I can invest 1000€ per month, I am wondering what should be a good strategy to become millionaire…and what is the time frame I am looking at? I can take risk. Have a good paying job in hand. I know it’s very open ended questions however let’s me know your opinion. Thanks
At a 5% return annually it should take about 33 years. Run a compound interest calculator. Set yourself a manageable returns target so that you don’t start chasing unrealistic returns and can feel good about what you actually achieve.
You can beat 33 years and become a millionaire in your first month just by changing currencies:
To have a million EUR, I would invest in something like VWRP, sit back and forget. Perhaps even 5-10% into a tech trust.
If I have to bet my million on a single ETF, it would be QQQ, luckily we don’t have to choose just one
In all seriousness, the average stock market return in the past 100 years is around 10%. I think inflation has been around 2%, so can take 8% from that to maintain the same buying power.
So in that case, about 26 years without increasing your 1000EUR investment and assuming an average of 8% return after inflation.
Good luck on your quest. I imagine that 26 years would put a lot of people off, but if you started when you were say 18, then you could be a millionaire by the time you were in your early 40’s, with plenty years left to live.