How much should I invest in stocks per month from age 20 to become millionaire at the age of 40? And which stocks should I invest now?
To figure out how much money you want to invest, you need to ask yourself how extreme you’re willing to go. An example would be making $800 every two weeks and putting $500-$600 into an investment portfolio.
By the age of 40, you will have an investment value of $679,579 (this is assuming that the rate of return is 7%). Now let us look at a more conservative point of view when it comes to investing just $600 a month.
When you reach the age of 40, your investment will be worth $312,960 at retirement. That is still not a bad number at all to have after 40 years of investing.
So to answer the question of what it’s going to take to become a millionaire, The most extreme you will need to go is investing around $2,000 a month. over a period of 20, according to Acorns Compound Interest Calculator, You will have a balance of $1,047,931.
If you want to speed up the possibility of becoming a millionaire faster investing your money then adding dividend stocks to the portfolio (and reinvesting that money into more stocks) will do the trick.
What I am doing right now is buying fractional shares of dividend stocks that pay monthly and then reinvest that money to grow my investment over time.
Which stocks should I invest now?
The stocks that you need to invest your money in is big company stocks, ETFs, REITs, and any other stock that pays out dividends. I suggest to really do your research to find out how you want to diversify your portfolio because that is a good way to avoid risk when it comes to investing.
Below is a list of dividend stocks that someone from Reddit posted that pays dividends.
This is the first 50 from my spreadsheet. You can download the entire portfolio spreadsheet on the link in the video
Canoe Financial – EIT Income Fund
Middlefield Funds – MINT Income Fund
Middlefield Funds – Global Dividend Growers Income Fund
Middlefield Funds – European Dividend Income Fund
Middlefield Funds – Pathfinder Income Fund
Brompton Funds – Blue Ribbon Income Fund
Brompton Funds – Canadian High Income Fund
Brookfield – Global Infrastructure Securities Income Fund
Brookfield – Select Opportunities Income Fund
Brookfield Renewable Partners
Brookfield Property Partners
Harvest – Brand Leaders Income Fund
Harvest – Global Telecom & Utilities Income Fund
Strathbridge – Canadian Utilities & Telecom Income Fund
Quadravest – Income Financial Trust
PIMCO – Global Income Opportunities Fund
Manulife – Floating Rate Senior Loan Fund
CI Investments – Precious Metals and Mining Trust
CI Investments – Sentry Select Primary Metals Corp
BMO – Canada High Dividend Covered Call
BMO – U.S. High Dividend Covered Call
BMO – Europe High Dividend Covered Call
BMO Global High Dividend Covered Call
BMO – Covered Call Utilities
BMO – High Yield U.S. Corporate Bond
BMO – U.S. Put Write
Horizons – Enhanced Income International Equity
Horizons – Marijuana Life Sciences Index
Horizons – China High Dividend Yield Index
CI First Asset – Tech Giants Covered Call
CI First Asset – Energy Giants Covered Call
Brompton Funds – Global Healthcare Income & Growth
Middlefield Funds – REIT Indexplus
Hamilton Australian Financials Yield
Quadravest – Dividend 15 Split Corp
Quadravest – Financial 15 Split Corp
Quadravest – Canadian Banc Corp
Quadravest – TDb Split Corp
Quadravest – Canadian Life Split Corp
Quadravest – M Split Corp
Brompton Funds – Life & Banc Split Corp
Brompton Funds – Split Banc Corp
Brompton Funds – Global Dividend Growth Split Corp
Strathbridge – Premium Income Corp
Middlefield Funds – E Split Corp
Harvest – Big Pharma Split Corp
PRO REIT
https://www.reddit.com/r/dividends/comments/fuxkpf/living_off_dividends_avg_1000_a_week_during/
I suggest buying fractional shares (if you can’t afford the whole share) of these stocks or all of them. Always make sure that all those dividend payments are being reinvested back into the stocks that you want to grow your holdings with.
Closing Thoughts
If you want to achieve that goal of becoming a millionaire by 40 then you need to build a habit of investing a good amount of your money. Don’t for one second think that it is unattainable to achieve any goal. You can do it!
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How much should I invest in stocks per month from age 20 to become millionaire at the age of 40? And which stocks should I invest now?