This grid shows at what age you can become a millionaire, based on your yearly savings and what age you start saving. This grid assumes you start with $0 and your savings are invested at a 7% annual interest rate.
For example: If you start saving $24,000 every year starting at age 30, you will have one million dollars by time you are 50.
Here’s the math behind that:
Some Interesting Observations
- No matter what age you start, by saving $10,000 per year you can become a millionaire in 30 years
- No matter what age you start, by saving $20,000 per year you can become a millionaire in 22 years
- No matter what age you start, by saving $40,000 per year you can become a millionaire in 15 years
- A 50 year old with a net worth of $0 can become a millionaire by 63 through saving $50,000 per year. This might seem unreasonable, but keep in mind this is the age where most people are near their peak earnings.
- Anyone can become a millionaire before the traditional retirement age of 65 by saving only $4,000 per year starting at age 20.
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