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How practical is it to invest and retire a millionaire?

^{Published on 2024-12-16 22:21:09 - Gulf News}
 

• Parthiv Patnaik, a Dubai-based financial planner, agrees. "While the goal of becoming a millionaire early in life is appealing, the reality is that it's not an achievable target for everyone. Many face barriers such as high living costs,

The article from Gulf News discusses the feasibility of investing to become a millionaire by retirement. It highlights that while the idea of retiring as a millionaire is appealing, the practicality depends on several factors including starting age, investment amount, and expected returns. For instance, starting at age 30 with a monthly investment of Dh3,000 (about $817) at a 7% annual return could potentially grow to over Dh1 million by age 60. However, the article points out challenges like inflation, market volatility, and the need for consistent investment discipline. It also mentions the importance of diversification, understanding one's risk tolerance, and possibly seeking financial advice. The piece concludes that while it's possible to achieve millionaire status through disciplined investing, it requires a long-term commitment, realistic expectations about returns, and adjustments for economic changes.

Read the Full Gulf News Article at:
[ https://gulfnews.com/your-money/saving-investment/how-practical-is-it-to-invest-and-retire-a-millionaire-1.1734370991867 ]

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