This is how you become a millionaire – here are the 5 tips of the super savers

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This is how you become a millionaire here are

In recent years, as a result of increased food prices, skyrocketing mortgage interest rates and breathtaking electricity bills, Swedish households have been forced to turn over every single kroner to make the economy work.

Therefore, starting to aim for a million kroner might therefore feel like too big a goal for many. But it doesn’t have to be impossible. That means Karin Löf and Johan Perssonwho is behind the Instagram account “Sparmakarna” with over 100,000 followers.

– I think that the reason why it feels so far away is that many see the need to “save” up to a million kroner. Saving to such an amount in an interest-free account takes an extremely long time. This is where the stock market and interest-on-interest come into play. Our million only came in a few years, says Johan News24.

READ MORE: Interest on the interest effect: This is how you make your money grow

Karin Löf and Johan Persson run the Instagram account “Sparmakarna”. Photo: Private

DO NOT MISS: Karin and Johan save 30,000 a month: “No fancy jobs”

Online, you can easily, through an interest-on-interest calculator, enter your starting capital, how much you can save each month, how many years you intend to save and what percentage return it can give.

Anyone who wants to enter the stock market is right to read up, but according to the couple, one should also not feel that it is a world that is only for certain people.

– In order to dare to bet on such a goal, you should familiarize yourself with how it works. It doesn’t really take much, to be honest. The stock market is no longer for old men in suits. We want to make it available to everyone and understand its value.

DO NOT MISS: Interest on the interest effect: This is how you make your money grow

Photo: Henrik Montgomery/TT

READ MORE: This is how you make your tax refund grow

5 tips to reach the million

If you were to give five tips to someone who wants to raise a million kroner, what would they be?

  • Budget, budget, budget. Keep track of every kroner that enters and leaves the account.
  • Think about side income. Many are stuck in their “regular” profession, but possess lots of knowledge that can be used to earn more money. Try to be creative.

    • DO NOT MISS: Earn extra money? Here’s how to do it – according to the expert: “Tax-free up to 40,000”

    Photo: Henrik Montgomery/TT

  • Change employer. We ourselves have chosen not to be loyal, but instead to switch, which has given us around a 20 percent salary increase each time.
  • Evaluate expenses. Think about what matters to you and don’t just do like everyone else.
  • Invest monthly. As I said, it is difficult to save up to a million, without interest on interest.

    • READ MORE: Then you can get SEK 58,000 if you are dismissed

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