Self-made millionaire: This is the No. 1 way to get rich

cnbc.com / Photograph Credit: cnbc.com

According to this article was first published on cnbc.com, self-made millionaire: This is the No. 1 way to get rich. From a Gallup poll, only 37% of young Americans ages 35 and under said they owned stocks between 2017 and 2018, compared to the 61% of people over the age of 35 did own stocks.

Opening an investment account gives you access to the biggest money-making vehicle in the history of the world — and you don’t have to be rich to do it. Many account providers will waive minimums (the amount required to open an account) if you set up an automatic monthly transfer.

What if you had started investing $10 per week five years ago? Assuming an average return of 8%, you’d have thousands of dollars today— all from investing a little more than $1 per day. Think about that $10 a week. Where did it go, anyway? If you’re like most, you probably spent it on Uber rides and Frappuccinos.

Despite wild rides in the stock market, the best thing you can do is to think long-term and start investing early:

If you invest $10 per week: After one year, you’ll have $541; after five years, you’ll have $3,173; after 10 years, you’ll have $7,836.

If you invest $20 per week: After one year, you’ll have $1,082; after five years, you’ll have $6,347; after 10 years, you’ll have $15,672.

If you invest $50 per week: After one year, you’ll have $2,705; after five years, you’ll have $15,867; after 10 years, you’ll have $39,181.

Simply starting now will help you go far with your future as an investor. 

To learn about quick investments for young Nigerians, start here.