2006-06-20 01:03:37 · 6 answers · asked by Ryz 1 in Business & Finance ➔ Investing
According to Bankrate.com, 5-year CDs are paying 4.86% per year.
In order to make 1 million dollars in 5 years, all you will need to do is put about $3.73 million into one of these CDs.
Hope this helps.
2006-06-20 02:32:15 · answer #1 · answered by TJ 6 · 0⤊ 0⤋
it takes a bit of luck as far as picking the right stocks to buy. Here is an example.
If in 1990 you had invested $10,000 into Microsoft your stock would have been worth $900,000 in 2000. The key is picking the right stocks at the right time.
The average annual return in the stock market is 11% and if things go well you have a good chance of doubling the money you invested in 7 to 10 years. Now making a million is a bit harder. If we had the answer to that we'd all be millionaires!
2006-06-20 12:55:03 · answer #2 · answered by overlord_1138 4 · 0⤊ 0⤋
You could start with a $10,000 investment account, add $4,595 every month, and if you can earn the market average of 11% you'll get $1,000,000 in 10 years. Good Luck
2006-06-21 11:22:26 · answer #3 · answered by MathTeen 2 · 0⤊ 0⤋
Study to become a doctor, play a professional sport, or become a Hollywood star.
2006-06-20 08:09:47 · answer #4 · answered by Chreap 5 · 0⤊ 0⤋
Build your own company
2006-06-20 08:12:59 · answer #5 · answered by A-T-G 1 · 0⤊ 0⤋
There's no formula for that .Hard work and some luck may be.
2006-06-20 08:09:04 · answer #6 · answered by santosh k 3 · 0⤊ 0⤋