good luck
2006-06-13 07:46:30 · 7 answers · asked by Mary Kate F 1 in Business & Finance ➔ Personal Finance
That depends.
How soon do you want it? Why not a tax-deferred account? Why settle for 9% when the stock market averages 10-12%?
In the meantime, here's a fun fact for you: If you save $1 per day for 100 years, you'll have almost $500 million, assuming it's tax-deferred.
2006-06-13 07:53:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
TOO MANY VARIABLES YOU NEED TO KNOW AMOUNT OF TIME TO DO IT IN AND TAX RATE HAS NOTHING TO DO WITH AMOUNT THE RULE OF 72 CAN BE USED FOR SIMPLE NUMBERS IF INTEREST RATE IS 9% 9 GOES IN TO 72 ...8 TIMES SO EVERY EIGHT YEARS YOUR MONEY INVESTED WOULD DOUBLE SO BORROW 125000.00 INVEST IT FOR 24 YEARS.. GIVES YOU 1 MILLION DOLLARS FIANCE THE 125000.00 FOR 20 YEARS AT 6.9% PAYMENTS ARE ABOUT 750-800 A MONTH ... ALL IN THEORY...
2006-06-13 08:05:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
542.16 a month for 30 years
337.40 for 35 years
212.02 for 40 years
assuming that you get 9% every year
2006-06-13 08:43:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you need to know how fast you want to get to 1M. Additionally you need to define the type of vehicle you're using to get to the $1M. Is it tax deferred? Or taxable?
CNN money.com has a calculator that will help you with your homework (guessing this is a homework question).
2006-06-19 15:04:09 · answer #4 · answered by ricketysplickity 2 · 0⤊ 0⤋
Assuming you save $1000000 the first month...
1 month..
2006-06-13 07:52:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
is that 9% APR? how much time do I have?
2006-06-13 07:51:09 · answer #6 · answered by reallyno 3 · 0⤊ 0⤋
?? maybe try bankrate.com they have all kinds of calculators.
2006-06-13 07:50:26 · answer #7 · answered by origchick 5 · 0⤊ 0⤋