So, there was a fortuitous article today at cnbc.com – “How long it will take you to become a millionaire.”
This short article talks about the importance of saving and the power of compound interest. Nothing groundbreaking or shocking. If you save money, you will have money. (Gasp!)
Yet, the article does include a link to CNN Money’s calculator on when you should expect to be a millionaire. Based on assumptions, I am currently saving on average $4500/month (savings and investments), and my investments have had an average return of ~9.00% (8.4% for my Roth IRA, 8.9% for my taxable, and 9.9% for my 403(b)).
According to the calculator’s results, I should be there in 2021 (in less than 5 years)!
So, readers, when’s your millionaire date? Put your answer below. If you already are, let us know!