How to become a millionaire
27th July, 2021
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Sometimes I write blog posts and my audience is made up entirely of potential customers. Sometimes, I’m thinking about current customers and sometimes I’m thinking of the team at Stone Junction. Today, I’m thinking mainly about the team here at Stone Junction, but what I have to say might, just might, be interesting to other people as well.
By Richard Stone
I’m going to tell you how to be a millionaire.
Amazing right? Well, the catch is that you need to be 24 for this to work.
All you have to do is decide, at age 24, to invest £2000 a year, for a period of six years, in a pension with a good return; say around twelve per cent. That’s not unheard of, by the way, my own pension delivered around fourteen per cent last year, but it’s too late for it to make me a millionaire easily!
If you invest like that, after six to ten years, you won’t need to pay into a pension anymore after age 30. You will just be able to leave it and let it grow, through the power of compound interest, into a fund worth over a million pounds, which you can retire on age 65.
But what if you wait?
Well, if you give it six years until you are thirty and then start investing in a pension, you will still be able to retire as a millionaire, but you will have to invest £2000 every month from age 30 to age 65.
That’s an investment of £70,000 over 35 years, versus an investment of £12,000 over six years. One is a miracle, the other sounds pretty onerous.
But why am I telling you this? I don’t sell pensions. I don’t provide financial advice. In fact, if you work at Stone Junction, I literally can’t legally provide you with financial advice!
The technical PR bit
I’m telling you this, because, whether you are a client, a prospective client, or someone who works at Stone Junction, this message is as true of technical PR as it of pension planning.
The investment that you make now will reap dividends in the future. Each piece of coverage, each meaningful interaction with the media, each piece of content you prepare and share; they are all investments that you are making now, which will grow over time.
Because you are building reputation. And reputation experiences compound growth.