Want to know how to become a millionaire? Begin with one tax refund at a time. Invest that money and let it grow, and you’ll put yourself on the path to obscene riches — if that’s your cup of tea.
For example, a taxpayer who received the $3,191 average refund in 2010, invested it and earned a 6% average annualized return would have $4,527 in that investment account today. (Side note: The actual average annual return of the Standard & Poor’s 500 index was closer to 11% between Jan. 1, 2010, and Dec. 31, 2016. But let’s let bygones be bygones.)
Earning $1,300 on a tax refund isn’t too shabby, but it gets even better for those who committed to investing their refunds each of those six years and letting compound interest and earnings do their thing: They’re sitting pretty with $28,121 from savings and interest. Flash forward 20 years and the disciplined savers who continue to invest their $3,191 tax refund every year for two decades — for a total of $63,820 invested — earning a 6% average annual return is looking at $123,847. That’s double the total amount invested.
This entire article assumes 6%. Now imagine investing in gold and silver where the numbers would be 15%. That would multiply the aforementioned $123,847 by 2.5 showing $309,617. That’s almost five times the amount invested.
Make 2018 the year that you get on the path to becoming a millionaire. You have until April 18 to contact Atlas Gemstones & Rarities. File your taxes soon so you can start amassing your fortune.