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Monday, 12 January 2009

How long will it take to become a millionaire?

How long will it take to become a millionaire?

(Comment: Make a $1,000 per day for 1000 days. 1000 x 1000 = 1 million)


The movie Slumdog Millionaire will reignite our dreams to become super-rich but the reality is that few of us will be one question away from winning the quiz Who Wants to be a Millionaire?. If you had to save, how long would it take you to save £1m?



By Paul Farrow Last Updated: 4:59PM GMT 09 Jan 2009

How long will it take to become a millionaire? Photo: BBC
Go on, admit it. You have dreamed that one day you will become a millionaire. More than two-thirds of the 23m people who have bought National Savings & Investments' Premium Bonds have done so in the hope of becoming a millionaire.
However, the odds are stacked against you and the chances of winning the Premium Bond jackpot are 1.6m to one if you have £1,000 worth of bonds.
Tens of thousands play the National Lottery each week in the hoping of becoming a millionaire. Most of us only win a tenner every now and then by matching three numbers. Matching six numbers is an entirely different ball game. With six numbers drawn at random from the set of integers between 1 and 49, the jackpot odds are 1 in 13,983,816 – or approximately 1 in 14m.
Del Boy Trotter from TV's Only Fools and Horses always dreamed of becoming a millionaire. But the odds are also firmly stacked against you finding an antique watch worth £1m in your garage – as Del Boy did to finally fulfil his lifelong dream.
For most of us, all we can do is graft away and put what money we have going spare by to build up a tidy nest egg. You are likely to be far short of a £1m – but just in case you are interested, our new calculator will show you how much you will need and how long it will take for various rates of return.




Millionaire calculator




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