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Do You Really Need Investing to Become a Millionaire?

·4 min read
Do You Really Need Investing to Become a Millionaire?

Savings accounts enable you to grow your money without the risk that comes with investing. The average savings account annual percentage yield (APY) is just 0.06%. If you contributed $500 per month to a savings account with a 0.06% APY, it would take approximately 159 years to save $1 million.