6 % APY to become a millionaire 💸… Seriously? 😅
You might be thinking: “I invest €100 at 6%, let the interest work every day and BOOM, millionaire!” 💭✨
Spoiler: it's going to take longer than your patience 😬.
💸 €100 starting: Small player
Daily compounded interest
Result: 153 years to reach €1,000,000 😅
Verdict: Unless you've found the fountain of youth, forget it… 🧙♂️
💰 €1,000: We're starting to believe it… a little
Result: 115 years
Verdict: You might be able to write it in your will 📜
🏦 €10,000: Now it’s starting to smell like coffee
Result: 77 years
Verdict: Your grandson might have the pleasure of celebrating the million with you 🎉👶
🤑 €100,000: Jackpot!
Result: 38 years
Verdict: Finally a realistic scenario to become a millionaire by letting compounded interest do its work ✨💸☕
🔑 Moral of the story:
Compounded interest is magical ✨… but at 6%, it takes time or a lot of capital to hit the million.
€100? Infinite patience 🕰️
€1,000? Very long…
€10,000? You live long…
€100,000? Now, that becomes doable 💪
💡 Tip: If you really want to speed up, aim for a stronger APY or make regular deposits. Otherwise, start now… and hope for longevity 😎🧓