A million pounds. It is one of those figures that you hear thrown around when buying a lottery ticket or when reading the Forbes Rich List (most probably much more than just a million in those cases but I think we would all settle for that humble 7-figure). So over at QuidCycle HQ, we have been wondering - “How could we be millionaires?”. Now the answer is much simpler than you would have thought! Our excel wizard, Max, has been crunching numbers and has come up with a wallet-filling formula that we can all follow. With our investment plan, you could achieve that holy grail figure by the time you retire at the age of 65! So without further ado, cast your eyes upon our Millionaire Mission and join the movement!
With QuidCycle’s RegularInvest return rate boost to 5.2% return, there is an alternative way to make your money grow each month. With that new rate, we have the exact age-specific amount that you need to invest into QuidCycle each month to earn you £1,000,000 by the time you turn 65. See the table below. Please note that your capital is at risk when investing direct. Visit our "Understanding Risk" page.
|Age3||Monthly Investment (£)|
“Start saving early” is something that we wholeheartedly stand by and I am sure if you ask those in the older generation they would agree. By saving a little each month when you are young, you will slowly build up a fund to enjoy later on in life. For example, for those that have just turned 21, if you can shield £464.51 each month away from the house parties and weekend spending, that £1,000,000 has your name on it. Invest that amount each month until you retire and you will have a wholesome million pounds waiting for you, thanks to the interest incurred. With house prices soaring and the majority of us (including myself) still enjoying family home comforts, it is a brilliant way to experience life when rent has to be paid each month. It may be daunting young QuidCyclers but persevere and you will not regret it.
Now let’s take a 35 year old or those in their mid-thirties, who may have settled into a house and even started a family! It is not a hurdle for you to reach that million. If £1157.78 seems like a large sum, split it with your partner and both enjoy the spoils when you are older. Just £578.89 invested per month each and you will be collaborated millionaires at the age of 65. Your grandkids dreams of turning into a Hollywood superstar may just turn into a reality with your help! Or that luxurious trip to the Seychelles you have always dreamed of is at your fingertips!
Now we have not forgotten those of you that may be nearing that all-relaxing retirement. Let us now consider a 55 year old and you may see the benefits of starting to save early (especially if you have grand plans of becoming a millionaire!). If you can piece together and invest £6371.25 each month into QuidCycle for 10 years, you will be a millionaire by the time you are 65 - wonderful!
As always, investing into any P2P platform comes with its risks and be sure to understand them before you set out on this financially fruitful path. See our "Understanding Risks" page. If you have any questions about investing with QuidCycle, we have a cheerful and knowledgeable QuidCycle Team that would be more than happy to explain to you how it all works. Hope you enjoyed the read and be sure to check back for more helpful hints and tips to make more of your money!
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.