Money Monday: How to turn $360 a month into over $5 million
How to turn $360/mo into over $5M! Did you know you could do that?
I love that. I freaking love that about investments. The ability to grow your money and have your money work for you. The ability to provide income, tax breaks, security, withstand inflation, and build wealth!
My only regret about investing is that I wish I would have done it sooner. I wish I would have learned how to make my money grow at a younger age. I feel like I missed out on the potential to create so much additional wealth. It makes me ill to think about but I’m taking this loss and turning it into a lesson.
I don’t want anyone to make the same mistakes that I have, so with the help of my husband who is a professional wealth manager, I’ll be bringing you Money Monday. Filled with tips and takeaways I’ve learned from him over the years.
He really turned around my investment portfolio into a money-making machine. Just by changing your goals to be wealthy in the future versus having the latest and greatest handbag you can seriously stack up some cash. Which in turn can create a passive income flow in the future. But we’ll talk about that later.
Let’s get started. I’ll break it down.
The benefit of investing versus a savings account
⚡️If you put $360/mo into a cash savings account for 50 years you’d only have $216,000.
⚡️If you invested $360/mo for 50 years you’d have over $5M!
*assuming 10% growth
That also breaks down to 827K at 30 years and 3.4M at 45 years. This is what we’re currently doing for Colt baby.
Investing $360/month:
30 years- 827K
45 years- 3.4M
50 years- 5M+
A $5/day Starbucks is $150/month to give you an idea of how doable investing is.
What is an UTMA account?
UTMA stands for Uniform Transfers to Minors Act. An UTMA account is an account that allows you as the custodian to contribute and manage investments that you will later transfer to your child as the beneficiary once they reach a certain age. A key takeaway is that the minor can avoid tax consequences until they attain legal age for the state.
The UTMA incorporates the language of the UGMA and extends the original definition of gifts beyond cash and securities to include real estate, paintings, royalties, and patents.
How does it work?
If you ONLY invested $5,000 for your child when they were born into a UTMA account and didn’t touch it or invest any additional money, at 50 years old your child would have accumulated over $590,000! Over half a million dollars.
Complimentary Consult
This is the stuff I learn from my husband because he is a part of Global Wealth and Investment Management (GWIM) and provides comprehensive wealth management for his clients. This is the stuff I wish I knew sooner.
If you’d like a complimentary consultation please fill out this form.
Now let’s get to investing! Have a question? Drop it in the comments below so I can answer your questions on the next Money Monday.
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