What will it take to become a millionaire?
Interesting calculator to help set one's goal.
http://partners.leadfusion.com/tools/motleyfool/savings01/tool.fcs
INPUT
Current age
Desired age to be a millionaire
Amount you have invested
$
Amount you can save monthly
$
Your savings rate
%
Your federal tax rate
%
Your state tax rate
%
Inflation rate
%
RESULTS
If you invest $50,000 now and $500 monthly at 6.00%, you'll be a millionaire in 44 years at age 81.
To be a millionaire at age 65, you'll need to:
Increase the amount you invest now to $218,691 , or
Increase your monthly investment to $1,344 , or
Achieve a rate of return of 11.17%.
When adjusted for inflation, $1 million in 44 years would be equivalent to $277,174 today.
GRAPHS
Keep INVESTING Simple and Safe (KISS) ****Investment Philosophy, Strategy and various Valuation Methods**** The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.
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