How to become a MILLIONAIRE in 10 (NOT SO EASY) steps

On the internet there is a plethora of get rich quick schemes and HOW TO BECOME A MILLIONAIRE IDEAS, that I expect have less chance of actually working than playing the lottery.

There is however one way that you could become a millionaire and it is incredibly simple, yet remarkably difficult to achieve.

It involves investment (some may say speculation) in the stock market and benefitting from the magical power that is compound interest, i.e. money makes money and that money makes more.

To start on your journey to becoming a millionaire you first need to start with just £1,000 in savings.

Now here are the 10 simple steps to becoming a millionaire!

1. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £2,000.

2. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £4,000.

3. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £8,000.

4. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £16,000.

5. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £32,000.

6. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £64,000.

7. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £128,000.

8. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £256,000.

9. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £512,000.

10. Invest in a single company stock or small range of stocks that appreciate by 100% in value, and therefore double your initial investment to £1,240,000.

Sounds easy don’t it?

Unfortunately achieving this is incredibly difficult and not many investors will be able to generate these types of returns. In fact chasing these types of returns will probably lead you to actually losing your shirt, rather than becoming a millionaire.

Whilst you may be able to double your money in earlier years, emotionally it will be a lot more difficult to do so in later years when your pot has become much larger in size as this strategy requires a large amount of concentration of your stock selection into either 1 or very few stocks and the temptation would be to become more diversified and cautious, or you may be shaken out of the market by panic if you see for instance your £256,000 reduce to £150,000, even though the drop may only be temporary.

This strategy also increases your chances of losing your invested capital if you make the incorrect stock selections, however if you are brave, fortune may well favour you.

Good luck on your journey to either losing your shirt or becoming a millionaire!