The compound interest millionaire: Hack your savings to create a constant stream of passive income
By Joe Correa
The compound interest millionaire is a person that gets paid interest every month instead of paying interest to a bank or someone else. This person has time to enjoy the good things in life instead of working a 9 to 5 job they don't like. The compound interest millionaire has no special abilities or high IQ. The person simply learned the secret of compound interest and put it to good use.
Would you believe me if I told you any one could become a compound interest millionaire? All you need is: a monthly income to be able to save every month, compound interest to make those savings grow, and knowledge of how to reorganize you're finances. This book will give you that knowledge and show you every step of the way.
What is compound interest? Compound interest is the interest you receive on money you have deposited in a bank account that can compound on a monthly basis. It's also known as "interest on interest." Most banks offer savings accounts that compound interest monthly which is one of the best ways to accumulate money over time. Imagine if you could receive an additional income every month in the form of interest paid by the bank.
How is this possible?
Let's say after you deduct all expenses from your current income (salary or business profits) you are able to save $2,000 every month and you deposit this amount into an interest earning savings account that earns a 1% annual percentage yield (APY) which would be your annual rate of return when taking into account the amazing effect of compound interest. After 30 years, you would have $839,256.
If you were able to increase the amount you save per month to $2,500, you would have $1,049,071 after 30 years. By increasing your saving capacity every month by only $500, you were able to save a total of $1,049,071.
This is how your money would compound over 30 years when you save $2,500 every month and earn an interest rate of 1%. You would earn over $800 every month simply from interest. If you are receiving a higher interest rate, you would be able to save even more and increase your passive income.
This is an incredible amount of money you could retire on by simply making monthly deposits of $2,500 and earning a 1% interest that compounds monthly in your savings account. It sounds too good to be true but that's the power of compound interest.
This book will teach you how to become a compound interest millionaire by following simple steps that will maximize the compounding effect you can have on your financial life.
You can be wealthy without having to do anything special or be a genius. If you're able to become wealthy doing something else, do it by all means, but this is one way to do it following a simple process that requires very little time and effort.
The best thing about compound interest is that you can receive this form of income every month without having to do anything at all after you have deposited your monthly savings into your interest earning savings account that compounds monthly.