[mage lang="" source="flickr"]penny stock millionaire[/mage]
How many years does it take on average to become a stocks & shares ISA millionaire?
I am 18 years old, looking to get a job soon. I already have a few grand saved up in my bank and I’m looking to use it to invest into a stocks & shares ISA, or instant savings account to possibly retire a millionaire younger than the average person. I will be putting all money I can get spare, down to every last penny from my job and other income streams into it. What I would like to know is how long it would take me on average to become a millionaire starting now at 18 if I do this? What age can I expect to become a millionaire doing this provided I reinvest all my dividends?
There is really no good answer to this question. A lot will depend on luck and the economy. And of course skill. If I had to make a guess, I would say that you might possibly make it by 50 years of age. You should make it by 60. If you have a real knack at it you could do it by 30. Average has no bearing on this question.
Penny stock millionaire trader Tim Sykes comes back on tastytrade