then make it grow 10%. This can be a way to be rich.
I love China
@ruelandkim (24)
•
20 Sep 10
Agree on this statement. I have to save more per month or per year. How about saving regularly as high amount as I can per year..is it a good idea? If you have some idea to get my family to become rich in 25 years...will you sight some simple idea? Happy to hear it
@daninuk (145)
• United States
19 Sep 10
I think that saving money is a good idea, but it probably requires more to become a millionaire. For one, you might also have to invest some of your money in order for it to grow at a proper rate. My family members have tried to save money for the length of time that they have been in the Unites States, but their lack of knowledge when it comes to investing has made the difference between us living comfortably and us being millonaires.
@ruelandkim (24)
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20 Sep 10
Lack of knowledge when it comes to investment is not what I will be...knowledge and wisdom will bring us to a full. I will try to invest the savings and become a good manager. Well, My goal is not easy but I will try to help my self with listening to any advices.
@divitiae (193)
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18 Sep 10
100,0000/25 years = 40,000 per year and the rate of inflation is higher than the base rate. I doubt that most people could become millionaires even over 60 yrs just by saving.
You really need to invest either by starting a business or by buying shares but even then with an average 10% return on the stock market you would need to be saving more than the average person earns to make 25 yrs.
To reach your target you will need to take big risks and put in a lot of effort and you will probably need to borrow in order to invest enough money.
@ruelandkim (24)
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20 Sep 10
borrowing is good if i am a disciplined person, I am thinking of my self right now if I borrow money and start investing from my savings plus borrowed many just in case. do I manage it? since I and my family just started this year. We are thinking good investment to add more income and save more to reach my goal to become millionaire in 25 years.
@denvilleklockner (42)
• Germany
18 Sep 10
i think you must invest your money somewhere otherwise the money of yours will have a little value in the future ie. in 25 yrs time
@ruelandkim (24)
•
20 Sep 10
I am convinced that investment will add more income and save more as additional savings capital . Somehow my family will be benefited and when my age retirement will be full grown, then this will be called " Happy Retirement". Have you started savings? I did and my family is involved.
@ruelandkim (24)
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20 Sep 10
I guess it's better to have savings rather than nothing to do with your life. How about increase my savings as high amount as I can?
@anurag3786 (6267)
• India
18 Sep 10
I think it is a great idea to saving money.. but i think you can become millionaire by investing some money in business and also in policy.. but their are also some harms and benefits both are in business.. so if you have patience to wait for 25 years.. so wait.. but is is too long time..
@ruelandkim (24)
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20 Sep 10
do you have an idea what kind of business that is small capital but capable of high earning? business is good but I need first to focus on savings just in five years to start good capital.