What will it take to become a multi-millionaire?

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