Becoming a millionaire is a dream we all share.
Although having a seven-figure net worth seems tough, we’re here to tell you it’s more attainable than striking Toto or 4D. With some planning and discipline to start saving and investing early, having $1 million dollars is entirely within reach.
How much you need to save each month
To illustrate how achievable the millionaire goal is, we created a chart showing how much you need to save each month to get to your first $1 million.
We assume you’re starting with no initial savings, and that you’ve committed to investing on a monthly basis, a strategy known as dollar-cost averaging.
The average annual return is taken to be 8%, which is reasonable considering the average annual return of the S&P 500 over the past 30 years has been 10.7%....