How much do you think you would need to save each month if you aim to have 1 million in your bank by the age of 30 years old?
2006-06-20 22:05:13 · 8 answers · asked by anonymous 1 in Business & Finance ➔ Investing
Ummmm, you left out 1 major factor.... your age when you start saving
Cant answer without that piece of the puzzle
I would have to save $41,666.66 a month to hit a mill, by the time I hit 30
2006-06-20 22:08:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Firstly, for what purpose would you need to save One Millillion Dollars up to the age of 30 years?
Secondly, you need not calculate and save if you have already crossed the age of 30, as your purpose would have defeated being over age.
Thirdly, if you are less than 30 years, can't you calculate yourself how much you require to save for the remaining period till you complete 30 years?
2006-06-21 05:11:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Since you didn't give your age, let's assume you are 20.
If you are 20, with a starting amount of nothing you would have to contribute $8,333 monthly to reach your goal of $1,000,000 by 30.
On the other hand, if you start with $5,000 when you are 20, put your money in the stock market and manage a 10% annual return, you'd only have to contribute $4,816 monthly to get $1,000,000.
The powers of Compound Interest!
2006-06-21 09:13:02 · answer #3 · answered by MathTeen 2 · 0⤊ 0⤋
How old are you now? Do you anything saved yet? What will you invest in? What interest rate will you get?
2006-06-21 10:24:31 · answer #4 · answered by ps2754 5 · 0⤊ 0⤋
About $8000, if you are 20 now.
2006-06-21 05:08:30 · answer #5 · answered by Amber 3 · 0⤊ 0⤋
try http://www.bankrate.com - and maybe even http://www.401k.com because they both have calculators on how much you want to save for how long before you arrive at a certain amount.
2006-06-21 05:08:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
go to www.salary.com , then check out the link "millionare maker"
its a calculator just the way you want
2006-06-21 05:26:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
One billion...hehehe
2006-06-21 05:10:01 · answer #8 · answered by shadow 2 · 0⤊ 0⤋