When will you become a millionaire?
Follow this link to CNN Money’s Millionaire Calculator and play with the inputs to find out.
This calculator uses three inputs to determine when you will become a millionaire.
- Current savings
- Monthly contribution
- Average return
Based on your inputs did you reach millionaire status when you were expecting? Probably not. So how can you get there faster?
Well obviously you can’t change the amount of your current savings. Therefore, to reach millionaire status faster you must increase your monthly contributions, increase your average return, or both.
To increase you monthly contributions you either need to earn more money or spend less money. Creating a budget and tracking your expenses will help you spend less and save more. To increase your average return, you must understand the benefits of each type of account and reduce taxes and fees as much as possible.