2006-08-31 13:16:30 · 12 answers · asked by Anonymous in Business & Finance ➔ Investing
5 years is 365 days times five is 1825 days so if you can save 547.95 every single day you will then have your one million dollars.Of course this would be before taxes also did not count leap year so if we count that then you only need 547.64 every single day.If this in under your mattress and not earning interest.If you are earning interest then you can save a little less about 526.03 every single day.Interest rate is 4 percent.Hey you could do it open a laundry mat so you can still make money while you are sleeping.
2006-08-31 13:55:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It all depends on where you will put your savings. Let me make an assumption here.
You will put it in stock funds and lets assume 10% return on that. But remember stock market is for long term investment. Its almost impossible to get 10% returns for the next 5 years. But anyways, lets assume that.
In this case, if you save 12,000 a month and at the end of each month, you put the savings in stock funds and reinvest any returns, you will have one million by end of 5 years
As I said this is very very impractical assumption. So, let us assume you will invest money in some sort of investment (I do not know where), which will give you a 8% return. in this case, you will have to save 15,000 a month
Now lets take a conservative approach, you will earn 6% returns. In this case, you will have to save about 16,000 a month.
All the best my friend. Tell me where you are able to get 16k per month from. I will join you. I will not forget to pay you your cut :-)
2006-08-31 14:37:39 · answer #2 · answered by NapWala 2 · 0⤊ 0⤋
Here's my $0.02...
If you knew a stock that could go 20:1 in 3 months and did this twice (2 years...once per year), you would only need $3000 dollars and 2 years. (Some Penny Stocks do a lot better, trust me).
In actuality, the answer you is "..as much as you have; but the key is expanding your investment and financial education".
Marty Nickison II
2006-08-31 17:53:44 · answer #3 · answered by Marty N 2 · 0⤊ 0⤋
The equation:
5/$1,000,00= $200,000
2006-08-31 13:24:43 · answer #4 · answered by FRod 1 · 0⤊ 0⤋
you would have to save about $16,666 a month, Good Luck
2006-08-31 13:26:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
a million dollars
2006-08-31 13:21:42 · answer #6 · answered by anastasia 4 · 0⤊ 0⤋
You would have to net $200,000 a year.
2006-08-31 13:21:44 · answer #7 · answered by Albannach 6 · 0⤊ 0⤋
a million dolllars
2006-08-31 13:22:22 · answer #8 · answered by da_hammerhead 6 · 0⤊ 0⤋
LOL and when you figure out how to do that let me in on it too...I could sure use the break! :~)
2006-08-31 13:21:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋
about $547.95 a day
2006-08-31 13:26:30 · answer #10 · answered by beth81962 3 · 0⤊ 0⤋