Millionaires are wealthy individuals who have net assets equal to or more than one million dollars. In today's standard, having $1M at the retirement age no longer viewed as wealthy bur necessity. To retire comfortably, you'll need at least $1M worth of assets. How do you make $1M? Use our million dollar calculator to estimate how much you'll have to save to achieve your retirement goal.
| Initial Investment And Monthly Savings | Target Amount |
|---|---|
|
Savings Target Amount: |
|
|
|
|
|
|
|
|
|
|
17 years 8 months
$312,000
$688,000
| Year | Annual Interest | Accumulated Interest | Cumulative Investment Amount | Sum |
|---|---|---|---|---|
| 0 Year | $0 | $0 | $100,000 | $100,000 |
| 1 Year | $908 | $908 | $112,000 | $121,982 |
| 2 Year | $1,087 | $1,995 | $124,000 | $146,026 |
| 3 Year | $1,283 | $3,278 | $136,000 | $172,326 |
| 4 Year | $1,497 | $4,775 | $148,000 | $201,093 |
| 5 Year | $1,731 | $6,506 | $160,000 | $232,558 |
| 6 Year | $1,987 | $8,493 | $172,000 | $266,975 |
| 7 Year | $2,268 | $10,761 | $184,000 | $304,620 |
| 8 Year | $2,574 | $13,335 | $196,000 | $345,797 |
| 9 Year | $2,909 | $16,245 | $208,000 | $390,837 |
| 10 Year | $3,276 | $19,521 | $220,000 | $440,101 |
| 11 Year | $3,677 | $23,198 | $232,000 | $493,987 |
| 12 Year | $4,116 | $27,314 | $244,000 | $552,928 |
| 13 Year | $4,596 | $31,910 | $256,000 | $617,398 |
| 14 Year | $5,121 | $37,031 | $268,000 | $687,916 |
| 15 Year | $5,695 | $42,726 | $280,000 | $765,048 |
| 16 Year | $6,323 | $49,050 | $292,000 | $849,416 |
| 17 Year | $7,010 | $56,060 | $304,000 | $941,699 |
| 18 Year | $7,762 | $63,821 | $316,000 | $1,042,638 |
It is not easy for ordinary person to save one million dollar through labor earnings. However, making a million dollar may not be too difficult if you start early and invest your money that earns you compound interest. For example, let's assume that you work part-time during 4-years of your high school. Each year, you saved $2,500 totalling $10,000 at the age of 18. You invest $10K in S&P500 earning annual growth rate of 10.5%. In 47 years or at age 65, you'll have $1.06M dollars.
You may also use our Compound Interest Calculator to estimate your earnings based on the initial investment, monthly contributions and an estimated annual rate of return; and be in charge of your money.
What is HyperText Markup Language (HTML)?
Hypertext Markup Language (HTML) is the standard markup language used for creating web pages and web applications. Alongside Cascading Style Sheets (CSS) and JavaScript (JS), it forms the triad of the World Wide Web (WWW). A web... Read More
Use the JSON Beautifier to reformat your JSON with indentation.
Convert JSON content into XML format with your choice of indentation.
