I thought this info was both useful and enlightening. I found this information in a issue of Kiplinger magazine that was sitting on my desk.
It talks about what you need to do to save $1Million dollars at different ages. I think they assume you already have money in savings on which you're earning 8% annually.
Check it out...
How to Make a Million at 25
You've Saved: $0 To reach one million by age 65 you need to save $286 per month.
How to Make a Million at 35
You've Saved: 0$ To reach one million by age 65 you need to save $671 per month.
If You've Saved: $50,000 To reach one million by age 65 you need to save $304 per month.
How to Make a Million at 45
You've Saved: 0$ To reach one million by age 65 you need to save $1,698 per month.
If You've Saved: $50,000 To reach one million by age 65 you need to save $1298 per month.
If You've Saved: $100,000 To reach one million by age 65 you need to save $861 per month.
How to Make a Million at 55
You've Saved: 0$ To reach one million by age 65 you need to save $5,466 per month.
If You've Saved: $50,000 To reach one million by age 65 you need to save $4,859 per month.
If You've Saved: $100,000 To reach one million by age 65 you need to save $4,253 per month.
If You've Saved: $200,000 To reach one million by age 65 you need to save $3,040 per month.
---
I thought this was good stuff! You can see the article online at:
http://kiplinger.com/magazine/archives/2008/02/how-to-save-a-million.html
Subscribe to:
Post Comments (Atom)
2 comments:
Good one. I did a different illustration for a college presentation a couple of years ago. It is true that with discipline, everyone will have an opportunity to be a millionaire.
I have a lot of work to do so I can be a millionaire. I don't know if I can be one but my husband's goal is to be one. It's his ultimate goal I should say...I think he's going to achieve it someday soon.
Post a Comment