Creating an abundant source of income is the ideal way to make your money go further in 2023 and can be achieved with dedication and patience. There are plenty of opportunities to do this either through a side hustle or setting up a small business and with consistent effort, even the most modest of savings can lead to some serious dough. How to Make a Million Pounds.
Alternatively, the stock market offers a good chance to become a millionaire in no time at all, especially if you invest regularly and take advantage of compound growth. This is when your returns earn interest on the original investment as well as on any subsequent returns, and it is this that makes saving so much more efficient compared to simply depositing your cash in a low-interest savings account.
How to Make a Million Pounds: Proven Strategies for Wealth
However, investing does carry some risk and is therefore best done with the help of a financial adviser, so it’s important to carefully consider your options. Ultimately, your choice will depend on how soon you may need to access the funds, your financial goals and your own level of risk tolerance.
Despite the fact that it is possible to retire on a million pounds, it’s worth noting that this sum will only generate an annuity of around PS32,000 per year at current interest rates. This is a lot less than what was the case pre-financial crisis, when a million in a high street savings account would yield about 5% in annual interest.