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Do you think becoming a millionaire is out of the question?
If you set financial goals, start investing in your twenties or thirties, apply sound investment and portfolio principles and let time and compounding do their work, it may not be as difficult as it sounds.
For example, if you start with nothing and put away $6,000 per year in a tax-deferred account that earns 7.00% per year starting at age 25, you will become a millionaire at age 63.
See Also: The Importance of Higher Returns
This calculator will estimate the age when you will become a millionaire based on your current savings and what you plan on investing each year. Since we all know that a million dollars tomorrow will not be worth the same as a million dollars today, the calculations factor in the effect of inflation.