Finance: Who Wants To Be A Millionaire?

Who Wants To Be A Millionaire?

Written by Mika Hamilton

I am sure you have probably read about repparttar

power of compound interest. And how if you invested $10,000 at 10% return and let it compound for 50 years you would have a little over 1 million dollars.

Now that’s all well and good, but who wants to wait around for 50 years before they can enjoy repparttar 149774 fruits of their labor.

A quick tweak of repparttar 149775 spreadsheet tells us that if you could increase your returns to just 15% per year, we would be looking at a million dollar balance in around 35 years, which would also be bringing you in around $150,000 more each year after that.

25% return per year will turn your $10,000 into 1 million in around 22 years, producing another $250,000 per year in additional cash flow.

This brings us to an important point. How much is enough?

How much money do you need to live your life?

Well, its all relative to repparttar 149776 lifestyle you wish to lead. A good way to work out how much is enough, is to consider how much money you live off now. Work out how much money you would need to earn to replace your current income with your investment income.

If you earn $50,000 per year, then it will only take you around 15 years from repparttar 149777 example above at 25% return to replace your income from your investments.

Shopping for a Secured Personal Loan

Written by John Mussi

If you find yourself looking for a loan, you'll likely be getting a secured personal loan. A secured personal loan can be used for a variety of reasons, from paying off student fees to buying a new car… but they all have a few things in common. Any secured personal loan that you get will require you to put down a security deposit in repparttar

form of property (which is known as collateral), which helps to assure repparttar 149771

lender that they'll be getting their money back. Collateral is also a good incentive for paying back your loan, after all, you do not want repparttar 149772

lender to have to sell your property because you didn't pay them what you owed.

Examples of a secured personal loan Any loan that you take out for yourself that has some sort of property attached to it is a secured personal loan. You could be borrowing money from a bank and using gold jewelry as collateral for repparttar 149773 loan, or you could be purchasing a new house with a mortgage through a finance company… either way, if you don't pay back what you owe then you're going to lose repparttar 149774 property in question. Automotive financing, title loans, and pawn shops also fall into this category, though pawn shops are a bit more of an extreme example of repparttar 149775 secured personal loan.

Advantages and disadvantages of a secured personal loan For repparttar 149776 most part, interest rates are lower with a secured personal loan that they are with other types of loans. The reason for this is repparttar 149777 collateral that you offer… repparttar 149778 lender knows that it is going to get its money back one way or another, so its able to be a bit more flexible with its interest. If repparttar 149779 loan were unsecured (meaning that there was no collateral required), repparttar 149780 interest rates would likely be much higher.

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