4 responses to How long does it take to save $1 million dollars?

  1. So, I checked out your money tool, and found that at my current rate of saving/investing and the percent I get on that, it will take me 40 years to make that first million. That means I will be 77 years old. That sucks. I need to save ALOT more to hit it sooner. I need to go back to that tool and see how much I have to amp it up to make that first million a lot sooner. The numbers you provided here were very enlightening to me.

    I need to start investing. I’ve known this. But it seems like such a scarey proposition since I know nothing about it. I see you have a link for this, investing. 🙂

    • It can be very overwhelming, but investing for the long term is definitely more ‘tortoise’ than ‘hare’… the important thing is that you’ve started, and the second most important thing is that you continue!

  2. You couldn’t have hit it on the head any better. Generally, a younger person is less concerned about saving money. For them, it’s all about getting the newest shining thing that catches their attention (present company included). If by some miracle the saving bug catches a younger person very early on, they will never want for anything when it is most needed (as your model shows). Great post, 🙂

    • Thanks Susan,

      I was also included in the group of younger people who liked shiny things… but luckily I was able to snap out of it and preserve a few years in my 20s to start saving to my million(s).

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