For many, large parts of life are spent saving and living financially. But when have you actually finished saving? And how much money should you really have left when you are on your deathbed?
That’s how you become a millionaire in ten years
There are many different savings tips out there on how to become a millionaire. There are also tips on how to maximize your savings and simple tricks to cut down on unnecessary expenses in everyday life.
News24 has previously written about how to raise a million kroner in ten years’ time. To do this, you have to save around SEK 8,300 a month, which can be difficult for many people to achieve.
But for those who choose to invest their money, it can be much faster to collect a million, according to Dagens Nyheter.
According to a calculation from Today’s News can it be enough to save 6,000 kroner a month to reach the million in ten years.
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Photo: Henrik Montgomery/TTS Save 900 a month – become a millionaire in 30 years
According to the calculation, you should save 6,000 a month and invest it in the stock market, then you will reach a million. However, the calculation does not take into account possible stock market declines.
This is how quickly you can reach a million:
READ MORE: Save a million in 10 years – that’s what you should do with the money
That’s how much you should have in the account when you die
Joakim Bornold, investment manager at Levler and former savings economist, knows how much he would like to have in the account when he dies.
– When the sun starts to set, then you should also start thinking about going out to zero. If you die, you die, if there is a lot left then you have not used your resources in an optimal way, he says to Gothenburg Post.
He believes that you should spend your money and live.
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That’s how you live up your money
But living out all your savings before death doesn’t mean going on a shopping spree or buying unnecessary items.
Instead, they should be spent on meaningful things, the hedge fund manager believes Bill Perkins. In his book “Die with zero” he advocates investing money in experiences and trips with family and friends.
He also believes that you can buy time with your money or donate it to the needy, because money is ultimately meaningless to someone who is dead.
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