Getting to One Million Dollars

By | September 24, 2014

Saving every month and investing are key to building wealth. Here is a table which shows how one can accumulate one million dollars for retirement. At the top is the rate of return required on an annual basis and the left column shows the holding period required. Each cell shows the amount required to be deposited every month for as long the holding period is.

 

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As you can see from the table, the longer you invest, the less you need to put away every month. Also, the smaller the rate of return required. So instead of having to put away $7,534.68 every month at a 2% interest rate, you can instead opt to invest earlier and pay $971 for 50 years.

Save and Invest early~

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