7 Ways To Make A Million
by Doris Dobkins
Do you want to have a secure retirement? Do you want to live comfortably in your old age? If so, the latest statistics say you need a million dollars. Wow, a million dollars, that's a lot of money. Yes it is but with inflation it won't even be worth as much as it is now. So it's time to start planning NOW for your future.
To have One Million Dollars at a future date, if you average an annual rate of return of 10% and make regular monthly investments, here is how much money you need to invest each month to reach your goals:
- $5,000 a month for 10 years = $1,024,225
- $2,600 a month for 15 years = $1,077,623
- $1,400 a month for 20 years = $1,063,116
- $800 a month for 25 years = $1,061,467
- $480 a month for 30 years = $1,085,034
- $300 a month for 34 years = $1,027,617
- $100 a month for 45 years = $1,048,250
The questions now are easy. How old are you? How many years until you want to retire? How much do you need to be saving a month?
If you can't afford the monthly amount, start looking for ways to increase your income or decrease your expenses to meet that monthly goal.
Don't say you can't do it, say you can and find a way to make it happen.
Creating a plan is the first step towards retirement success. Please start now. Don't wait any longer until it is too late. $100 a month is all you have to save if you are 20 years old. The earlier you start, the better off you will be. Do whatever it takes to reach your monthly investing goal.
Remember to write down your plan, evaluate it on a regular basis and rejoice in your success.
Share your thoughts about this article with the editor: Click Here
Take the Next Step
- Are you getting the best CD rate? Use our simple tool to find out. It's completely private, extrememly simple and you'll know what rate is available to you in seconds!
- Compare money market rates with our best rate finder. Don't let your bank pay you less than you deserve. It only takes a minute and your privacy is complete protected.
Trending on TDS
- Combining loans before a mortgage application
- Should you sell to American Pickers?
- The benefits of volunteering
- 5 steps to negotiating a better and smarter deal
- Budgeting strategies for the seasonal worker
- The key to overcoming newlywed financial woes
- Master the art of haggling
- Flipping thrift store items as a business
- How to grow savings fast
- 3 money beliefs that hurt your finances
- A cheat sheet on tipping do's and don'ts
- 7 times you can save money by spending money
- The most vulnerable credit cards in your wallet
- Money-saving secrets of the rich and frugal