Home Articles How Many Years Does It Take to Reach the One Million Dollars?
How Many Years Does It Take to Reach the One Million Dollars?  E-mail

Most of us slog our lives away in jobs and save what little we can put aside every month. The chance of ever having a million dollars this way is almost NONE! But with "the most powerful force in the universe", as to be said declared by Albert Einstein, it suddenly becomes much more possible! Have you wondered how long it will take for you to have a million dollars if you invest a certain about monthly and let compound interest work for you? Want to see some numbers?

Years to Reach One Million Dollars

Monthly
Savings

 2% 4% 6% 8% 10% 12% 14% 16%

$50

 177 105 77 61 51 44 39 35
$100 144 88 66 53 44 39 34 31
$150 125 79 59 48 40 35 31 28
$200 112 72 54 44 38 33 29 26
$250 102 67 51 42 35 31 28 25
$300 94 62 48 39 34 30 26 24
$400 82 56 43 36 31 27 24 22
$500 73 51 40 33 29 25 23 21
$750 58 42 34 29 25 22 20 18
$1,000 49 37 30 25 22 20 18 17
$1,250 42 32 27 23 20 18 17 15
$1,500 37 29 24 21 19 17 16 14
$2,000 30 25 21 18 16 15 14 13
$2,500 26 21 18 16 15 13 12 12
$3,000 22 17 16 15 13 12 11 11
$4,000 17 14 14 12 11 10 10 9
$5,000 14 13 12 11 10 9 9 8

Note that the number of years are rounded to the nearest whole number. The one million goal is a future value.

Excited?

Compound interest can work for or against you. Do you know how much compound interest your credit card debt is weighing you down when you roll over balances? If you start drinking 2 cups of $4plus-coffee a day from age of 16, by the age of 67 years old, it would have cost you a million dollars (assuming a compound interest rate of 6%, compounded monthly)!    

You do not have to be a Math genius to figure out compound interest rate. Look online for compound interest calculators to work it out for you.

 

 

 

 

 

 

 

 

 
 

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