Become a Millionaire Calculator
Input the values to see when you will become a millionaire
Compound interest is the 8th wonder of the world.
Details:
Age: How old you are right now. Starting earlier means you can save less each month because compound growth works longer in your favour.
Millionaire target age: The age you want to hit $1,000,000. For example, if you want to reach a million by 65, put 65.
Amount currently invested: Put the total you have in a TFSA, or a combined amount of saving invested in TFSA, RRSP, FHSA/ other savings account.
Savings per month: How much you plan to put into your investments every month.
Expected rate of return: The annual percentage you expect your investments to grow. 8% return is suggested in this calculator as a safe assumption, some would argue that this rate should be more.
If you are someone who could not care less about finance, then using this passive way of investing is the easiest. Of course there are other ways to generate returns greater than 8% but at the very least do this. You don't need a financial advisor, to talk to a bank, you can do this all by yourself.
again, the "I want the simplest method to a million, I don't care about finance" page gives details on the set up.
- More details:
The younger you are, the easier it is!
An 18 year can invest 178$ dollars monthly for 47 years and at the age of 65 they will be a millionaire (this is starting from 0 with no initial deposit!)
So to all YOUNG PEOPLE out there START INVESTING, it will change your life and make your future life so much easier.
Even if you are older it is not impossible! You should definitely start saving anyway (NO MATTER WHAT YOUR AGE)
Even after just a year of saving and putting energy towards your finances, you will feel so much better for it
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