How to Become a Millionaire
I learned a long time ago becoming a millionaire was easy. All you had to do was invest $1,000 and double your money every year. In ten years you would be a millionaire. The proof is in the math…
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See! Super easy. Of course the challenge is figuring out how to double your money in just one year. When you do, let me know!
1% per Day
1% per day might sound a bit easier than doubling your money every year. But is it?
This is what brought me to crypto trading in the first place – automated bots that earn you one percent per day while you sleep and do other stuff. Is it possible? Well, sorta. More on that in a bit. First, what does 1% per day mean in terms of growth?
To figure that out you need a bit more math than the example above. Understand as well we’re using the immense power of compound interest. Start with $1,000 and add 1% (1,000 x 1.01 = 1,010). Do that again, but your new total is $1,010, so 1,010 x 1.01 = 1,020.1. Do that another 363 times! Or, if you want to save some time download this spreadsheet which already has all the formulas:
I’ll cut to the chase… 1% per day works out to 37 times your initial investment if you compound the interest daily for 365 days.
That’s a bit more than doubling every year, don’t ya think?
Compare that to what your bank pays you on a savings account. Maybe 1% per year, if you’re lucky? Anyways, feel free to download the spreadsheet above and play with the values in the green cells at the top to see what different outcomes of percent and initial investment yields after one year. Scroll to the bottom of the spreadsheet for the results.
So then, is 1% per day even possible?
Well, it remains to be seen if it’s doable in the long run. I can say for sure after some trial and error I have been able to achieve 1% per day, and higher, on some of the bots I’ve configured. Some days are good, some are bad. Some whole months are bad too – 50% drops, ouch!! Welcome to crypto trading. Which leads to the sustainable question, the answer to which is what this blog is all about.
In future posts I’ll be going through my bot configurations, what’s worked, what hasn’t, some nice trades I’ve made, how to start out, how to rescue a trade (those 50% drops), and various other topics. Along the way I’ll keep my account value and growth in the sidebar for all to see.
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2 thoughts on “37x Your Investment, and How to be a Millionaire”
Inspiring. Thank you very much 🙂 Looking forward for bot configurations
It’s been a year! Any updates on your 1% a day trading bot config?
Looking forward to hearing some updates soon!