How to save a million dollars?

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This topic contains 1 reply, has 2 voices, and was last updated by  Antoinette Minor – Ambassador 2 years, 6 months ago.

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  • #2734 Reply

    I just finished reading an article about how much you’d have to save each month in order to amass a million dollars in 10 years. While the whole concept of SAVING a million dollars somehow feels strange to me (vs. earning or investing), I was curious.

    It turns out that you’d need to save $4964 each month for the next ten years (this is based on getting a 6% rate of return).

    While that is impractical, and for most of us (self included) impossible, there are ways that you can get to a million in that time period.

    It’s call INVESTING.

    Now, I’m no investing genius, I do rely on the people here at SUM180 as well as my investment team at a brokerage (and I’ve recently hooked up with a wealth management and private banking firm that works in conjunction with my brokerage), and while I’m not a multi-millionaire YET, I am on my way to conservatively investing my way to knowing that in a few years, I’ll be okay if I stop working.

    The article made me realize

    Getting to the million dollar mark isn’t as unattainable as it had seemed before. Put your team together and spend a little time each week researching investments that you’re comfortable with and before long…that million will be yours.

    By the way

    If you’ve got 40 years to go, you’d only have to put away $179 per month for 10 years to get there. I’d still rather invest.

    #3232 Reply

    Not only saving but saving and letting it sit there. That’s the hardest part. I don’t know if I’ll be on this earth another 40 years but $179 a month is definitely achievable…

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