A recent study on Business Insider revealed that most investors no longer feel that reaching a $1 million investment goal is of great importance. A few years ago, if you had $1 million in investments you were over the moon and considered financially independent, now that figure has risen to $5 million!
Why the big jump in investment wealth? Well, mostly because $1 million is not going to get you as far as it did a few years ago, nor does it give as much as $5 million in interest and dividends. The survey also revealed that more than 70% of investors are concerned about their medical costs later in life, and then other goals like being able to provide money for their children and grandchildren.
People who invest money on a monthly basis leave their money to grow slowly, but after the recession there are many people who prefer to invest cash instead of other assets. Now that all investors have a bigger goal to reach for, making the $5 million mark will declare you financially independent, but how are you going to get to $5 million if you do not start investing today.