Turn $1,000 into $1,000,000 in 20 years

A Bank account that can make you a millionaire!

If you live in the west you are likely familiar with interest rates from banks that are insanely low, around 1% or less at times. Well the saavy investors know that there is a golden egg hidden in the developing world. In countries like Ghana the banks offer high yeild savings accounts with interest rates up to 33%! That type of return likely blows your current bank account interest earnings out of the water many times over. After doin some deep research on the topic I think its time to share my findings with everyone else. If you are interested in turning $1,000 into $1,000,000 before you retire read on.

Investing in the developing world is worth it

When choosing to open a bank account in an emerging market you are taking a risk in the fact that they are "developing nations" that lack a solid economic track record like the giants in America, Asia and Europe, but this actually helps drive the profitability for foreign investors. Thanks to the developing status of countries like Ghana the banking system often offers high interest rates on deposits. Opening an account in an emerging market is also a choice to support the growth of the economy of that nation. So not only do you stand to benefit but you are also lending a helping hand to the host nation.

Choose the right bank

As with any investment it is pertinent that you do your research on the market you are about to enter. Choosing the right bank can go a long way on making your saving experience enjoyable and successful. Here in Ghana there are many choices but the most reputable and highly reccommended are Absa (Formerly Barclays), Ecobank and UMB bank. These banks offer higly rated service, numerous savings options with low initial deposits. These banks also have savings and cheking type options for foreigners to invest in. You can rest assured that your money is safe in these institutions and they all offer great interest rates on savings accounts.

How much can you earn

According to Nationwide Finance the rates in ghana vary but one of the most popular is Absa which currently has a interest rate of 21.55% on savings deposits. Ecobank is another very popular bank in Ghana because like barclays it has great service and you can earn interest up to 25.95% on deposits. If you are looking for really big gains then check out UMB Bank which offers savings interet rates of up to 31%! With these banks interest rates you could earn $1,000,000 or more over 20 years!

Whats the scoop

Would you believe me if I told you that you can turn $1,000 into $1,000,000 just by saving $100 a month? Well it is possible and about as easy as a well planned vacation. If you were to open a bank account in Ghana with GHS 4,800 (about $1000) it would accrue interest on a monthly basis depending on you average daily balance. Say you chose to use UMB bank then your deposit will gain 31% in interest and over just five years you would have saved GHS 22,174 ($4,619). Now if you choose to add GHS 500 ($100) a month to that then you are looking at a return of GHS 94,041 ($19,591) and you only spent $7,000 in total. Following that math if you keep depositing that GHS 500 ($100) for 20 years you will end up with a whopping 2,335,210.22 and you will have only spent about $25,000 over the course of 20 years!

Chart depicts price appreciation in GHS

Make your next vacation count

Are you planning a vacation abroad soon? Why not make it a paycation, where you spend some money to make some money in the long term? at the veryleast it would be smart to try and invest in a place that can help make you a millionaire. What better way to spend a vacation then knowing that you are going to be much richer afterwards? All it takes is to save up enough to make the trip and start your account, I suggest around GHS 9,600 ($2,000) but your initial deposit could be as low as GHS 50 ($11). If you are locally in Ghana all you need to do is get off your butt, go to the nearest UMB, Barclays or Ecobank branch and open an account. This type of investment is something that can help vaunt you into the future you dream of without spending all your money getting there. I mean come on can you tell me any way you can make $1,000 into over $1,000,000 in 20 years or less without spending more than $25,000? Do yourslf a favor and start planning that visit to Ghana!

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