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!
Am I Millionaire Yet? 
I became a millionaire at age 50. I did it the old fashioned way: real estate.
If you think I was going to work and sweat for it, you’d be mistaken.
https://retiredandthrifty.wordpress.com/
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Real estate is attractive, but I know I cannot be a landlord.
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I was never a landlord. I bought an inexpensive home, fixed it up while I lived in it then sold it for a profit and did the whole routine again until I sold a home that appreciated with so much equity I could retire at age 50.
Think outside the box, please.
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“Think outside the box”
Technically, aren’t I the one who is thinking outside the box? You have only one plan – real estate. I have real estate and investments, so I would be more diversified. I bought and paid off my home in seven years, and now I am focusing on/increasing my investments, which do include REITs.
Also, your plan does have its flaws. You state that you “sold a home that appreciated with so much equity I could retire at 50.” Yes, equity is nice. Yet, selling a particular home (New Jersey?) has been, as one of your several defunct blogs claimed, one of the major contributing factors to your husband’s unfortunate cardiac problems.
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It was Rhode Island, Newport County. You can’t blame the sale of the house on my husband’s illness. If it wasn’t that it would have been something else. The disease was present. He’s obsessive compulsive when it comes to making money. So, be warned. Sometimes the end doesn’t justify the means. Striving to be a millionaire has its faults. You’ll find out that the end of the rainbow isn’t so nice. My parents were multimillionaires. But at age 58 my mom was diagnosed with a rare cancer and given 3 months to live (I blame their work ethics for this). All the millions in the world couldn’t help my mother or give her one more day to live.
Stop and smell the roses. And don’t be so obsessed with becoming a millionaire.
Technically, today, one can not achieve what I did in real estate because its all different now.
Thanks for revealing more about yourself. Now, I know more of who who you are.
My dad was invested in REIT’s. During his lifetime they worked for him. But upon his death, we couldn’t sell them so quickly. Took years PLUS we had to hire an attorney to get rid of them. That’s because the housing market took a dump.
How could my plan have any flaws? It worked for me. But that’s the past. My plan will NOT work for anyone today. Perhaps that’s the flaw we’re talking about.
The fact that you paid off your home in 7 years, is major! That impresses me.
The rest….meh.
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I apologize for mistaking New Jersey with Rhode Island; my mistake.
Also, I am sorry for the loss of your mother.
Yet, I am confused how you can boast about your lifestyle (Look how frugal I am, and I am the “thrifty millionaire.”), but, at the same time, admonish someone else’s life/dreams, who works hard and has given so much.
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Mr. Millionaire, I admonish people who place their sole desire on the accumulation of money. It’s a losing battle and one that never ends well for most people. If your dream is to become a millionaire, and you work hard to achieve it and give up much for it, you will find that the ending will still leave you empty. It will not give you the accomplishment you so think you desire.
Better to aim to be happy with life and whatever unfolds as your primary goal AND should you achieve wealth along the way then so be it. But to track your millionaire status will leave you wanting.
I almost made the same mistake twice recently. I was concentrating on my own millionaire status until I had a heart attack. THAT put everything for me in perspective. I’ll never make that mistake again!
Thanks for our conversations. I’ve enjoyed the process. ‘Live well and prosper’ has always been my motto. Note, I say to live well first. Then prosper.
Best of luck.
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