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.
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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.
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