How you can become a Millionaire as a Senior

How you can become a Millionaire as a Senior

As a senior who is above the age of 65, you probably musthave had the fantasy of becoming a millionaire. The question is, can this bepossible? Yes, you can get rich even at 65 and above, but it will require somework and time. Below are the few ideas on how you can become a millionaire as a Senior.

Make aggressive investments

Once you turn 65 and above the biggest challenge to you becoming the next millionaire is time. The younger you had started, the easier it would have been, but at this age, you will need to invest a heavy amount of money monthly while hoping for a better return. According to James Twining who is the CEO of Financial Plan in Bellingham; a 70-year-old will invest $2000 monthly at a compound rate of 10% to $1 million at age 85.

There is the likelihood that you may wish to invest more in high stake stocks to get rich soon. However, this strategy reduces your chances at success.

Start a business

This has proven to be the surest and most reliable way togenerate wealth. It would not be right if you underestimate the fortunes thatcould results from the business now. Being a senior can be an advantage to thebusiness. A senior must have at least one marketing skill which is developed asyou advances in the age which is very essential in any business. Businesses do not only make you reach but create theopportunity for you to spread the wealth. Through this, you can hire otherpersons for different job responsibilities and that will lead to wealthcreation across various age grades.  Getting a medicare advantage plan is easy

Delay social security

Social security is your greatest asset when talking aboutretirement benefits. If every other thing could fail, it stays on. Yourpossibility of becoming wealthy can be influenced by the way you exploit yoursocial security. You and your spouse can gain a $million by delaying socialsecurity until you are both 70. If such income is invested in an Index fund, there is the chance that the duo would become millionaires at age 92.

Invest in real estate

Real estate has become one of the best ways to get rich much quicker. However, it comes with significant risk. If the value in the property declines, you could be left in a great state of despair. Moreover, real estate is always worth the investment.