2006-07-04 04:54:06 · 5 answers · asked by torieinvesting 1 in Business & Finance ➔ Investing
you have 15 years to generate savings before retirement and the amount you are able to save depends upon how much you can save each month and what kind of interest you can earn on your money. Using the rule of 72 you could double your todays money if you earned 4.8% per year or you could double your money every 4.8 years if you could earn 15% per year. To save $1mm in 15 years is going to be very hard unless you have already been saving throughout your working years. If so it will depend on how much you have saved, your interest rate, how much you can save each month until retirement.
2006-07-04 05:13:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
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2016-11-30 06:47:00 · answer #2 · answered by shortridge 3 · 0⤊ 0⤋
Save $60,000.00 USD every year for the next 15 years.
If you make less than $120,000.00 USD every year you are going to need to invest your money.
Drop me a line if you need more detailed FREE information.
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2006-07-04 13:47:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, how much do you have so far of the million?
2006-07-04 04:59:15 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Talk to my son.....He is an expert on this....
2006-07-04 14:51:53 · answer #5 · answered by fusionh2wlh 2 · 0⤊ 0⤋