Just how long can it take you to be a millionaire?
This calculator by Money, a CNN edition shows you how long it will take you to become a dollar millionaire depending on how much money you currently have in savings and how much you are able to save on monthly basis against an average return on those savings.
There is no information on what happens behind the scene but it’s a good guide on just how hard it is to become a millionaire.
I did some example of my own and it would take me 72 years to become a millionaire if I had $50000 (ksh 4554625) in savings and I’m willing to save $25 (ksh 2,277.31) every month with a return of 4% on savings per year
Of course I don’t have $50,000 (ksh 4554625) saved up so I did a more realistic search, if I start today with the same plan as before it would take me at least 122 years.
If I cut the time in half to 62 years, I still make a decent ksh 45M plus change or Ksh 23M in 30 years, that is a decent investment plan. I haven’t put a lot of thought into it was just happy to play around with figures, maybe I should.
You can calculate yours plan here and let’s see each other in 2015
IMG Credits www.millionaireneumes.com