Woah there! <\/strong><\/p>\n\n\n\n Hold on there, buddy! Before you rush to “attack me” in utter confusion because of the BS I said let me explain myself!<\/p>\n\n\n\n First of all, as a disclaimer, I am one of the biggest fans of this magnificent drug called coffee.<\/strong><\/p>\n\n\n\n My daily consumption of coffee can go up to 4 double espressos<\/strong>. <\/p>\n\n\n\n So, don\u2019t you worry, I would never suggest to quit <\/strong>this worldwide favorite beverage.<\/p>\n\n\n\n If I would advise anything about its consumption, is to drink it without any sugar in it… What I would like to talk about in this article is the coffee you buy outside, the \u201cTake Away\u201d coffee.<\/p>\n\n\n\n Every time I see someone walking down the street holding an \u201coverpriced<\/strong>\u201d cup of coffee bought from one of those thousands coffee shops that emerge from every corner of the city, I see a “walking millionaire<\/strong>“.<\/p>\n\n\n\n *Dramatic drum roll*<\/em><\/p>\n\n\n\n Yes, you throw away your chance of becoming a millionaire just because you choose to buy that double caramel latte that costs 3\u20ac<\/strong>!<\/p>\n\n\n\n Throw it away! Now!<\/strong><\/p>\n\n\n\n I can spot two problems here<\/strong>, with the 2nd<\/sup> one being the most important.<\/p>\n\n\n\n If you add up, every double caramel latte that you have bought, what do you get? <\/strong><\/p>\n\n\n\n *If you didn\u2019t follow my “no sugar advice”, probably increased sugar levels…<\/em><\/p>\n\n\n\n Jokes aside, you get an enormous expense!<\/strong> Well, I totally agree with you if you just think short term.<\/p>\n\n\n\n Let\u2019s see how much does your favourite \u00a03\u20ac “cheap” beverage costs, long term, if it adds up.<\/p>\n\n\n\n It will most certainly, shock you!<\/p>\n\n\n\n 3\u20ac * 7 days = 21\u20ac \/week <\/strong> 21\u20ac * 4 weeks = 84\u20ac \/month <\/strong> 84\u20ac * 12 months = 1.008\u20ac \/year<\/strong> So, just by quitting your \u201ctake away\u201d daily coffee your 12 mothly salaries magically become 13<\/strong>!<\/p>\n\n\n\n That’s a whole new monthly salary, that you can treat yourself as a yearly bonus for being more financially literate!<\/p>\n\n\n\n Here comes the first “shock”, right?<\/p>\n\n\n\n *If you can handle a second shock, do the same thing with your daily cigarette consumption…<\/em><\/p>\n\n\n\n Brace yourself because another shock is right on your doorstep…<\/p>\n\n\n\n Every Euro spent on these coffees is a Euro less on an investment that can yield interest!<\/strong><\/p>\n\n\n\n Because of something called “Compound Interest”<\/strong>, your “saved” coffee money could have worked for you and generated a lot of money as interest over the years!<\/p>\n\n\n\n If you have snooped around a bit more with investments, compound interest won’t be something new for you, if not, then this might change your way of thinking all the way!<\/p>\n\n\n\n And what is better than quoting someone who said it in a better manner than you?<\/p>\n\n\n\n Einstein once said:<\/p> \u201cCompound interest is the eighth wonder of the world. He<\/em> who <\/em>understands <\/em>it, <\/em>earns <\/em>it \u2026 <\/em>He <\/em>who <\/em>doesn\u2019<\/em>t \u2026 <\/em>pays <\/em>it\u201d<\/em><\/strong><\/span><\/p><\/blockquote>\n\n\n\n If you choose to buy your overpriced \u2018\u2019take away\u2018\u2019 coffee every day then, I am afraid, you might belong to the second group of people.<\/p>\n\n\n\n Compound Interest<\/strong> does wonders over time!<\/p>\n\n\n\n Not only it generates interest on your initial invested capital but it generates interest on the generated interest and then interest on the interest and… you get the point!<\/p>\n\n\n\n Compound Interest follows the \u2018\u2019Snowball Effect\u2019\u2019<\/strong>.<\/p>\n\n\n\n Just like a snowball that strolls down the hill, continuously becomes bigger and bigger, just like that follows the interest.<\/p>\n\n\n\n If you manage to find the discipline to stay consistent and continue to invest and invest while you resist the urge to cash out and liquefy your investments, time will do miracles for you!<\/p>\n\n\n\n \u2018\u2019Ok, you had my attention, now you have my utmost curiosity! How and when will I become a millionaire?\u2019\u2019<\/em><\/p>\n\n\n\n I\u2019m so glad to hear that, so I immediately proceed with the necessary maths to back it up!<\/p>\n\n\n\n Let\u2019s, hypothetically, assume that you are 18 years old ( if you are older, relax, this will work for you as well)<\/p>\n\n\n\n Like we said before, your precious latte costs you 3\u20ac \/day<\/strong> which lead to an astonishing amount of 1.008\u20ac \/year<\/strong>!\n\nWe are still pretty far from the million, right?<\/p>\n\n\n\n What will happen if you choose to invest the above mentioned amount of money?<\/p>\n\n\n\n Let\u2019s take, for example, a new alternative way of investing (with which I have been experimenting for more than one and a half year) P2P Lending. <\/p>\n\n\n\n P2P Lending can, casually, offer an annual interest of 10%.<\/p>\n\n\n\n *You wanna know more about P2P Lending? So, if you have saved your coffee money for 2 whole years, without investing any of them, you would have gathered a capital of 2.016<\/strong>\u20ac.<\/strong><\/p>\n\n\n\n On the other hand, if you have chosen to invest this capital starting from the end of the first year (1st<\/sup> year saving – 2nd<\/sup> saving and investment with 10% interest) you would have a total of 2.217,6\u20ac<\/strong> by the end of the second year.<\/p>\n\n\n\n So, just by investing your capital for one year you would have gained an extra amount of 201,6\u20ac.<\/strong><\/p>\n\n\n\n By the end of the 19th<\/sup> year of your life, you would have 2.217,6\u20ac<\/strong> in your investments account!<\/p>\n\n\n\n You are not a millionaire yet, I know, but you have just turned 20! Have some patience young one and let time do its magic!<\/p>\n\n\n\n Let\u2019s go back to the math so we can see how your new habit is evolving over the years:<\/p>\n\n\n\n Age<\/strong> \u2014\u200a Value (in Euro)<\/strong><\/p>\n\n\n\n 18\u200a \u2014\u200a 1.008\u20ac<\/strong><\/p>\n\n\n\n 19\u200a \u2014\u200a 2.217,6\u20ac<\/strong><\/p>\n\n\n\n 20 \u2014\u200a 3.548,16\u20ac<\/strong><\/p>\n\n\n\n 21\u200a \u2014 \u200a5.011,78\u20ac<\/strong><\/p>\n\n\n\n 22\u200a \u2014\u200a 6.621,75\u20ac<\/strong><\/p>\n\n\n\n 23\u200a \u2014 \u200a8.392,73\u20ac<\/strong><\/p>\n\n\n\n 25\u200a \u2014 \u200a12.483,68\u20ac<\/strong><\/p>\n\n\n\n 30\u200a \u2014\u200a 26.874,43\u20ac<\/strong><\/p>\n\n\n\n 40\u200a \u2014 \u200a87.376,77\u20ac<\/strong><\/p>\n\n\n\n 45\u200a \u2014\u200a 147.490,49\u20ac<\/strong><\/p>\n\n\n\n 50\u200a \u2014\u200a 244.304,24\u20ac<\/strong><\/p>\n\n\n\n 55\u200a \u2014 \u200a400.223,76\u20ac<\/strong><\/p>\n\n\n\n 60\u200a \u2014\u200a 651.333,71\u20ac<\/strong><\/p>\n\n\n\n 65\u200a \u2014 \u200a1.055.748,78\u20ac<\/strong><\/p>\n\n\n\n 70\u200a \u2014\u200a 1.707.063,31\u20ac<\/strong><\/p>\n\n\n\n 75\u200a \u2014\u200a 2.275.771,39\u20ac<\/strong><\/p>\n\n\n\n So, as you read above, you are going to reach the level of a millionaire by the time you turn 65 years old just by quitting your everyday delicious latte! <\/p>\n\n\n\n Not a huge sacrifice if you take into consideration the value of the outcome, right?<\/p>\n\n\n\n It\u2019s obvious that you aim to become a millionaire before turning 65. What do you have to do? Increase the amount!<\/p>\n\n\n\n Bear in mind that we have just realised (and proved with maths) that by saving and investing an amount of 3 Euros per day you can become a millionaire in the duration of a lifetime.<\/p>\n\n\n\n I want you to imagine yourself saving and investing more than 3 Euros per day!<\/p>\n\n\n\n I would like to point out something that might have slipped your mind. Did you just happen to realise how can interest and time work miracles on your money?<\/p>\n\n\n\n If you had chosen just to save and not invest your coffee money you would have gathered a total sum of 47.376\u20ac by the time you were turning 65.<\/p>\n\n\n\n Still, that’s not bad, but it’s pretty far away from the million! <\/p>\n\n\n\n So, now!\n\nJust think how faster would you reach your goal if you chose to quit other costly and bad habits (i.e. smoking) and invest those saved money instead.<\/p>\n\n\n\n Just another thing before I say goodbye:<\/p>\n\n\n\n You need 47 years from the moment you choose to quit coffee to become a millionaire. <\/p>\n\n\n\n From that moment and after 10 years, this million will double itself! <\/p>\n\n\n\n That’s where the real power of compound interest is hidden!<\/p>\n\n\n\n Everything comes down to two things! The time and the amount of money you have saved!<\/p>\n\n\n\n The sooner you start saving and investing the faster you will reach your goal!<\/p>\n\n\n\n Every year counts!<\/p>\n\n\n\n The bigger the amount of money you have saved the more interest it will generate!<\/p>\n\n\n\n So just like that, you can become a millionaire, just by quitting your everyday tasty coffee!<\/p>\n\n\n\n Anything else you might think quitting will lead to the same or even better results?<\/p>\n\n\n\n *Well, it shoud like the 3rd time I am saying this – Spoiler – *Smoking*<\/em><\/p>\n\n\n\n Yours,<\/p>\n\n\n\n Sterg<\/p>\n\n\n\n Do you want to become a millionaire? That’s a piece of cake, you just have to quit your coffee! Woah there! Hold on there, buddy! Before you rush to “attack me” in utter confusion because of the BS I said let me explain myself! First of all, as a disclaimer, I am one of the<\/p>\n","protected":false},"author":1,"featured_media":76843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[347],"tags":[359,358,143,360],"table_tags":[],"class_list":{"0":"post-76835","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-money-management","8":"tag-coffee","9":"tag-how-to-become-a-millionaire","10":"tag-slider","11":"tag-slider-en"},"uagb_featured_image_src":{"full":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",1200,791,false],"thumbnail":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-150x150.jpg",150,150,true],"medium":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-300x198.jpg",300,198,true],"medium_large":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-768x506.jpg",768,506,true],"large":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-1024x675.jpg",770,508,true],"1536x1536":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",1200,791,false],"2048x2048":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",1200,791,false],"cheerup-small":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",175,115,false],"cheerup-medium":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",450,297,false],"cheerup-full":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",1170,771,false],"cheerup-viewport":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",1200,791,false],"cheerup-768":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee.jpg",768,506,false],"post-thumbnail":["https:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-270x180.jpg",270,180,true]},"uagb_author_info":{"display_name":"Sterg","author_link":"https:\/\/moneyminority.com\/en\/author\/stergioskstergiou\/"},"uagb_comment_info":155572,"uagb_excerpt":"Do you want to become a millionaire? That’s a piece of cake, you just have to quit your coffee! Woah there! Hold on there, buddy! Before you rush to “attack me” in utter confusion because of the BS I said let me explain myself! First of all, as a disclaimer, I am one of the","_links":{"self":[{"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/posts\/76835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/comments?post=76835"}],"version-history":[{"count":0,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/posts\/76835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/media\/76843"}],"wp:attachment":[{"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/media?parent=76835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/categories?post=76835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/tags?post=76835"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/moneyminority.com\/en\/wp-json\/wp\/v2\/table_tags?post=76835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Do it for your health’s sake – It’s also much tastier that way! <\/em><\/p>\n\n\n\n![\"How](\"http:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-to-Become-a-Millionaire-Quitting-Coffee-1024x675.jpg\")
<\/figure><\/div>\n\n\n\nWhat is going on? I am Confused!<\/strong><\/h2>\n\n\n\n
“Relax mate, it\u2019s just 3\u20ac!\u201d<\/em> I can hear you say\u2026<\/p>\n\n\n\n
\u201cCome on, 21 Euros per week is nothing, man!\u201d<\/em><\/p>\n\n\n\n
\u201cHmm\u2026Now that I think of it, it would be nice to have an extra 80\u20ac per month\u201d<\/em><\/p>\n\n\n\n
\u201dNow you are talking crazy! That\u2019s almost my salary!\u201d<\/em><\/p>\n\n\n\n![\"Can](\"http:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-will-I-become-a-millionaire.jpg\")
What is the “Compound Interest” and how does it work?<\/strong><\/h2>\n\n\n\n
![\"What](\"http:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/What-is-the-Snowball-Effect.jpg\")
How will I become a millionaire just by quitting coffee?<\/strong><\/h2>\n\n\n\n
![\"How](\"http:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/How-will-I-become-a-millionaire-quitting-coffee-1024x684.jpg\")
<\/figure><\/div>\n\n\n\n
\n\n\n\n
Here is a small presentation about what P2P Lending is, that I have pulled up for you!<\/em><\/p>\n\n\n\n
\n\n\n\n
\n\n\n\nHow Does the Compound Interest Work through the Years?<\/strong><\/h2>\n\n\n\n
\n\n\n\n![\"The](\"http:\/\/moneyminority.com\/wp-content\/uploads\/2019\/11\/The-sooner-you-start-saving-and-investing-the-faster-you-will-reach-your-goal.jpg\")
<\/figure><\/div>\n\n\n\n
\n","protected":false},"excerpt":{"rendered":"