Show Me My $1 Million Treasure

Will I get to $1 Million? It’s possible, but it won’t happen by magic. Financial discipline and consistency will help pave the way. The superpower of compound interest makes the task a little bit easier for those who have a longer time horizon to save, however $1 Million is within reach for whoever is willing to put in the work.

Please take a look at Table 1 below to find out what your monthly savings would need to be to reach this achievable milestone. The table shows what monthly savings would be needed assuming both a 6% and 10% annual investment interest rate of return.

As you can see from this illustration, a higher annual interest rate along with a longer time to let your investments grow result in a lower amount that you have to save to reach your $1 Million goal. For example at age 30, only saving $240 a month if you are able to achieve a 10% investment return might fit your budget better than having to save $613 a month when achieving a 6% investment return. However keep in mind that all options shown are possible and depend on your personal goals and what it is you want to achieve!

Paycheck to Wealth is here to help. Please contact Paycheck to Wealth today to learn how to get started taking the steps towards achieving your wealth-building goals.

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