'Do This For As Long As You Can': Indian-Origin Author Shares Simple Strategy To Become A Millionaire
An Indian-origin self-made millionaire has revealed a practical and achievable path for freshers and young professionals to become multimillionaires and his advice offers a refreshing perspective on how to attain financial success.
An Indian-origin self-made millionaire has revealed a practical and achievable path for freshers and young professionals to become a millionaire and his advice offers a refreshing perspective on how to attain financial success.
Invest certain percentage of salary every year
Ramit Singh Sethi, an American writer and author of the 2009 New York Times Best Seller, I Will Teach You to Be Rich, shared valuable advice on personal finance with CNBC Make It.
Ramit Sethi/ X
Sethi suggests a practical approach for freshers and young professionals to achieve millionaire status: "Invest 10 percent of your salary every year."
Also read: Self-Made Millionaires Reveal The Surprising Things They Won't Spend Money On
The 41-year-old recommends, "And at the end of the year, increase that by 1 percent. Do this for as long as you can and you will be a multimillionaire."
What Is Investment Declaration/shutterstock
Sethi emphasises the importance of starting early in investing.
He encourages individuals to begin with what they can afford and gradually increase their investment contributions.
Sethi asserts that starting right after college graduation sets a strong foundation for a lifetime of financial prosperity.
How to invest & where to invest
Expanding on his advice, Sethi recommended purchasing low-cost index funds that track the performance of approximately 500 large US publicly traded companies, such as Microsoft, Apple, and Nvidia.
mutual fund sip/shutterstock
"By investing in an index fund, your money is spread across a wide range of companies, which automatically diversifies your portfolio," explained the host of the I Will Teach You to Be Rich podcast to the publication.
"And since index funds are passively managed and simply aim to mimic a market index¡¯s performance and returns, they tend to have lower costs than actively managed funds."
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