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Can saving make one a millionaire or what would make one get rich in 5-year?

23 Answers

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You can certainly leverage the power of compound interest to save your way to a million dollars, but the whole thing about compound interest is that it takes time. Save a bit this month, maybe a bit more next month, and so on and so forth, for a few decades. As long as you start early, you can rip the fruits of your effort by the time you want to leave the workforce or try some new venture. You can accomplish a lot in 5 years, but it's still a really short period of time in the long run. The best thing you can do in that time is invest in yourself: learn new skills, try several things, maybe get further education. The more valuable you are, the more value you can get from the world. Who knows, you could become someone who can earn a million dollars in a single month. But that takes time and effort.
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Yeah that's right. Maybe learning new skills and earning from those can help me get another source of income.. Thanks for the reply
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I understand what you are trying to say, keep it up.I share your point of view,infact I think we agree on this,am glad you see things this way because it is indeed the best.
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Courageous idea this Is quite educative on this sensitive topic.Educating and encouraging each other is what we are here for I think you have fulfilled the mission with this answer.absent figure uncover gallery phone play deliver diamond taste chimney obvious icon.
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Saving may make you rich one day, but I don't consider such richness as the category of rich. No matter how much you save it will get empty one day only a constant flow of money is good and that good amount of saving is a plus point.
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The sensitivity to this topic aloud us to think accordingly and you did.The dilemma that we elapsed in thought to this question completely gave us the ability to think for answers like theseEducating and encouraging each other is what we are here for I think you have fulfilled the mission with this answer.
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Savings can only take you as far. Besides savings is only money kept away which yields little and in bits. The value either appreciates or depreciates pending on stock exchange. It is better to invest your money wisely. In fact multiple investment by proper planning research and execution.
It is good to save. The returns depending on what kind of savings you are into will not make you a millionaire in a hurry. However, if you plan and invest wisely, your returns will come in no time. On a second thought, you can save and then invest your savings.
You need to know what venture you are about to enter. Determine what is good for you. Educate yourself about it. The pros and cons. Start little before going in big and always bear in mind that success isn't a day's thing but cumulative.
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Obviously we have no choice not to because at the end of the day it's best for us,we have to be able to stand up for what is right.
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The dilemma that we elapsed in thought to this question completely gave us the ability to think for answers like theseI understand what you are trying to say, keep it up.I share your point of view,infact I think we agree on this,am glad you see things this way because it is indeed the best.
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I quite relate to your concern, and as I was browsing for new ways to invest, I came across a post where a guy wrote his story on how he became a millionaire in 5 years. He said he had invested his money in mutual funds. He started with an initial deposit of 3000 USD with monthly investment of around 200 USD. He said that the thing about mutual funds is that you're just gonna invest your money and wait for it to grow. To cut the story short, he's earned more than a million after 5 years.

If you're someone who always has a lot of bills to pay, then I doubt you'd make a million in 5 years time. So I'd suggest you look at the opportunities in your areas and grab it as early as now. Invest wisely instead of just keeping your money in your bank account.
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This quite a positive mindset and perspective it will change people's way of thinking because you are quite optimistic.
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I would consider this true basing on the variety of options and knowledgeable points you added to this answerVery true and adequate people should start opening there eyes and seeing things this way.This is very useful information with accuracy,I find this information quite outstanding and relatively important.
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The Keynesian theory of savings will always say that you are going to become rich only if you go ahead of make the proper investments. I think that savings and not investing will never be a way for you to become rich man as becoming rich does not depend solely on savings. I have realized that even the force of inflation can always affect the value of the money that we have in bank accounts and this is the reason we should not always be over excited by just keeping money in the bank.
There are bigger ways that we can get to invest the money that we have saved such as opening a business that we feel that it is going to blossom in the future and look at taking advantage of that. Also, buying some shares of some big companies is better still having to buy government bong is one way that we can increase the amount that we have.
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Generally your idea is quite wise and eligible for stimulating good thinking and the right mindset keep it up.
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Enlighting one another and sharing of adequate information is what we are all there for, i find you to be quite enlightening on this matter.You are very wise and understanding,I like your point of view on the Matter at hand and you have enlightened me.As of now and so on I will consider these logistics as to be very legit and wise to aim on better outcomes for the question asked above.Generally convincing and understandable I am now seeing things in a different point of view after reading this answer.
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If your consistent in saving your money and increase the saving amount, you can make a million by that time you goal for it But, it really slow and it take's long time to get that a million for 5 years. There is 52 weeks in a year and 12 months. If you keep saving money each week like 200  ( depends on your currency or income too.) Let it's $200 and you received salary every week, you save it every week and no skipping of saving. That is $10,400 in a year and multiple it by $52,000 for 5 years. It is pretty low if your goal is $1 million. Where, if you take a risk investing you small money into business like buy and sell, maybe you can get your goals within 5 years. But of course if it is Philippines peso, $52,000 is already over a million. When you save in Philippines money every fortnightly like 2,000 peso that is 104,000 a year and multiple it into 5 years, you got half a million.
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I find this article quite reasonable and knowledgeable infact most people might not see it this way,am glad you do.
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I find this information quite useful, indeed I share your point of view and I understand you,this is quite reasonable.I didn't know this,but now I know this is  very useful information about the matter at hand.
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I will want to agree to a long extent that saving can make us become a millionaire,there's power in saving and we can't just imagine the amount of money we can make in one year.

I know how much I realize when I was a bit younger and I had my little box where I store my little change the day I opened I was amazed at how much I had stored for just 6 months.

So if one want to be a millionaire from saving, then it good to plan it out and saved hard too. But the first thing is to have a good job or business that would be bringing in good money for us to be to saved.

If good money is coming in and we cut down expenses drastically then saving can be very easy,if one needs to saved a million a year,then one should try to save at  least 100 thousand montly to be able to achieved millions in 5 years
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Basically this point of view is very very legit and understandable let's hope people can take it in the right way.
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I understand what you are trying to say, keep it up.I share your point of view,infact I think we agree on this,am glad you see things this way because it is indeed the best.Your idea is legit and I would rate it a five out of five because of the wisdom in the paragraph above.You are very wise and understanding,I like your point of view on the Matter at hand and you have enlightened me.
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Saving is a sure means of planning for better future eespecially ffor those who were nnot born with silver spoon. However, there areare different types of saving. Someone saving less than hundred per month is saving and someone saving thousands per month is also savings. What determines who is actually saving or reasonably saving is the amount he or she is saving and wellbeing of such individual.

There is particular theory that surround the principle of saving by Warren buffet which says "save before spending, don't spend before saving". The principle have made a lot of great minds and men if the society. So inline with what I've just said, it is important to start up an independent business and start saving afterwards, if only you're not dreaming to syphon Government.
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Generally convincing and understandable I am now seeing things in a different point of view after reading this answer.
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This message Is quite clear and deeply thought through I believe it is a way forward for all.Wonderfully presented and am sure it is based on a high level of research and understanding from you as an individual.If anyone is looking for an answer to this question I mean why not just look at it from this perspective it is quite wise.Important and ver reasonable information that should be considered when trying to understand this topic/question.
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It is very possible for one to become a millionaire in the next 5 years through effective savings,  there different ways you can make savings to be very active such that if you save monthly,  the amount you save this month will have yielded a reasonable interest before the following month to top your savings,  if this trend continues it very possible to make millions in the next 5 years especially if you good amount of money monthly.
If you save little amount of money monthly and you don't reinvest the savings into another business you may find it difficult to beat the task,  I have seen people who started savings with as low as $100 and they are millionaires today because they were patient and always re-invest the savings continually.
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Enlighting one another and sharing of adequate information is what we are all there for, i find you to be quite enlightening on this matter.
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Highly true and justifyable I made some research of my own and found this to be quite reliable.By reading this I have managed to add up on my knowledge about this topic this is very useful information about the topicYour idea is legit and I would rate it a five out of five because of the wisdom in the paragraph above.
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It depends on what you are saving, but maybe you are probably talking about how to save money. Saving money can't make you rich even if you save money all of your life, it won't make you rich because money is decreasing in value. If you start saving $200 per day, in 5 years it will become $365,000 but maybe that time, the $1 today is equivalent in $0.5 after 5 years. Or worse, maybe that time money is nothing worth anymore because the process of buying and trading has changed. I suggest you to INVEST instead of SAVING. All in all, it will depends on what you are saving.
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You are very wise and understanding,I like your point of view on the Matter at hand and you have enlightened me.
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It depends if a person is a hard worker. At present, it will be a struggle since the economy is down. Most millionares are eganged in businesses. A person can be gaining millions if he or she has the right business in mind.
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As of now and so on I will consider these logistics as to be very legit and wise to aim on better outcomes for the question asked above.
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Saving is good and can act to add some cash that you can need. But you need to spend money in order to make money. Let your money grow, invest to multiple it . Just saving alone won't get you even an inch to being a millionaire
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I understand what you are trying to say, keep it up.Your idea is legit and I would rate it a five out of five because of the wisdom in the paragraph above.
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Yes saving can make one a millionaire that is if you are saving an adequate amount of money,with time you would aquire enough so as to become a millionaire.
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The most direct way to make you a millionaire is through hard work and commitment in various perspectives and by doing this you may be able to generate enough revenue for yourself.
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Saving money can make you rich not only because of the savings, but the discipline you do to yourself to earn more money. But if you use that savings to an investment, you may possibly be rich in that time span given.
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It depends on how much money you're actually saving. If you're saving less and spending more then the chances are less and if you're spending the least and you're not fulfilling your basic needs then that means you're greedy. Everything seems great and perfect when it's in balance.If you're spending and saving money with frugality then I hope than you can be a millionaire one day. If you don't become a millionaire then it's ok. I believe that there would be enough money so that you can afford anything you want so easily.
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A good idea can make u rich in a very time of period but contious hard work makes u life time rich by a good idea. And hard work and dedication for getting rich makes you rich
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It is not impossible to be a millionaire in 5 years but this will depend on how you handle your money and what kind of job or ways you can earn money easily to reach millions in 5 year time. If you are good at handling money and like investing your money in something to make your money grow faster.
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Saving alone is unlikely to make one a millionaire in 5 years, as the amount of money that can be saved in such a short period of time is limited. To become a millionaire in 5 years, one would likely need to have a high income, invest in high-growth assets, and/or start a successful business. Additionally, it's important to note that becoming a millionaire is not the only way to achieve financial success. Setting and achieving other financial goals such as paying off debt, building an emergency fund, and creating a budget can also lead to financial stability and security.

Incorporates a mix of saving, investing, and budgeting can help you achieve your financial goals in a sustainable way. It's also important to seek professional financial advice before making any major financial decisions.

Sure, when it comes to achieving financial success, it's important to have a well-rounded approach that incorporates multiple strategies. Here are a few additional things to keep in mind:

Live below your means: One of the most important things you can do to achieve financial success is to live below your means. This means spending less than you earn and saving the rest. By doing this, you can build up an emergency fund and start investing for the future.

Pay off debt: High-interest debt, such as credit card debt, can be a major obstacle to achieving financial success. By paying off debt, you can free up more money to save and invest.

Create a budget: A budget can help you keep track of your income and expenses, and make sure you're living below your means. It can also help you identify areas where you can cut back on spending and save more money.

Diversify your investments: Diversifying your investments can help you spread risk and achieve higher returns over time. This means investing in a mix of assets, such as stocks, bonds, real estate, and cash.

Seek professional financial advice: A financial advisor can help you create a financial plan that takes into account your goals, risk tolerance, and current financial situation. They can also help you navigate the often-complex world of investing and make sure you're on track to achieve your financial goals.

It's important to remember that achieving financial success takes time and effort, and there's no one-size-fits-all approach. The most important thing is to create a plan that works for you and stick to it over the long term
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Saving alone will not make one a millionaire in five years, but it can help one become wealthy. To get rich in five years, one needs to invest wisely in assets or businesses that have high potential for growth and returns. One should also look for opportunities to increase their income and wealth through a combination of strategies such as investing in stocks, real estate, and businesses. Additionally, one should strive to reduce their expenses and debts in order to save more and maximize their wealth.
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