With consistent savings and (hopefully) a decent interest rate on those savings, you might be able to become a millionaire. When and what will it take? This interactive calculator will show you.
The neat thing about the tool, besides quickly telling you how old you’ll be when you reach a million dollars, is you can play around with the variables to see how extra savings or stronger investments affect the end result.
A million bucks might be more or less than you need to save for retirement, but just playing around with this tool could boost your chances of not running out of money after you retire.
Want to be a millionaire? Here’s how long it’s going to take you [news.com.au]
Comments
6 responses to “This Calculator Shows How Long It Will Take To Save A Million Dollars”
It is true that this will show you when you will have a million in cash, but you’ll have to take inflation into consideration to figure out the ‘real’ million. Current CPI is 2.3% so you’ll have to subtract this from the annual interest rate to figure out the effective rate,
You’ll also have more “free cash” to save because of the same CPI that (should) be applied to your income over that time.
Not getting get rich putting yo monay in the bank.
The unrealistic expectation here is that everything will remain consistent.
Consistent or not I’m still never going to be a millionaire.
You have the gift of prophecy?
Why not allow for the occasional miracle?