Becoming A Millionaire
Becoming a millionaire on bank interest?
Two part question please..
What is the possibility of becoming a millionaire on bank interest? If someone had 500k in the bank right now and averaged 5% interest rate on various accounts, how long would it take to become a millionaire just saving up interest if they didn’t touch the funds and lived off of their work salary?
And is there a tax on the money you take out from your interest? I’m sure the government weasels in on that as well, so anyone have an idea how much?
20 years? Could someone explain why it would take 20 years? When that 500k turns into 600k, and then 700k, won’t the 5% start increasing annually and allowing it to reach in much less time? I’ll look into other options though, but if someone could answer this I’d appreciate it.
If you invested 500K in a bank at 5% it would take you 20 years to earn another 500K, at simple interest. Yes, you would pay taxes every year on the money earned. It is not tax free income. The rate would depend on where you are in the tax bracket for income taxes.
A much better investment would be investments that give you passive income at a much higher interest rate. Check out the book Rich Dad Poor Dad by Robert Kiyosaki.
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