Tag: Millionaires
How Long It Will Take To Become A Millionaire?
This interactive calculator will show you how long it will take to become a millionaire.
MOST of us have dreamed of one day becoming a millionaire.
Now you can see exactly how long it would take you to become one.
This interactive calculator shows how much you’d need to put away each year to save a seven-figure sum.
And some of us might be rather old, if we continue at this rate.
Others may be surprised to see that it is not necessarily an impossible fantasy.
Not only does the calculator show the importance of starting early, it underlines what a difference a high interest account can make.
Michelle Hutchison, money expert at finder.com.au, told news.com.au: “It’s common for people to underestimate the value of a decent interest rate on their savings and this calculator really shows how big a difference it can make.
“For instance, if you are 25 years old and have $10,000 sitting in your transaction account earning next to no interest (0.1 per cent), and you save $1000 per month, it will take you about 79 years to reach millionaire status.
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